State Senator Michael Balboni (R-Mineola) joined his Senate colleagues today to pass a billion dollars in tax cuts aimed at stimulating job growth and helping families.

"When we make the economy better, we make life better for everyone," Balboni said. "Today we're helping families care for loved ones in their home and helping small businesses provide health insurance to their employees. Our plan will mean real savings to taxpayers, and real incentives for businesses to stay in New York State and create more jobs."

The plan includes:

* A small business health insurance tax credit that would make health insurance more affordable and provide coverage for thousands of uninsured New Yorkers. The tax credit - 50 percent of the cost of health premiums of small businesses -- would encourage more small businesses to provide health insurance for their employees and would make health insurance more affordable for individual buyers. When fully in effect, this will save taxpayers $665 million.

* A long-term care insurance credit of 20 percent for long-term care insurance premiums, for a taxpayer savings of $18 million.

* An elder care personal tax credit for taxpayers who care for a senior parent or relative in their home, for taxpayer savings up to $70 million.

* Tax credits for investment in research-intensive companies in the state that work on high tech and life sciences projects. About 400 firms in the state would be eligible for the credit, which would save an estimated $60 million a year.

* Investment funds for large-scale technology and pharmaceutical firms. This will save manufacturers some $20 million a year, starting in fiscal year 2005-3006.

* Elimination of the petroleum business tax on aviation fuel used after takeoff, for a savings of $9.5 million per year.

* A 10 percent tax credit for production costs for new film and television series produced in New York State.

* A 20 percent tax credit for producers of "biofuel" - that is, ethanol, biodiesel and other alternative organic fuels. The credit is part of an effort to reduce dependence on foreign petroleum, and would save taxpayers $20 million a year starting in fiscal year 2007-2008.

* A 15 or 25 percent credit to taxpayers and homeowners who rehabilitate or purchase an historic home.

* A sales tax exemption on the value of coupons. Currently, a consumer is taxed on the full purchase price without consideration of savings from manufacturer coupons. This initiative would ensure that buyers of goods and services must pay state sales and use tax on the purchase price after it has been reduced by any coupons, saving consumers $15 million.