New year ushers in new laws to help Bronx taxpayers save money
When Bronx residents ring in the new year, they will also be ushering in a bunch of new laws designed to save them money.
New on the books for 2007 is that married couples will be able to deduct up to $15,000 on their income taxes. Separate filers can deduct up to $7,500. Parents will also find a new tax credit that legislators say will save them $600 million statewide. In an effort to entice people to volunteer as firefighters or EMS personnel, a $200 personal income tax credit is being offered.
The minimum wage will increase in 2007 from $6.75 to $7.15. All the new laws are effective January 1, 2007.