Bill A 8176 modifies tax credits for residents of cities with a population over one million. It introduces income-based reductions to the existing school tax reduction credit, where the credit amount decreases for taxpayers whose income exceeds certain thresholds. The bill also establishes a new refundable child tax credit of $300 per qualifying child for these residents. This new child tax credit is also subject to income limitations and requires a social security number or individual taxpayer identification number for each child claimed.
Establishes a manufactured housing tax credit which provides for a credit of up to two thousand dollars for each new manufactured home that the taxpayer constructed and for which a certificate of occupancy has been issued on or after January first, two thousand twenty-five and on or before December thirty-first, two thousand thirty-one.
This bill creates a tax credit of up to $500 per year for individuals with disabilities who purchase assistive technology devices. It covers tools like specialized software, adaptive equipment, or modified devices that help improve daily functioning, and allows unused credit to carry over to future tax years. The credit applies to purchases made after January 1, 2025, and directly benefits taxpayers with disabilities seeking accessible technology.
This bill expands New York's existing apprenticeship tax credit by adding a $500 annual tax credit for employers who hire individuals with disabilities as apprentices. It directly affects employers participating in state-approved apprenticeship programs who hire people meeting the state's disability definition (from Executive Law §292(21)). The new credit applies separately from the existing annual credit structure for apprentice years (e.g., $2,000 for first-year apprentices), providing an additional incentive for disability inclusion. The change takes effect immediately upon enactment.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.
This bill creates a 25% tax credit for homeowners who install fire sprinkler systems in their residences. It directly affects residential property owners in municipalities that do not already require sprinkler systems. The credit covers 25% of labor and material costs, with a maximum annual credit of $5,000. The credit can be carried forward if it exceeds current tax liability but cannot reduce tax below the minimum amount required. The program begins for taxable years starting January 1, 2025.
This bill creates a tax credit for New York producers of biomethane, a renewable fuel made from organic waste (like landfill gas or agricultural manure) processed in anaerobic digesters. It provides a credit of 15 cents per gallon for the first 40,000 gallons of biomethane produced annually per facility, increasing to 25 cents per gallon beyond that threshold. The credit is capped at $2.5 million per facility per year for up to four consecutive years, applying to taxable years beginning before 2020. This directly benefits New York-based biomethane producers by reducing their state tax liability for qualifying production.
Establishes a tax credit for food service establishment donations to food pantries, in the amount of fifty percent of the marketed value of each of the taxpayer's qualified donations up to six dollars per qualified donation, beginning with the 2027 tax year.
Grants credit against personal income tax to purchasers of residential housing in the amount of any downpayment made on such housing; provides that the maximum credit shall not exceed 5 percent of the purchase price of the residential housing; requires taxpayers to meet eligibility requirements imposed by the state of New York mortgage agency.
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.
