Establishes the historic preservation tax credit transfer program to provide flexibility and incentives for businesses which rehabilitate historic properties to further promote the development of affordable housing.
S 1147 creates a new tax credit for New York City residents (population over 1 million) who own or rent their primary home. The credit reduces state tax liability based on a portion of property taxes paid, after subtracting a threshold amount tied to household income. Eligibility requires living in the home for six+ months, meeting income limits, and filing state taxes. The credit applies only to property taxes on primary residences within NYC, with specific definitions for household income and tax calculations.
This bill creates a state income tax credit for taxpayers who pay for necessary expenses related to service dogs, such as food, veterinary care, training, and boarding. It allows a credit of up to $1,000 per year against income tax for qualified service dog costs, as defined by civil rights law. Unused portions of the credit can be carried forward to future tax years, but the annual limit remains $1,000. The credit applies to taxable years beginning January 1, 2025, and directly affects residents who rely on service dogs for disability-related needs.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
This bill increases tax credits for individuals installing geothermal energy systems. It allows a 25% credit on qualified expenses, raising the annual cap to $5,000 for systems installed before June 30, 2025, and $10,000 for systems installed on or after July 1, 2025. Additionally, it makes excess credits refundable for low-to-moderate income taxpayers or those in designated disadvantaged communities starting in 2026, treating unused credits as tax overpayments. The credit can also be carried forward for up to five years if it exceeds annual tax liability.
Includes not-for-profit corporations and public television or radio corporations in the definition of business entity; allows such entities to claim the newspaper and broadcast media jobs tax credit.
Establishes a tax credit for individuals who serve or are employed as a direct support professional, or direct care worker, up to five thousand dollars for taxpayers who make less than fifty thousand dollars and phased out for individuals who make over one hundred thousand dollars.
Creates a tax credit for the adoption of household pets from animal shelters or humane societies; up to $100 per animal with a maximum of three household pets.
Grants a combat veteran tax credit for entrepreneurs to provide a five hundred dollar tax credit to combat veteran entrepreneurs who create a business in New York state.
Provides affordable and accessible dependent care options for working families by including qualified in-home and backup care expenditures paid or incurred with respect to the taxpayer's employees working in the state in the employer- provided child care credit criteria; makes technical corrections to make such credit independent of the federal employer-provided child care credit.
