Budget & Taxes (State Budget)

in committee · New York · Senate Jan 7, 2026

S 7035: Requires the budget submitted by the governor to include an itemization, by each individual school district, of appropriations for the support of school districts

Requires the budget submitted by the governor to include an itemization, by each individual school district, of appropriations for the support of school districts.

Topics ✓ Budget & TaxesSupports Budget & TaxesMandates detailed budget itemization per school district, enhancing fiscal transparency and accountability in state spending.85% confidence

Sub-Topics Appropriations State Budget

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in committee · New York · Senate Jan 7, 2026

S 1681: Relates to imposing a specific tax on all corporate stock buybacks of issued shares

S 1681 imposes a 0.5% tax on corporations buying back their own issued shares (stock buybacks). It directly affects corporations that repurchase shares, requiring them to pay tax equal to half a percent of the total value paid for those shares. The tax applies regardless of whether the shares are later canceled, and it replaces the existing per-share tax rates for such transactions. This is a direct tax on corporate buyback activity, not on general stock sales.

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes 0.5% tax on corporate stock buybacks, generating state revenue and closing tax loopholes per fiscal responsibility indicators.95% confidence

Sub-Topics Business Taxes State Budget

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in committee · New York · Assembly Jan 7, 2026

A 7530: Establishes a spending cap and increases the maximum capacity of the rainy day fund

This bill establishes a new annual spending growth cap for state operating funds, directly affecting the governor and legislature when creating budgets. The cap limits yearly increases in state spending to the average inflation rate from the prior three years (calculated using the Consumer Price Index). It requires the governor to certify budget compliance and gives the comptroller authority to verify limits, with exceptions only for emergencies declared by the governor and approved by a two-thirds legislative vote. The bill does not change the rainy day fund's capacity, as the title's mention of that detail isn't elaborated in the actual provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill imposes spending cap tied to inflation, promoting fiscal responsibility by limiting annual budget growth to average inflation rate.92% confidence

Sub-Topics Audits & Accountability Government Spending State Budget

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in committee · New York · Assembly Jan 7, 2026

A 2104: Relates to the personal income tax levy by New York state

This bill (A 2104) caps New York State's annual personal income tax collections starting in 2026. It sets a yearly limit based on a formula: the prior year's tax revenue multiplied by a growth factor (either 1.02 or 0.99 plus inflation), plus any unused carryover from previous years (max 1.5% of the limit). If the state collects more than the limit by over 1%, taxpayers receive equal refunds by September; if exceeded by less than 1%, the excess funds are reserved for future tax years. This directly affects all New York personal income tax filers by limiting how much the state can collect annually.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCaps annual personal income tax collections with strict revenue limits, directly restricting state tax revenue growth and preventing potential tax increases.95% confidence

Sub-Topics Income Tax Revenue State Budget

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in committee · New York · Assembly Jan 7, 2026

A 2085: Prohibits the legislature from recessing after the start of the state fiscal year until it has passed a budget

Prohibits the legislature from recessing after the start of the state fiscal year until it has passed a budget; allows recess during such period for public holidays.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill mandates timely budget passage, promoting fiscal responsibility by preventing legislative delays in budget approval.95% confidence

Sub-Topics State Budget

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in committee · New York · Senate Jan 7, 2026

S 4993: Requires certain agreements be included in the synopsis of requests for appropriations for the state budget

Requires written agreements between the governor and the legislature that relate to any budget appropriations be included in the synopsis of requests for appropriations for the state budget and published on the public website of the division of the budget.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires transparency in budget agreements, promoting fiscal accountability without altering funding levels or tax policies.95% confidence

Sub-Topics Appropriations Audits & Accountability State Budget

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in committee · New York · Senate Jan 8, 2025

S 953: Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; and imposes an additional tax on individual business income

Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases corporate income tax rates and imposes additional business income tax to close federal tax loopholes for pass-through entities, strengthening state tax revenue.95% confidence

Sub-Topics Business Taxes State Budget

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