Budget & Taxes

in committee · New York · Senate Apr 30, 2025

S 7526: Enacts the private activity bond allocation act of 2025

Bill S 7526, known as the "private activity bond allocation act of 2025," establishes a new formula for distributing the state's annual volume ceiling for certain tax-exempt private activity bonds. This bill directly affects state and local government agencies, as well as other entities that issue these bonds for projects such as housing, economic development, and job creation. The bill divides the statewide bond volume ceiling into three equal portions. One-third is set aside for local agencies based on population, another third for state agencies, and the final third forms a statewide bond reserve for additional allocations to either state or local entities. This system aims to create an orderly and efficient process for allocating these bonds, which require an allocation to qualify for federal tax exemption.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill establishes new bond allocation formula for tax-exempt private activity bonds, directly managing fiscal resources for housing/economic development projects.90% confidence ✓ HousingSupports HousingBill allocates tax-exempt bonds for housing projects, directly funding housing development as an eligible use under the bond program.95% confidence

Sub-Topics Debt & Bonds State Budget Tax Incentives Housing Finance Property Development

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in committee · New York · Senate Jan 7, 2026

S 1123: Gives state income tax credit to volunteer firefighters and members of a volunteer ambulance corps in good standing up to $2500

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit reducing tax burden for volunteer first responders, aligning with tax relief for lower-income groups per topic indicators.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 7504: Enacts the "Affordable NY act"

This bill, the "Affordable NY Act," increases property tax relief for homeowners and adjusts New York's personal income tax rates. It directly affects homeowners who qualify for the STAR (School Tax Relief) program by doubling the base exemption amount for enhanced STAR from $30,000 to $60,000 (effective 2025-2026) and linking future increases to the Consumer Price Index. For income taxes, it revises tax brackets, lowering rates for middle-income earners (e.g., reducing the top rate for income over $161,550 from 6.57% to 6.49% in 2019). The changes take effect immediately for some provisions and for others starting in 2025. These adjustments aim to reduce tax burdens for qualifying homeowners and middle-income taxpayers.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases property tax relief for homeowners and lowers income tax rates for middle-income earners, providing direct tax relief per bill summary.95% confidence ✗ EducationOpposes EducationBill increases STAR exemption, reducing school tax revenue which defunds K-12 schools by lowering local property tax contributions to school districts.85% confidence

Sub-Topics Income Tax Property Tax Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 1764: Raises the income eligibility for senior citizens and disabled residents

This bill raises the income threshold for senior citizens (62+) and disabled residents to qualify for real property tax abatements. It increases the maximum allowable household income from $50,000 to $75,000 per year, effective July 1, 2025. The change directly affects seniors and disabled residents whose combined household income would previously have disqualified them from tax relief. The policy update modifies existing tax law provisions to adjust these eligibility limits annually. This is a concrete policy change to expand access to tax relief for low-to-moderate income households.

Topics ✓ Budget & TaxesSupports Budget & TaxesRaises income threshold for tax abatements, expanding eligibility for seniors/disabled residents, providing tax relief to lower/middle income households.95% confidence ✓ HousingSupports HousingRaises income threshold for tax abatements, expanding eligibility for seniors/disabled residents to access housing cost relief.95% confidence

Sub-Topics Property Tax Tax Incentives Property Taxes

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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 8548: Relates to the payment of property taxes to municipalities by any nonprofit organization

Relates to the payment of property taxes to municipalities by any nonprofit organization; requires nonprofit organizations that would typically be exempt from property taxes based on nonprofit status to pay 75 percent of its annual property taxes to the municipality in which it sits in order to offset the impact of the exemption.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires nonprofit hospitals to pay 75% property taxes, closing a tax loophole and increasing municipal revenue to offset exemption impact.95% confidence

Sub-Topics Property Tax

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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 · Senate Jan 7, 2026

S 314: Provides fishing and hunting tax credits for members of the United States armed forces in active service stationed within the state

Provides a personal income tax credit in the amount of any fishing and/or hunting fees paid by members of the United States armed forces in active service.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit reducing military members' tax burden, aligning with tax relief support per indicators.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New York · Assembly Jan 5, 2026

A 898: Allows the alteration or repeal of real property tax exemptions for private institutions of higher education

This bill amends the state constitution to allow lawmakers to change or remove tax exemptions for private colleges and universities. Currently, exemptions for properties used by educational institutions are protected, but this bill specifically removes that protection for private higher education. The key provision changes constitutional language to state that exemptions for private college real estate "may be altered or repealed." This would directly affect private colleges and universities that currently receive property tax breaks on their buildings and land. The bill is a constitutional amendment requiring Senate approval and a future legislative session before taking effect.

Topics ✓ Budget & TaxesSupports Budget & TaxesRemoves tax exemption protection for private colleges, increasing potential state revenue through real property taxes and promoting fiscal responsibility in budget management.95% confidence ✗ EducationOpposes EducationBill removes constitutional protection of tax exemptions for private colleges, potentially increasing costs and reducing funding access for higher education institutions.90% confidence

Sub-Topics Property Tax

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in committee · New York · Assembly Jan 7, 2026

A 5177: Establishes a fund for the creation of affordable housing

This bill creates a voluntary fund for affordable housing targeted at veterans and seniors. It allows taxpayers to make extra, non-tax-reducing contributions to the "Affordable Housing for Veterans and Seniors Fund" when filing their state income taxes. The fund, managed jointly by tax and veterans' agencies, will use all collected contributions exclusively for housing projects serving these groups. Annual reports will detail how funds were spent, including recipient names, amounts awarded, and project purposes.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates voluntary tax fund for housing projects serving veterans/seniors, directly funding essential public services through fiscal mechanism.92% confidence ✓ HousingSupports HousingBill creates voluntary fund exclusively for affordable housing projects targeting veterans and seniors, directly funding housing initiatives.95% confidence ✓ VeteransSupports VeteransBill creates a voluntary fund exclusively for veterans' affordable housing, directly funding a key service through tax contributions managed by veterans' agencies.90% confidence

Sub-Topics Affordable Housing Housing Finance Veteran Housing

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