Prohibits real property that has converted from a limited-profit housing company to a housing development fund company from being eligible for a shelter rent tax abatement.
Relates to purchasing restrictions and investment of certain public funds in persons that contract to build a border wall; requires the commissioner to develop and publish, using credible information available to the public, a list of persons determined by the commissioner, that have contracted to build a border wall.
Provides that all equipment used for the transmission and switching of radio signals for the provision of commercial mobile radio service or mobile internet access service no longer constitutes real property subject to the real property tax law.
This bill authorizes Jefferson County to add a 1% sales tax on top of its existing 3% sales tax rate. It directly affects residents and businesses in Jefferson County by increasing the total sales tax rate for purchases made within the county. The additional tax will be in effect from December 1, 2025, through November 30, 2027. The bill amends existing tax law to extend this authorization period beyond the previous 2025 expiration date.
Provides a personal income tax exemption for certain professional athletes residing in New York state of up to two hundred fifty thousand dollars of income.
This bill changes how interest is calculated on unclaimed child and spousal support payments held as abandoned property. Property owners will no longer receive interest on these payments once they're paid to the state comptroller, except for specific types of abandoned property held by the state for the first five years. For those limited cases, interest will accrue at the overpayment rate (as set by tax law) minus one percentage point. The bill directly affects owners of abandoned properties where child or spousal support payments were unclaimed, altering their financial entitlements under state law.
Establishes a limitation on financial services assessments and appropriation suballocations; requires that money obtained from assessments shall only be used to defray operating expenses of the department of financial services.
This bill excludes Orange and Rockland counties from the metropolitan commuter transportation district (MCTD) payroll tax. It directly affects employers and self-employed individuals in those counties by removing them from the tax jurisdiction, meaning they will no longer pay the MCTD payroll tax that previously applied to businesses and self-employment earnings in those areas. The change modifies tax law definitions to exclude these counties from the MCTD boundaries, impacting both employer payroll tax rates (for businesses with varying payroll thresholds) and self-employment tax calculations. The policy change takes effect for taxable years beginning January 1, 2025.
Relates to property tax exemptions for nonprofit organizations; allows for nonprofit organizations to file an application for an exemption with the assessor no later than the taxable status date applicable to the following year's assessment roll where such nonprofit organization has purchased property after the taxable status date but prior to the levy of taxes.
This bill extends New York's existing manufacturing tax incentive program to S corporations that qualify as New York manufacturers. It allows shareholders of these S corporations to claim a tax credit based on distributions received from qualifying manufacturing businesses, rather than only C corporations previously eligible. The key mechanism adjusts tax law provisions to calculate the credit using a formula tied to shareholder distributions and income derived from New York manufacturing activities. This change directly affects S corporation shareholders operating in New York's manufacturing sector by providing them access to a tax benefit previously unavailable to their entity structure.
