Budget & Taxes

in committee · New York · Senate Jan 7, 2026

S 1479: Establishes a home heating tax credit

Establishes a home heating tax credit for qualified taxpayers with an income of $125,000 or less for single filers, or with a combined income of $250,000 or less for joint filers.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit reducing tax burden for lower/middle-income households ($125k/$250k income limits), aligning with tax relief indicators for Budget & Taxes.95% confidence

Sub-Topics Tax Credits

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in committee · New York · Senate Jan 7, 2026

S 7014: Relates to businesses with fewer than twenty employees

This bill exempts the first $50,000 of taxable income for businesses employing 20 or fewer employees. It amends tax law to create this exemption, applying to all such businesses regardless of industry. The provision takes effect for tax years beginning January 1, 2027. It directly affects small businesses meeting the employee threshold by reducing their initial tax liability.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts small businesses (≤20 employees) from first $50k taxable income, reducing tax liability and aligning with tax relief support indicators.95% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives Tags Small Business

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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 · Assembly Jan 7, 2026

A 7987: Relates to the reduction of taxes pursuant to shelter rent

This bill amends the private housing finance law to modify local tax exemptions for certain limited-profit housing projects. For these projects located in cities with a population of one million or more, it sets the maximum amount of local and municipal taxes to be paid at zero percent of the annual shelter rent or carrying charges. This effectively removes the previous minimum tax requirement tied to a percentage of shelter rent or 1973 tax levels for these projects. For projects in other municipalities, the local legislative body retains the ability to consent to similar tax reductions, with such consent requiring renewal every ten years.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill eliminates minimum tax requirement for housing projects in large cities, reducing tax burden on qualifying developments.95% confidence ✓ HousingSupports HousingRemoves tax burden on limited-profit housing projects in major cities, reducing costs for developers and likely increasing affordability by eliminating minimum tax requirements tied to shelter rent.95% confidence

Sub-Topics Housing Finance Property Taxes Renters

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in committee · New York · Senate Jan 7, 2026

S 6933: Relates to exemptions from sales and use tax for books, candy, pictures, posters, trinkets, or any item containing a logo, collectable or seasonal item sold at a book fair or program

Relates to exemptions from sales and use tax for books, candy, pictures, posters, trinkets, or any item containing a logo, collectable or seasonal item sold at a book fair or program.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill exempts books, candy, and related items sold at book fairs from sales tax, providing tax relief that aligns with supporting fiscal policies for community and educational events.95% confidence

Sub-Topics Sales Tax

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in committee · New York · Assembly Jan 7, 2026

A 829: Excludes unemployment compensation from state income tax

This bill amends the state tax law to exclude unemployment compensation from taxable income for state income tax purposes. It directly affects taxpayers who receive unemployment benefits by ensuring those payments are not counted when calculating their state income tax liability. The key provision adds a new tax law section effective January 1, 2025, specifically excluding unemployment compensation from taxable income calculations. The change applies to all taxpayers receiving unemployment benefits during taxable years starting in 2025. This is a straightforward policy adjustment to the tax code, not a procedural or commemorative measure.

Topics ✓ Budget & TaxesSupports Budget & TaxesExcludes unemployment benefits from taxable income, providing direct tax relief to lower/middle-income earners receiving these benefits.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentExcludes unemployment benefits from state tax, increasing net payments to unemployed workers and directly expanding their financial support under employment standards.95% confidence

Sub-Topics Income Tax Unemployment

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in committee · New York · Senate Jan 7, 2026

S 967: Increases the aggregate funds available for the child care tax credit

This bill (S 967) doubles the annual funding cap for the child care tax credit program from $25 million to $50 million for businesses providing child care services. It directly affects eligible child care businesses by increasing the total funds available for tax credits they can claim. The key mechanism requires the state office to allocate these funds on a pro-rata basis to all qualifying businesses that meet eligibility criteria under existing law. This change applies to the 2023-2024 funding period and aims to expand support for child care providers through increased financial assistance.

Topics ✓ Budget & TaxesSupports Budget & TaxesDoubles tax credit funding cap from $25M to $50M, increasing state support for child care businesses via tax relief and expanded program funding.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentDoubles child care tax credit funding for businesses, enabling more affordable care access for working parents, directly supporting labor force participation and employment stability.85% confidence

Sub-Topics Tax Credits

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in committee · New York · Senate Feb 10, 2026

S 7877: Relates to application of net operating losses in the calculation of corporate franchise taxes

Bill S 7877 modifies the rules for how corporations can apply net operating losses (NOLs) when calculating their franchise taxes. It reduces the period corporations can carry back an NOL to offset past profits from three years to one year. Additionally, the bill shortens the period for carrying forward an unused NOL to offset future profits from twenty years to five years. These changes will apply to taxable years beginning on and after January 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill limits corporate NOL carrybacks/carryforwards, increasing state tax revenue and promoting fiscal responsibility in tax administration.95% confidence

Sub-Topics Business Taxes

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in committee · New York · Assembly Jan 7, 2026

A 6850: Increases the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit

This bill (A 6850) increases the tax credit for New York manufacturers from 20% to 100% of real property taxes paid on manufacturing facilities. It directly affects qualified New York manufacturers who own property primarily used for manufacturing. The key provision allows these businesses to apply the full amount of qualifying property taxes toward their business franchise or personal income tax credit, instead of just a portion. The change takes effect for taxable years beginning January 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit for manufacturers from 20% to 100%, providing direct tax relief under taxation policy.95% confidence

Sub-Topics Business Taxes Income Tax Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 1442: Increases the tax exemption amount on clothing and apparel items from one hundred ten dollars to two hundred fifty dollars

This bill increases the sales tax exemption for clothing and footwear from $110 to $250 per item. It directly affects consumers purchasing clothing, shoes, or related repair items under $250, who will no longer pay sales tax on these items. The key provision amends the tax law to raise the exemption threshold, meaning shoppers pay tax only on items priced above $250. This change applies to all qualifying clothing and footwear purchases within the state.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax exemption threshold, providing sales tax relief on essential clothing for lower-income consumers, aligning with tax relief indicators.95% confidence

Sub-Topics Business Taxes Procurement Sales Tax

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