This bill creates a tax credit for sustainable aviation fuel producers in New York, offering $1 per gallon (up to $2 per gallon) based on emissions reductions. Producers must meet strict criteria: fuel must reduce lifecycle greenhouse gases by at least 50% compared to jet fuel, be derived from biomass/waste, and avoid palm/petroleum sources. The credit requires certification from the New York State Energy Research and Development Authority (NYSERDA), with a $30 million annual spending cap. It directly affects fuel producers and businesses using qualifying fuel for flights departing from New York airports, aiming to incentivize cleaner aviation fuel adoption.
Creates a tax credit for businesses that develop a "college to work" program, paying the tuition of individuals in exchange for the individual committing to work for the business after the individual's graduation from an institution of higher learning; provides the tax credit shall be for twenty-five percent of the individual's tuition expenses not to exceed five thousand dollars.
Establishes a small business tax credit for certain efforts taken to improve such small business's facility in an effort to reduce the spread of infectious diseases.
S 4095 creates a tax credit for music production companies in New York State, allowing eligible businesses to deduct 25% of qualified production costs from their state taxes. To qualify, music must be primarily produced and recorded in New York with costs exceeding $25,000 per project, and companies with annual costs over $100,000 (employing at least 10 New York residents) may claim credits collectively. Eligible costs include studio rentals, equipment, musician fees, and production-related travel, but exclude royalties, live concerts, marketing, and distribution. The credit is capped at $25 million annually, allocated by the Empire State Development Corporation based on application date, with no single company receiving more than 10% of the total.
This bill creates a $2,400 tax credit for employers who hire individuals who previously received unemployment benefits in New York State. To qualify, an employee must have received unemployment benefits for at least two months, be hired for the first time by the employer, work at least 30 hours per week, and remain employed for 24 consecutive months. The credit is claimed after the 24-month employment period ends and can offset up to the employer's annual income tax liability, with unused portions carried forward for five years. It directly affects employers seeking to hire from the state's unemployment pool and unemployed individuals who meet the benefit and employment criteria.
This bill increases the tax credit for purchasing automated external defibrillators (AEDs) from $500 to $1,000 per device. It directly affects taxpayers who buy AEDs for non-resale use, such as businesses, schools, or community organizations. The key change is doubling the credit amount per unit purchased, while maintaining limits that prevent the credit from reducing tax liability below a minimum threshold. The policy applies to taxable years beginning January 1, 2026, and updates multiple sections of the tax law to reflect the higher credit amount.
Establishes the carbon farming certification committee for the purpose of developing a certification framework, determining qualified carbon removal practices eligible for the carbon farming tax credit, and promulgating certification standards for qualified carbon removal practices; provides for the development of educational materials to encourage carbon farming by promoting farming practices which reduce, sequester and mitigate greenhouse gas emissions on land used in support of a farm operation; establishes carbon farming tax credits.
Allows an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.
This bill creates a 25% tax credit for New York taxpayers who rehabilitate qualifying historic barns used for agricultural purposes. The credit covers 25% of qualified rehabilitation costs paid within five years, but excludes costs already used for other credits and prohibits credit claims for barns converted to residential use or altering historic appearance. If a taxpayer’s income is under $60,000, excess credit amounts are refunded immediately; otherwise, excess credits carry forward to future tax years. The credit applies only to barns meeting specific historic criteria under New York law and takes effect immediately.
S 6866 increases the maximum Excelsior R&D tax credit for non-green projects from 6% to 20% of qualifying New York state research and development expenditures. This bill directly affects businesses participating in New York's Excelsior Jobs program that conduct R&D within the state. The key change allows eligible companies to claim a higher tax credit (up to 20%) on their New York-based R&D spending, while maintaining an 8% cap for green projects or Green CHIPS projects. The credit is calculated based on state R&D expenditures, including related wages, and applies to participants in the Excelsior program.
