The Independent Democratic Conference in the state Senate is calling for elimination of New York City’s income tax on residents who make less than $50,000.

That would affect 2.2 million people — nearly a quarter of the city’s population.

Married couples would save up to $1,456 a year and singles $1,060.

“This relief will leave these individuals with over $1,000 more a year in their pockets, money they desperately need to make the rent and fill their other expenses,” the IDC said as part of its “One New Yorker Budget Agenda.”

Sounds great — but there’s a big catch: The city would have to absorb the $352.1 million annual budget hit.

The IDC earlier leaked a plan to divert $431.5 million in city sales tax revenue to the MTA.
The latest proposal is the brainchild of Sen. Marisol Alcantara, an IDC member who represents northern Manhattan.

A budget watchdog dismissed both ideas as fiscally irresponsible.

“It’s not a good idea to suggest revenue losses at a time when the federal government is changing its tax policy,” said Carol Kellermann, president of the Citizens Budget Commission.

“I don’t think Albany should be proposing revenue losses without offering alternatives to make up for the losses. Three hundred fifty-two million dollars is a lot of money that helps provide services to needy people in New York City.”