Budget & Taxes (Tax Credits)

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 4106: Disregards the federal child tax credit in calculating an individual taxpayer's federal adjusted gross income

Disregards any amount included in an individual taxpayer's federal adjusted gross income as a result of the federal child tax credit for purposes of calculating an individual taxpayer's federal income tax deduction.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill removes tax credit from state tax calculation, increasing burden on families eligible for federal child tax credit.95% confidence

Sub-Topics Income Tax 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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in committee · New York · Assembly Jan 7, 2026

A 6000: Provides for the advance payment of the earned income tax credit

This New York State bill allows for advance payments of the Earned Income Tax Credit (EITC) to qualifying low-income workers, replacing the current system where refunds are issued after annual tax filing. Eligible workers - including those aged 19 or older (down from 25) and without children - will receive four payments: three during the year (20% of the expected credit) and one adjusted payment after the tax year ends. The bill also increases the credit percentage for 2027 and later years (up to 40%), raises the income threshold for phaseout to $24,960 (from $11,610), and includes annual inflation adjustments. Payments will be delivered via direct deposit or electronic benefit transfer (EBT) card.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands EITC access with advance payments for low-income workers, providing direct tax relief and strengthening tax credit funding for qualifying individuals.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentExpands EITC access for low-income workers, providing earlier financial support and increasing benefits through lower age requirements and advance payments.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New York · Assembly Sep 8, 2025

A 7730: Creates a wage tax credit for employers who employ New York national guard members, reservists, volunteer firefighters and EMS personnel

This bill would create a $1,500 wage tax credit for New York employers who hire qualifying individuals: New York National Guard members, reservists, volunteer firefighters, and EMS personnel. To qualify, an employee must work for the employer for at least six months. The credit reduces the employer's state tax liability, with any unused portion carried forward to future tax years (but not refunded with interest). It applies to taxable years beginning January 1, 2027, and is currently pending legislative action.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates $1,500 tax credit for employers, reducing state tax liability for qualifying hires, providing direct tax relief.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides tax credit to employers hiring specific worker groups (Guard, firefighters, EMS), incentivizing employment and supporting their workforce participation.85% confidence ✓ VeteransSupports VeteransBill creates wage tax credit for employers hiring National Guard/reservists (veterans), directly supporting veteran employment through financial incentives.95% confidence

Sub-Topics Tax Credits National Guard & Reserve

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in committee · New York · Senate Jun 11, 2025

S 8063: Relates to relocation and employment assistance credits

This bill creates a tax credit program for businesses relocating to cities with over one million residents (like New York City). It requires eligible businesses - those operating outside New York state for 24 months prior and relocating operations - to maintain a minimum number of "eligible employment shares" (calculated based on full- and part-time work weeks) and obtain annual city certifications from the mayor or designated agency. Businesses must meet specific thresholds, such as having at least 25% of their New York City employment base or 250 employment shares, to qualify for the credit. Certifications cannot be issued after July 1, 2028, and the program applies to local laws enacted under this article.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credits for relocating businesses, reducing their tax burden and incentivizing economic activity per bill's tax credit program.95% confidence

Sub-Topics Tax Credits Tax Incentives

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in committee · New York · Assembly Jan 7, 2026

A 5453: Extends historic homeownership rehabilitation tax credit and requires additional reporting

This bill extends New York's historic homeownership rehabilitation tax credit window through 2025, allowing homeowners to claim up to $50,000 in credits for rehabbing qualified historic homes during tax years before 2025, and $25,000 for years starting in 2025. It directly affects homeowners who rehabilitate historic properties, requiring them to meet specific criteria like exterior rehabilitation costs and excluding pre-2007 work. The bill adds mandatory annual reporting requirements, mandating the state commissioner to publicly share detailed data on credit usage - including project locations, housing units before/after rehab, and credit values - by November 1 each year. These reports must be submitted to state leadership and made available online. The changes take effect for tax years beginning January 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends tax credit for historic home rehabilitation, providing tax relief to homeowners through increased credit limits ($50k/$25k) and maintaining fiscal incentives.95% confidence ✓ HousingSupports HousingExtends tax credits for historic home rehabilitation, encouraging preservation and development of existing housing stock, directly supporting housing development.95% confidence

Sub-Topics Tax Credits Historic Preservation Homeownership

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in committee · New York · Assembly Jan 7, 2026

A 7526: Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit

This bill changes the definition of a "qualified historic home" to qualify for New York's historic homeownership rehabilitation tax credit. It adds three new location requirements: the home must be in a federally designated targeted area, in a census tract with income at or below the state median, or in a city under 1 million population with a poverty rate over 15%. These changes determine who can claim the credit for rehabilitating certified historic properties. The bill directly affects homeowners seeking tax benefits for restoring historic homes in specific geographic areas. The amendment takes effect immediately upon enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill targets tax credit eligibility to lower-income areas (poverty rate >15%, income ≤ median), providing tax relief for historic homeownership in disadvantaged regions.85% confidence ✓ HousingSupports HousingBill targets historic rehabilitation tax credit to low-income areas (census tracts below median income, high-poverty cities), advancing affordable housing access through targeted incentives.90% confidence

Sub-Topics Tax Credits Historic Preservation Homeownership

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