Budget & Taxes

in committee · New York · Senate Jan 7, 2026

S 4183: Establishes a personal income tax credit for taxpayers who donate blood to a blood bank four or more times in a year

Establishes a personal income tax credit for taxpayers who donate blood to a blood bank four or more times in a year; specifies such tax credit to be five hundred dollars.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a $500 personal income tax credit, providing direct tax relief for eligible donors, aligning with tax policy support indicators.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 2498: Increases the earned income tax credit

This bill increases New York State's earned income tax credit (EITC) for tax returns filed in 2025 and later, raising the credit percentage from 30% to 45% of the federal EITC amount. It directly affects low-to-moderate income workers and families who qualify for the state EITC, primarily those with children or who meet income thresholds. The bill adds new payment options: small credits ($200 or less) are paid as a lump sum, medium credits ($200-$2,400) as three quarterly payments, and larger credits ($2,400+) as monthly installments. The changes take effect for taxable years beginning January 1, 2025, and are implemented through updated tax law provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases state EITC for low-to-moderate income earners, providing tax relief as a key support indicator per bill's explicit 45% credit increase.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentIncreases state EITC for low-to-moderate income workers/families, expanding financial benefits directly supporting labor income standards and worker welfare.95% confidence

Sub-Topics Income Tax Tax Credits

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passed · New York · Senate May 18, 2026

S 2470: Provides for a tax abatement for electric energy storage equipment

S 2470 provides a tax abatement for electric energy storage equipment placed in service between January 1, 2027, and January 1, 2029. It directly affects property owners or businesses installing qualifying energy storage systems during that window by offering a 10% tax break on eligible equipment costs, capped at $62,500 annually. The abatement is limited to the lesser of 10% of installation costs, the annual property tax bill, or the $62,500 cap. This policy aims to incentivize adoption of energy storage systems by reducing upfront financial barriers during a specific two-year period. The bill passed the Senate in May 2025 and is now in the Assembly for review.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax abatement (10% break) for energy storage equipment, incentivizing adoption through tax relief, aligning with 'support' indicators.90% confidence ✓ EnergySupports EnergyProvides tax incentives for energy storage equipment, directly promoting renewable energy infrastructure adoption and reducing costs for businesses installing qualifying systems.95% confidence

Sub-Topics Property Tax Tax Incentives Energy Storage

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in committee · New York · Senate Jan 7, 2026

S 5992: Creates a small business electric energy tax credit

Creates a small business electric energy tax credit; specifies that the amount of credit shall be equal to the product of $0.02 per kilowatt hour; sets limit of no more than 19 full-time employees in New York state; determines that if the business is located at the primary residence of a sole proprietor, the business is not eligible for the tax credit.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit reducing small business tax liability, providing targeted tax relief for eligible entities per bill's explicit language and fiscal support indicators.95% confidence ✓ EnergySupports EnergyCreates tax credit for small business electricity use, incentivizing energy consumption and supporting clean energy adoption through financial relief for eligible businesses.90% confidence ✓ EnvironmentSupports EnvironmentTax credit for electric energy use promotes clean energy adoption, aligning with environmental protection goals by incentivizing reduced fossil fuel reliance.85% confidence

Sub-Topics Business Taxes Tax Credits Tags Small Business

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in committee · New York · Assembly Jan 7, 2026

A 3812: Relates to the taxation of property owned by a cooperative corporation

This bill modifies property tax rules for cooperative corporations and condominiums. It allows eligible properties (owned by cooperatives or on a condo basis in a municipality) to avoid certain tax provisions if the owner adopts a local law or resolution before the tax assessment date. However, this exemption does not apply to properties already taxed under those rules before January 1, 2027, or those in affordable housing programs with federal/state/local housing agreements. The changes apply to tax assessments starting January 1, 2027.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax exemption for cooperative/condo properties, reducing tax burden (tax relief) for eligible owners, aligning with support indicators.90% confidence ✓ HousingSupports HousingExcludes affordable housing programs from tax changes, protecting existing affordable units from potential tax increases under the bill's provisions.90% confidence

Sub-Topics Property Tax Affordable Housing Property Taxes

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in committee · New York · Senate Jan 7, 2026

S 5098: Provides a tax credit for certain durable medical equipment

Provides a tax credit for certain durable medical equipment equal to fifty percent of the cost to purchase and install durable medical equipment in a residence.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 50% tax credit for medical equipment, reducing tax burden for individuals - aligns with tax relief support indicator.90% confidence ✓ HealthcareSupports HealthcareProvides 50% tax credit for durable medical equipment purchases, improving patient access to essential healthcare tools and reducing out-of-pocket costs.95% confidence

Sub-Topics Tax Credits

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in committee · New York · Senate Jan 7, 2026

S 2287: Provides for a deduction from personal income for adoption expenses

Provides for a deduction against personal gross income in an amount equal to fees, costs and expenses paid or incurred including legal fees and agency costs in connection with the adoption of a child.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax deduction for adoption expenses, offering relief to families and aligning with tax relief indicators for middle-income households.95% confidence

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in committee · New York · Senate Jan 7, 2026

S 4662: Increases transparency in certain film production and post-production tax credits

Requires the department of economic development issue a quarterly report on film production and post-production tax credits by project and by county in the aggregate and publish such reports on such department's website.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires transparency in tax credit reporting, promoting fiscal accountability and government oversight of tax expenditures.85% confidence

Sub-Topics Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 2373: Sets a 7 year limit to the real property tax exemption for unimproved property of mandatory class nonprofit organizations

This bill limits the real property tax exemption for unimproved land owned by certain nonprofit organizations to a 7-year period. Nonprofits must either begin development or have plans in place within 7 years of acquiring the land (with a special start date for pre-existing land), or lose the exemption. Exceptions apply for children's camps (as defined in public health law) and conservation organizations (as defined in environmental law). The law requires nonprofits to actively develop land within this timeframe to maintain the tax benefit.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses tax loophole for nonprofit property exemptions, requiring development within 7 years to maintain tax benefit, increasing government revenue.95% confidence ✓ HousingSupports HousingBill requires nonprofits to develop land within 7 years to maintain tax exemption, promoting housing development by preventing land hoarding and encouraging timely use of unimproved property.80% confidence

Sub-Topics Property Tax Tax Incentives Property Development Property Taxes

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in committee · New York · Senate Jan 7, 2026

S 4008: Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing entities

Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance; enacts the "Small New York Based High-Technology Business Investment Tax Credit Act".

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for high-tech businesses, enabling tax relief and investment incentives through unused credits, aligning with fiscal policy goals.95% confidence ✓ TechnologySupports TechnologyCreates tax credit for high-tech businesses via 'Small New York Based High-Technology Business Investment Tax Credit Act', directly funding technology sector growth.95% confidence

Sub-Topics Tax Credits Tax Incentives

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