Budget & Taxes (Tax Credits)

in committee · New York · Assembly Jan 7, 2026

A 3646: Establishes a sump pump tax credit

Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax relief via credit for homeowners under $250k income, aligning with middle-income tax support indicators.95% confidence

Sub-Topics Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 8233: Establishes a cannabis processor tax credit

Establishes a cannabis processor tax credit; authorizes a tax credit that is the equivalent to the licensed processor's cannabis potency tax liability for the year two thousand twenty-three, multiplied by three, but shall not exceed four hundred thousand dollars.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for cannabis processors, reducing their tax liability, providing tax relief under fiscal policy.90% confidence

Sub-Topics Tax Credits

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in committee · New York · Senate Jan 7, 2026

S 6838: Increases the applicable percentage of the child tax credit allowed in the empire state child tax credit to forty-five percent

Increases the applicable percentage of the child tax credit allowed in the empire state child tax credit from thirty-three percent to forty-five percent; prescribes how such payment or refund should be made based on amount.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases child tax credit percentage from 33% to 45%, providing tax relief to families and strengthening state tax credit program.95% confidence

Sub-Topics Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 3286: Establishes a tax on certain vacant land in the city of New York

Establishes a tax on certain vacant land in the city of New York; provides exemptions for certain vacant land; establishes a tax credit for certain renovations to certain rent-stabilized properties.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill establishes new tax on vacant land, directly increasing municipal revenue for budgetary purposes without targeting lower-income groups.95% confidence ✓ HousingSupports HousingTax on vacant land incentivizes development; tax credit for rent-stabilized renovations protects tenant rights and maintains affordable housing stock.85% confidence

Sub-Topics Tax Credits Renters

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passed · New York · Senate Jun 3, 2026

S 6019: Relates to the volunteer firefighters' and ambulance workers' credit; repealer

Repeals the provision of law that volunteer firefighters and ambulance workers who receive a real property tax exemption for service may not receive the income tax credit for such service.

Topics ✓ Budget & TaxesSupports Budget & TaxesRepeals restriction preventing volunteer firefighters/ambulance workers from receiving income tax credit, providing tax relief for lower-income public service workers.92% confidence

Sub-Topics Income Tax Property Tax Tax Credits

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in committee · New York · Senate Jan 7, 2026

S 367: Relates to the calculation of the empire state child credit

Adjusts the calculation of the empire state child credit to provide for a one thousand dollar credit per qualifying child who is less than four years of age and a five hundred dollar credit per qualifying child who is four years of age or older for certain qualifying taxpayers.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax relief via increased child credit amounts ($1,000/$500), directly advancing fiscal support for qualifying families as a form of targeted tax reduction.95% confidence

Sub-Topics Tax Credits

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in committee · New York · Senate Jan 7, 2026

S 2489: Designates restaurants as qualified businesses for the purposes of the commercial security tax credit program

This bill expands New York's commercial security tax credit program to include restaurants as eligible businesses. It allows restaurants with 50 or fewer employees to claim a tax credit of $3,000 per location for security costs exceeding $4,000 (for businesses with ≤25 employees) or $6,000 (for businesses with >25 employees). Eligible expenses include security cameras, alarms, lighting, locks, and security officers. The credit applies to taxable years beginning in 2025 and affects qualifying restaurants statewide.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax credit program for restaurants, providing tax relief for security costs under state fiscal policy90% confidence

Sub-Topics Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 2393: Increases the aggregate funds available for the child care tax credit

This bill (A 2393) doubles the annual funding cap for the child care tax credit program from $25 million to $50 million per year for businesses providing child care services in New York. It directly affects eligible businesses that qualify under existing rules by increasing the total pool of funds available for their tax credits. The key mechanism requires the state Office to allocate the $50 million pro-rata (based on proportion) to all qualifying business entities that demonstrate eligibility. This change applies to the 2023-2024 fiscal period and takes effect immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesDoubles tax credit funding cap from $25M to $50M, increasing state financial support for child care businesses through expanded tax relief.90% confidence

Sub-Topics Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 4020: Provides a tax credit for the installation of certain fire sprinkler systems

This bill provides a 25% tax credit for residential property owners in New York who install fire sprinkler systems. It directly affects homeowners in municipalities that do not currently require sprinklers as a condition of building or renovation. The credit covers 25% of labor and materials costs, with a maximum annual limit of $5,000 per property. The credit applies to taxable years beginning January 1, 2025, and can be carried forward if it exceeds the taxpayer's annual tax liability. It does not apply to properties in areas already mandating sprinkler systems.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit (25% of costs) for residential sprinkler installations, offering tax relief to homeowners, aligning with support indicators for middle-income tax relief.95% confidence

Sub-Topics Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 4948: Provides earned income tax credit to youth workers, increases standard deduction for individuals 18 to 24, and provides for deduction of student loan interest

Provides an earned income tax credit to youth workers; increases the standard deduction for individuals eighteen to twenty-four years of age; provides for the deduction of student loan interest; provides for the expiration of such provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credits/deductions for youth workers and students, reducing taxable income for lower/middle-income groups per EITC and standard deduction increases.95% confidence ✓ EducationSupports EducationProvides student loan interest deduction and tax credits for young adults, reducing financial barriers to higher education access.85% confidence

Sub-Topics Income Tax Tax Credits Student Financial Aid

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