Creates a small business renewable tax credit; provides the term "business related renewable energy usage" shall refer to renewable power usage used to further the economic activity of the taxpayer at the primary business location that is clearly delimited from any shared renewable energy power usage cost.
Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax; prohibits banks from segregating their income and capital into business and investment varieties.
Creates the middle class circuit breaker tax credit allowing a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax; establishes a tax reform study commission.
Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
S 3055 exempts innovative septic systems with enhanced treatment technologies - such as advanced nitrogen removal systems - from sales and use taxes. These systems must treat waste at a capacity of no more than 1,000 gallons per day and serve a single residential or small business property. The bill adds this exemption to tax law, specifically targeting systems designed to reduce environmental and public health risks from waste-water interactions. This change directly lowers costs for homeowners and small businesses installing qualifying systems. The bill was referred to the Budget and Revenue committee on January 23, 2025.
Establishes the "education affordability act" and tax credit; provides credits against income and corporate franchise tax for various qualified education investments including scholarships, education funds and home-based instructional materials.
This bill (S 132) prevents town, city, or county industrial development agencies from waiving taxes that would otherwise go to school districts. It prohibits these agencies from entering into agreements that replace tax payments (like "payment in lieu of taxes") or waiving other taxes directly payable to school districts. The law ensures school districts retain all tax revenue that would have been collected from industrial development projects. This directly affects local industrial development agencies and school districts by requiring full tax payments instead of waivers.
Imposes a tax on selected nicotine products, including, but not limited to a nicotine pouch or products intended to be made into a nicotine pouch by the consumer; defines a nicotine pouch as a smokeless pre-portioned pouch containing nicotine but no tobacco, which the user puts and leaves between their lip and gum while the nicotine and taste is being released; makes related provisions and technical amendments.
Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five continuous years in qualified agricultural property.
This bill allows farm operators whose primary income comes from farming to receive refunds for excess investment tax credits starting in 2025. If a farmer’s tax credit exceeds their tax liability for a year, they can elect to treat the difference as an overpayment refundable under existing tax law. The refund option applies only to credits from specific tax provisions (sections 210-B and 606 of the tax law) and requires the taxpayer’s primary income to be from a farm operation as defined in agriculture law. It does not change credit amounts but provides a new refund mechanism for qualifying farmers. The change takes effect January 1, 2025.
