This bill allows cities with over 1 million residents to offer a real property tax freeze to homeowners aged 65 or older who own and occupy their primary residence (including single-family homes, farms, or condo/co-op units). To qualify, applicants must have gross income under $58,400 annually (including Social Security and retirement income but excluding gifts or inheritances) and apply yearly. If approved, the current tax rate is frozen permanently, with the accumulated amount becoming a lien on the property that must be paid if the freeze ends or the property is sold. Surviving spouses aged 62+ retain the freeze after the death of the older spouse, and the freeze expires if the homeowner fails to reapply annually.
This bill establishes a limit on how much the state can increase its annual spending for day-to-day operations (like public services and administration), excluding federal funds and capital projects. The spending cap is calculated as the average of the previous three years' inflation rates, but cannot exceed 2%. The governor must certify that the proposed budget stays within this cap, and if the legislature passes a budget exceeding it, the governor must adjust spending to meet the limit. Exceptions allow exceeding the cap during emergencies (e.g., natural disasters) only with a two-thirds legislative vote.
This bill (S 3422) requires the New York governor's salary to be withheld until the state budget is fully approved by the legislature. It directly affects the governor, delaying their net salary payment (after standard deductions like taxes) if the budget isn't passed before the fiscal year begins. The governor would receive the withheld amount immediately after the legislature completes budget passage, as defined by the bill. The rule takes effect January 1, 2026.
Provides a tax credit to corporations that purchase qualified green construction equipment equivalent to thirty percent of the total expenses incurred during the taxable year in purchasing such equipment.
This bill provides a tax credit to eligible farmers who use qualified biodiesel fuel exclusively in their farm equipment. The credit equals $0.01 per percent of biodiesel per gallon (capped at $0.20 per gallon) for qualified biodiesel fuel purchased during the tax year. It applies to farmers primarily engaged in farming (Section 1) or those with at least two-thirds of federal gross income from farming (Section 2), with definitions specifying biodiesel must meet ASTM D 6751 standards. The credit can be refunded if it exceeds tax liability, but no interest is paid on refunds. The provision takes effect for taxable years beginning January 1, 2026.
Bill A 8527 amends the tax law concerning sales tax on racehorses sold through claiming races within the state. Currently, sales tax is applied only to the portion of the sale price that exceeds any prior purchase price for the same horse within the same calendar year. This bill removes that specific exemption, making the *entire* sale price of a racehorse sold through a claiming race subject to sales tax. This change directly affects buyers and sellers of racehorses by broadening the sales tax base for these transactions.
Establishes a tax credit for employment of an individual who has successfully completed a judicial diversion substance abuse treatment program or graduated from drug court.
This bill sets a 5% maximum annual increase for property tax base proportions in cities for fiscal year 2026. It directly affects cities calculating property taxes, requiring their local legislative bodies to set the exact increase (up to 5%) by December 1, 2025. If cities issued tax bills before the law took effect, they must revise those bills and reissue them with updated rates, but taxpayers remain responsible for payments due before the revision. The bill ensures cities can adjust tax calculations within this cap while maintaining prior payment obligations for existing bills.
This bill requires new businesses to complete an online sales tax education course with an exam before making their first sales tax payment to the state, earning certification. It also shortens the time frame for collecting unpaid sales tax liabilities from 20 years to 10 years, applying to cases where the tax warrant was filed after April 1, 2016. For liabilities filed between 2011 and 2016, the enforcement period is reduced to 15 years. The changes take effect on April 1, 2026.
This bill doubles the New York State Child Tax Credit for children under one year old during the tax year, directly benefiting families with infants. It creates a new provision in the tax law requiring the credit amount for qualifying infants to be twice the standard rate, while maintaining the existing credit structure for older children. The law mandates the Tax Commissioner to establish a notification system and simplified claiming process to ensure eligible families can access the expanded credit starting in 2026. The policy applies to tax years beginning January 1, 2026, and specifically targets financial support for the first year of a child's life.
