Expands the solar energy system equipment tax credit to cover solar energy system equipment installed in a community solar array; defines "community solar array" to mean a location other than a person's principal residence where solar energy system equipment is owned and installed for use in such person's principal residence.
This bill creates a $1,500 annual tax credit for children under 18 who are the children of U.S. military members who died while serving in combat during wartime. The credit directly benefits eligible Gold Star children by reducing their family's income tax liability, with any unused portion carried forward to future tax years. It applies to tax years beginning January 1, 2027, and the credit cannot exceed the taxpayer's total tax for the year. The policy specifically targets financial support for children of fallen service members, with no additional eligibility requirements beyond the parent's wartime death and the child's age.
Gives state income tax credit to volunteer firefighters and members of a volunteer ambulance corps in good standing up to $2500; must be in good standing for a minimum of five years and maintain continued eligibility.
This bill creates a 50% tax credit for New York farmers who sell locally grown fruits and vegetables to food pantries and soup kitchens. The credit applies only to revenue from these specific sales and cannot be carried forward to future tax years. Farmers must submit sales receipts with their tax returns to claim the credit, which is limited to the taxpayer's annual tax liability. The credit becomes available for tax years beginning January 1, 2026, and directly affects New York-based agricultural producers serving food assistance programs.
Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.
S 5261 increases the maximum amount of the child and dependent care tax credit for families with children or other dependents to keep pace with rising childcare costs. Starting in 2025, the credit caps rise to $7,500 for three dependents (up to $9,000 for five or more), and for 2026, the limits adjust further (e.g., $18,000 for five or more dependents). The bill updates annual dollar limits based on the number of qualifying individuals, ensuring the credit reflects current expenses. It directly affects taxpayers claiming this credit on their federal tax returns.
This bill creates a tax credit for businesses that recycle bivalve mollusk shells (like oyster shells), directly benefiting businesses that donate shells to DEC-approved organizations. The credit equals up to $1,000 or 10 cents per pound of certified shells, but cannot lower taxes below the minimum required amount. To qualify, shells must be donated to entities permitted by the DEC to reuse them for oyster reef restoration. The credit applies to taxable years starting January 1, 2025, and requires the DEC to establish verification rules.
Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.
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.
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.
