This bill allows municipalities to offer a 5% real property tax exemption for primary residences owned by National Guard members or reservists. It defines "qualified owner" as active or retired military personnel and requires annual applications with military service verification. The exemption applies only to residential property used as a primary home (excluding non-residential portions) and cannot be combined with other military tax benefits. Municipalities must choose to adopt this option locally through their own ordinances.
Bill A 2638 establishes a dedicated "Long Island transportation account" within New York City's Transportation Assistance Fund. It directs 50% of specific tax revenues (from Section 1299-H of the tax law) to fund MTA operations, infrastructure, and toll reductions in Nassau and Suffolk counties, including projects connecting these counties to New York City. The account's funds cannot replace existing federal or state transportation funding and require unanimous approval from three MTA board members for use. This bill directly affects Long Island residents and MTA services in Nassau/Suffolk counties by creating a new funding stream for transportation needs.
Exempts the sale of fire extinguishers, smoke alarms, heat sensors and carbon monoxide detectors for residential use only from state sales and compensating use taxes.
Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax; prohibits banks from segregating their income and capital into business and investment varieties.
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.
This bill allows taxpayers to deduct premiums paid for long-term care insurance riders attached to life insurance policies from their personal income tax. It directly affects individuals who purchase life insurance policies with added long-term care coverage. The key provision amends tax law to create a new deduction category (paragraph 48) specifically for these rider premiums. The change applies to taxable years starting January 1 after the bill becomes law.
Establishes a tax credit for the purchase of new and used electric cars; provides that for a new electric vehicle, the tax credit shall be $7,500 and the tax credit for a used electric vehicle shall be $4,000.
This bill creates a tax credit for businesses that donate surplus food to eligible food pantries. Grocery stores, restaurants, wholesalers, and food brokers can claim a 25% tax credit on the wholesale value of qualified donations (like fruits, vegetables, or dairy), up to $5,000 per year. To qualify, donations must be "apparently wholesome surplus food" (not expired or damaged), and businesses must obtain a receipt from the pantry detailing the donation. The credit applies to taxable years starting January 1, 2026, and requires donations to be accepted by 501(c)(3) food pantries operating within the state.
Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects related to the construction of new homes or multiple dwellings commenced and completed within a specific time period.
This bill (S 6885) expands access to state funding for water quality infrastructure projects by clarifying eligibility for water utilities regulated by the Public Service Commission. It specifies that funding - capped at $5 million per entity annually - can only support infrastructure repair or compliance with water quality laws, and requires all water utility projects to serve a clear public purpose benefiting customers. The bill modifies existing laws to ensure funds are directed toward essential water system improvements while requiring tax relief from related exemptions to lower water rates. It directly affects water utilities seeking state financial assistance for critical infrastructure upgrades.
