Budget and Revenue

This bill proposes allowing New York state residents to deduct up to $5,000 of their annual student loan payments from their state taxable income. It applies to individuals who have taken out loans for their own education or for their spouse and dependents, covering payments made directly, by an employer, or through payroll deductions. The tax benefit would begin for tax years starting on or after January 1, 2028, and includes payments toward certain 529 college savings plans. Currently, the legislation is under review by the state's Budget and Revenue Committee.

Requires that sales tax exempt precious metal bullion shall be purchased by a bank, a foreign government, the U.N. or the state, federal or local government.

This bill removes sales tax on admission fees for comedy shows, including both scripted and unscripted stand-up performances. It applies to theaters, concert halls, and venues like cabarets or establishments that serve food while hosting comedy acts on a designated stage. The change would allow people to pay less for tickets to comedy performances while still paying sales tax on food and merchandise sold at the venue. The exemption takes effect at the start of the next sales tax quarter after the bill becomes law.

Relates to the taxation of vapor products; provides for the licensing of vapor products distributors; imposes certain tax return filing requirements on vapor products distributors; provides for enforcement powers.

Provides that for taxable years beginning on and after January first, two thousand twenty-six, a resident taxpayer who serves as an active volunteer firefighter or as a volunteer ambulance worker shall be allowed a credit against the tax imposed equal to eight hundred dollars; provides for a real property tax exemption under certain circumstances to an enrolled member of an incorporated volunteer fire company, fire department or incorporated voluntary ambulance service residing in such city, village, town, school district, special district, fire district or county.