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Who's moving budget & taxes in New York
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This bill amends federal tax law to expand an existing exclusion from taxable income to include pensions from traditional employer pension plans (defined benefit plans). Currently, certain pension income is excluded from federal adjusted gross income, but this bill would extend that exclusion to cover these specific pensions. It would apply to taxable years beginning after the effective date, directly affecting retirees receiving payments from defined benefit plans. The change would reduce the taxable income for these retirees by including their pension payments in the exclusion.
Imposes an excise tax on the sale of ammunition to be deposited into the gun violence impact fund; establishes the gun violence impact fund; authorizes the director of the office of victim services to administer grants from the gun violence impact fund.
Establishes a public transportation expansion fund for the purpose of ensuring access to public transportation for publicly funded economic development projects.
Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans.
Establishes the New York state foreign dependent children tax inclusion act authorizing a tax deduction for support provided to children outside of the United States; defines "dependent children"; provides an exemption of $1,000 for each foreign dependent child.
Imposes an excise tax on the failure of certain hedge funds owning excess single-family residences to dispose of such residences; establishes the housing down payment trust fund to provide funds to state housing finance agencies to establish new or supplement existing programs that provide down payment assistance to families purchasing homes within the state.
This bill creates a tax credit for New York employers who hire qualifying young workers. It allows employers to get reimbursed up to $1.35 per hour for each hour worked by employees aged 16-19 who are students and paid at or slightly above New York's minimum wage (up to 50 cents over the rate). The credit amount varies by year, and it adjusts if the federal minimum wage increases above 85% of New York's rate. The credit applies to tax years beginning January 1, 2025, and affects businesses employing eligible young students in New York State.
Extends the authorization granted to the county of Montgomery to impose an additional one percent sales and compensating use taxes to November 30, 2027.
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.
Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2026 assessment roll.
