This New York bill increases the state's child and dependent care credit by raising the percentage of the federal credit that New York refunds to qualifying families. It modifies the calculation to provide higher credit amounts for lower-income households, including a 110% credit for incomes under $50,000 starting in 2025. The bill also includes a "reversion event" clause that would reset credit formulas if federal changes significantly reduce state funding for childcare assistance. The policy directly affects New York taxpayers who claim the child and dependent care credit for childcare costs related to work or education.
Relates to the imposition of sales and compensating use taxes with respect to certain aircraft; repeals provisions relating to the exemption from sales and compensating use taxes of general aviation aircraft, and machinery or equipment to be installed on such aircraft.
This bill exempts toothpaste, toothbrushes, and dental floss from state sales tax when purchased by consumers. It directly affects individuals buying these oral hygiene products, removing the sales tax obligation on these specific items. The policy change adds these products to the existing list of tax-exempt goods under the state tax law, effective 90 days after enactment. The bill does not alter tax rates for other products or create new government programs.
Provides that the amount of a STAR real property tax savings may not be less than the amount of the STAR real property tax savings from the previous year.
Provides a real property tax exemption for property owned by active duty service members of the armed forces of the United States in taxing jurisdictions which elect to provide a veterans exemption.
This bill creates a $10,000 tax deduction for adoptive parents who legally adopt a child with special needs. It directly affects taxpayers who become the legal parents of a child under 21 with a significant physical, mental, or emotional condition that, per the Office of Children and Family Services, creates a major obstacle to adoption. The deduction can be applied each year the taxpayer maintains legal parenthood of the child. The policy change applies to taxable years starting January 1, 2025.
Provides for real property tax exemptions for last mile broadband infrastructure constructed, altered, installed or improved in an area designated a broadband opportunity area.
Eliminates state sales and compensating use taxes on motor fuels and diesel motor fuels; authorizes localities to eliminate such taxes at the local level; establishes various exemptions from New York's sales and use tax; provides for a sales tax exemption for housekeeping supplies and for ready-to-eat foods.
This bill allows homeowners aged 65 or older (or qualifying spouses/siblings where one is 65+) to freeze their real property taxes on primary residences, including single-family homes, farms, or condo/co-op units. The tax amount is frozen at the level when the annual application is submitted, with the freeze continuing each year if reapplication occurs. Surviving spouses remain eligible after a spouse's death (if at least 62), and medical absences waive occupancy requirements. Applications must be submitted yearly by the owner, with municipalities required to notify residents 60 days before renewal deadlines.
Authorizes the assessor of Richmond county to grant the Silver Lake Foundation Inc. retroactive real property tax exempt status upon an application therefor.
