This bill provides a $750 annual income tax credit for retired disabled police officers who were state police officers and are state residents. It applies to taxable years beginning January 1, 2026, and directly affects eligible retired officers by reducing their state income tax liability. If the credit exceeds the taxpayer's tax for the year, the excess is treated as an overpayment and refunded without interest. The credit is available automatically to qualifying retired officers meeting the disability and service criteria.
Establishes a tax credit for the replacement or repair of sewer lateral pipes by homeowners who use the home as their principal residence and have an income of less than two hundred fifty thousand dollars.
This bill eliminates two restrictions on New York's long-term care insurance tax credit. It removes the $1,500 annual maximum credit limit and the requirement that taxpayers must have less than $250,000 in adjusted gross income to qualify. The change applies to residents who pay premiums for qualifying long-term care insurance policies, allowing them to claim the full 20% credit on their premiums regardless of income level or premium amount. The policy takes effect for taxable years beginning January 1, 2025.
Relates to providing a tax credit for densified biomass fuel expenditures; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".
This bill creates a $250 tax credit for individual taxpayers who purchase and install qualifying security systems on their residential property. It directly affects homeowners who buy systems designed to detect intrusions or theft, such as alarms or surveillance devices, and must provide proof of purchase. The credit is available as a one-time reduction against income tax for taxable years beginning January 1, 2026, and applies only to systems installed on residential property. The bill does not change crime prevention laws but provides a financial incentive for homeowners to enhance security.
This bill creates a 35% tax credit for contractors who pay certified minority/women-owned (MWBE) or service-disabled veteran-owned (SDVOBE) businesses for work on New York state contracts. It directly affects contractors working on state projects and certified MWBE/SDVOBE subcontractors operating within New York. The credit applies to payments made for professional services, trades, or supplier work under state contracts, and unused credit can carry over for up to three years. Contractors cannot switch subcontractors solely to claim this credit, and the credit cannot be used alongside other tax credits for the same subcontract.
Repeals the provision of law that volunteer firefighters and ambulance workers who receive a real property tax exemption for service may not receive the income tax credit for such service.
This bill (A 4886) creates a $2,000 refundable tax credit for New York taxpayers who experience the stillbirth of a child. It directly affects eligible parents who would have claimed the child as a dependent under federal tax law and have a stillbirth certificate issued under public health law. The credit is refundable (meaning it can result in a payment even if no tax is owed) and applies to taxable years beginning January 1, 2025. The bill requires a certificate of stillbirth from the public health law to qualify, but does not change dependency rules.
This bill increases New York State's Earned Income Tax Credit (EITC) rate to 45% for taxable years beginning in 2025, up from 30% previously. It directly affects low-to-moderate income working New York residents who qualify for the federal EITC. Key provisions include new payment options: taxpayers can choose a lump sum for credits under $200, quarterly payments for credits between $200-$2,400, or monthly payments for larger credits. The change applies to 2025 tax returns and includes a mechanism for the state to adjust the credit if federal funding changes impact the program.
This bill creates a tax credit for New York businesses that source a significant portion of their products locally. It directly affects businesses subject to New York's income tax (Article 9 or 9-A) that sell food or goods, provided they source 20% to 100% of their net sales from New York producers. The credit amount varies based on the percentage of local sourcing: $1,500 for 20%, up to $25,000 for 100% local sourcing, with no carryover of unused credits to future years. Businesses must submit a report with their tax return detailing local producer names, locations, purchase amounts, and units bought.
