This bill (A 2343) exempts New York State residents who are veterans aged 85 or older from paying state income tax on their gross income. It directly affects qualifying veterans who are at least 85 years old as of December 31 of the tax year, regardless of their federal tax status. The law changes the tax code to automatically exclude their income from state taxation starting in 2027, applying to all taxable income without requiring additional federal tax considerations. The exemption becomes effective for tax years beginning on or after January 1, 2027.
S 1439 (New York) imposes a new tax on investment income from long-term capital gains, dividends, and other low-taxed federal income types. It directly affects high-income New York residents with significant investment earnings, targeting individuals and estates with taxable income above specific thresholds. The bill adds a 7.5% tax on long-term capital gains above $400,000-$500,000 (depending on filing status), gradually increasing to 15% above $800,000-$1 million. This tax phases in over defined income ranges and is administered like existing state income tax. The bill is currently referred to the Budget and Revenue committee.
Provides a tax deduction for small business employers of 25% of the wages, salary or compensation paid to up to ten employees who earn up to 110% of the minimum wage.
Creates deduction from franchise tax and personal income tax for costs of acquiring or improving child care facility operated for profit; creates deduction from corporation tax, franchise tax, personal income tax and tax on banks for costs of acquiring or improving a child care facility operated primarily for children of taxpayer's employees.
This bill exempts up to $10,200 of unemployment compensation benefits from state income tax for residents. It directly affects state residents who receive unemployment benefits by reducing their taxable income. The key provision amends the tax law to create a new exemption for these benefits, effective for tax years starting January 1, 2024. This change applies automatically to eligible recipients without requiring additional applications.
This bill changes New York's requirement for residents to file state income tax returns. It replaces the current $4,000 income threshold with a new rule based on the state's standard deduction amount. Residents will now need to file only if their income exceeds New York's standard deduction, rather than the fixed $4,000 limit. This primarily affects low-income New York residents who previously might have been required to file under the old rule. The change takes effect for tax years beginning January 1, 2026.
Relates to creating a separate tax on inheritance income, creating a separate tax on gift income, the computation of the estate tax, and creating a gift tax.
Provides for a personal income tax deduction for school supplies paid for out-of-pocket by K-12 teachers in public and nonpublic schools, up to $500 per year.
This bill creates a new tax deduction for K-12 educators. Eligible educators (those teaching at least 900 hours per year in public or private elementary/secondary schools) can deduct up to $300 annually as a single filer or $600 as a married couple filing jointly (with each spouse limited to $300). The deduction covers out-of-pocket work-related expenses like professional development courses, books, supplies, computer equipment, and supplementary materials (athletic supplies are specified for health/physical education courses). It amends tax law to add this provision, effective immediately upon enactment.
This bill creates a 25% tax credit for homeowners who purchase, lease, or buy power from solar energy systems installed on their primary residence in the state. It directly affects residential property owners who install qualifying solar equipment, with a maximum credit of $3,750 for systems placed in service before September 1, 2006, and $5,000 for systems placed in service on or after that date. The credit covers equipment purchases, long-term leases (10+ years), or power purchase agreements (10+ years) for systems on the taxpayer's principal residence. It also includes provisions for shared ownership in condos or co-ops, allowing proportional credit claims based on individual contributions.
