Subtracts from the federal adjusted gross income any income earned by election inspectors, poll clerks, or election coordinators earned while working in relation to a general, primary, run-off primary, or special election to the extent includable in gross income for federal tax purposes; exempts such income from being included in the calculation of the amount of benefits under public assistance programs.
Establishes a personal income tax credit for taxpayers who donate blood to a blood bank four or more times in a year; specifies such tax credit to be five hundred dollars.
This bill increases New York State's earned income tax credit (EITC) for tax returns filed in 2025 and later, raising the credit percentage from 30% to 45% of the federal EITC amount. It directly affects low-to-moderate income workers and families who qualify for the state EITC, primarily those with children or who meet income thresholds. The bill adds new payment options: small credits ($200 or less) are paid as a lump sum, medium credits ($200-$2,400) as three quarterly payments, and larger credits ($2,400+) as monthly installments. The changes take effect for taxable years beginning January 1, 2025, and are implemented through updated tax law provisions.
This bill exempts New York State residents who are veterans and at least 85 years old as of December 31 of the tax year from paying state income tax on their gross income, effective for taxable years beginning on or after January 1, 2027. It directly affects qualifying veterans aged 85 or older who live in New York and meet the definition of "veteran" under New York's veterans' services law. The exemption applies regardless of whether the veteran's income is subject to federal income tax. The bill creates a new tax law provision (section 601(i)) that overrides other tax rules for this specific group.
Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.
This bill would allow taxpayers to exclude overtime pay from their federal adjusted gross income for tax purposes. Specifically, it defines "overtime compensation" as wages earned beyond an individual's normal scheduled work hours and subtracts this amount from taxable income. The provision applies to taxable years beginning on or after January 1, 2026. It directly affects individual taxpayers who earn overtime wages, reducing their taxable income by the amount of qualifying overtime compensation.
Establishes a clinical preceptorship personal income tax credit for certain health care professionals who provide preceptor instruction to students studying to be a health care professional.
Bill S 7592 creates an income tax credit for "angel investors" who invest in qualifying new businesses. Individual accredited investors, excluding those with controlling stakes or institutional venture capital firms, can receive a credit equal to 25% of their investment, for investments of $25,000 or more. The maximum credit allowed per investment is $250,000, and any unused credit can be carried over to future tax years. To qualify, businesses must be relatively new, have limited revenue, employ fewer than 25 full-time staff with at least 60% in New York, and have received no more than $2 million in previous angel investor credits. This legislation applies to personal and corporate income tax years beginning on and after January 1, 2026.
This bill provides a $750 annual income tax credit for retired disabled police officers who were state police officers and are state residents. It applies to taxable years beginning January 1, 2026, and directly affects eligible retired officers by reducing their state income tax liability. If the credit exceeds the taxpayer's tax for the year, the excess is treated as an overpayment and refunded without interest. The credit is available automatically to qualifying retired officers meeting the disability and service criteria.
This bill creates a $250 tax credit for individual taxpayers who purchase and install qualifying security systems on their residential property. It directly affects homeowners who buy systems designed to detect intrusions or theft, such as alarms or surveillance devices, and must provide proof of purchase. The credit is available as a one-time reduction against income tax for taxable years beginning January 1, 2026, and applies only to systems installed on residential property. The bill does not change crime prevention laws but provides a financial incentive for homeowners to enhance security.
