Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.
Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.
Provides a tax credit of up to five hundred dollars to individuals with disabilities for using transportation network companies to get to work and/or school.
S 7906 modifies New York's college tuition tax credit by introducing a sliding scale based on income. It eliminates the credit entirely for married couples filing jointly with New York adjusted gross income over $15 million, and reduces it to 25% for those earning $7.5-$15 million. For single filers and heads of household, the credit phases out entirely above $10 million, with reductions at $1-$5 million and $5-$10 million income brackets. This change directly affects high-income New York taxpayers who claim the tuition credit, making it less accessible as their income increases.
This bill creates a tax credit for small businesses (50 or fewer employees) that pay wages to staff attending required sexual harassment prevention training. Businesses can claim a credit equal to 50% of wages paid for training time, capped at $50 per employee per year. Unused credit can be carried forward for up to five years to offset future tax liability. The credit applies to taxable years beginning January 1, 2026, and covers only one training session per employee annually.
Enacts the residential structure fire prevention act; provides a tax credit to homeowners who remove cock loft fire hazards in their homes; provides an insurance discount for the installation of smoke detecting alarm devices in cock lofts; provides that the repair of cock lofts for the purpose of fire prevention and safety shall be qualifying expenditures under state housing programs.
This bill eliminates two restrictions on New York's long-term care insurance tax credit. It removes the $1,500 annual cap on the credit amount and the $250,000 gross income limit that previously restricted eligibility. As a result, New York residents who pay for qualifying long-term care insurance will now receive a tax credit equal to 20% of their premiums, without the previous dollar limit or income threshold. The change applies to taxable years beginning January 1, 2025, and affects individuals purchasing qualifying long-term care insurance policies.
This bill updates which assets are excluded when determining eligibility for New York's public assistance programs (like food stamps or cash aid). It specifies that applicants and recipients do not have to count certain resources, including up to $10,500 in cash/assets (or $3,750 for seniors/disabled), funds in special accounts for vehicle purchases ($7,500) or education ($5,165), primary homes, one vehicle (with value limits increasing over time), burial plots, retirement accounts, and 529 college savings plans. The changes also clarify that child support payments and tax credit refunds are excluded from income calculations. These provisions directly affect low-income individuals and families applying for or receiving state assistance benefits.
This bill provides a tax credit for volunteer firefighters and ambulance workers to cover the cost of fishing and hunting licenses. Eligible residents must have served as active volunteers for 12 consecutive months and paid fees for licenses, tags, or permits under environmental conservation law. The credit reduces their state income tax, with any excess carried forward to future tax years. It applies to taxable years beginning January 1, 2026, and directly affects volunteer emergency responders who purchase these licenses.
Allows an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.
