This bill would reduce taxable income for individuals by excluding overtime pay from federal adjusted gross income. Specifically, it creates a new tax provision allowing workers to subtract wages earned for hours beyond their normal schedule (defined as "overtime compensation") from their taxable income. The change would apply to all taxpayers earning overtime pay, effectively lowering their federal income tax liability for that income. The provision would take effect for tax years beginning January 1, 2026.
S 6002 (Excludes certain training stipends for volunteer firefighters from state income tax) modifies state tax law to exclude specific training stipends received by volunteer firefighters from state income tax. The bill targets stipends paid under Section 200-AA of the General Municipal Law, which are already included in federal taxable income. This means volunteer firefighters will no longer owe state income tax on these training payments. The change applies immediately to the current tax year and all future years. It directly affects volunteer firefighters who receive such stipends for training.
This bill amends New York State's personal income tax rates for high earners, specifically increasing rates for taxpayers with taxable income over $5 million. It modifies tax brackets for three filing categories (single, head of household, and married filing jointly), raising the top marginal rate from 10.30% to 10.80% for incomes exceeding $5 million starting in 2028. The changes apply to tax years beginning after 2027, with temporary adjustments for 2023-2027. The policy directly affects New York residents with very high incomes, increasing their tax liability under the revised brackets.
This bill exempts active-duty military compensation from New York State income tax calculations for qualifying residents. It directly affects New York residents who serve in the U.S. armed forces outside the state for at least 90 days during a tax year while maintaining a permanent New York residence (such as a home, barracks, or military quarters). The exemption applies to taxable years beginning January 1, 2026, and covers all active-duty pay earned outside New York, provided the service member meets the residence requirements. The policy change removes military compensation from taxable income under specific residency conditions, aligning with New York's tax treatment for service members.
Raises tax credits for long-term care insurance from twenty percent to fifty percent; applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations.
This bill creates a $50 tax credit for New York state resident voters who participate in a state general or special election. It directly affects eligible voters by adding $50 to their state tax refund or reducing their tax liability when filing their state income tax return for the year they voted. The credit applies only once per tax year, even if multiple elections occur, and requires voters to have completed standard election identification processes. The credit is applied against the state income tax, with any excess amount refunded like a standard overpayment.
S 1559, the "Affordable NY Act," increases property tax exemptions for homeowners and adjusts New York's personal income tax brackets. It raises the basic STAR exemption base from $30,000 to $60,000 for all future years and ties the enhanced STAR exemption base to a CPI-W index (multiplied by two for 2025-2026 and beyond). The bill also updates income tax rates, including higher brackets for 2018-2020 taxable years, with specific changes to tax thresholds and percentages. These changes directly affect New York homeowners who qualify for STAR exemptions and residents filing state income tax returns. The bill takes immediate effect upon enactment.
This bill creates a state income tax credit for taxpayers who maintain service dogs. It allows a credit equal to qualified expenses (like food, vet care, training, and boarding) for service dogs, capped at $1,000 per year for taxable years beginning January 1, 2025. Unused credit amounts can be carried forward to future tax years, but the annual credit limit remains $1,000. The credit directly benefits individuals who rely on service dogs for daily functioning, as defined by existing civil rights law.
Allows a taxpayer or the spouse of a taxpayer to deduct costs related to the taxpayer's organ donation; includes child care costs within such allowable costs.
Provides for a personal income tax deduction, once every three years up to six hundred dollars, for the testing of potable well water by a certified laboratory.
