Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance; enacts the "Small New York Based High-Technology Business Investment Tax Credit Act".
This bill creates a 50% property tax exemption on the primary residence of surviving spouses whose police officer spouse died while performing duty. It directly affects surviving spouses of officers killed in the line of duty, providing immediate tax relief on their home. The exemption applies to the assessed value of the primary residence, with local governments allowed to reduce the percentage. The law requires local authorities to adopt specific resolutions to implement the exemption and establishes documentation standards through the state's criminal justice and tax services divisions.
This bill creates a tax credit for New York businesses that source a significant portion of their products locally. Businesses with taxable sales in New York can claim a credit (ranging from $1,500 to $25,000) based on the percentage of their net sales from locally produced food or goods - defined as products grown, raised, or made within New York by eligible producers (excluding wholesalers/distributors). To claim the credit, businesses must submit a report with their tax return detailing the producer's name, location, purchase amounts, and units bought. The credit cannot be carried forward to future tax years.
Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.
Exempts from the tax on retail sales the portion of a receipt from the purchase of a motor vehicle which is reduced due to a customer rebate or customer discount provided by a manufacturer to the purchaser, that is applied against the amount due under the sales agreement.
This bill expands New York's existing sales tax exemption for textbooks to include all books required for college courses by professors. It directly affects students purchasing required course materials, who must present a valid student ID at checkout to verify the book is mandated for their class. The exemption now covers any required reading - beyond traditional textbooks - at accredited colleges and universities. The policy change takes effect 90 days after the law is signed, applying to future sales of qualifying materials.
This bill exempts over-the-counter family planning supplies from sales and use taxes. It specifically covers items like condoms and emergency contraception that prevent pregnancy or protect against sexually transmitted infections without requiring a prescription. The exemption applies to products purchased directly by consumers in stores. The law takes effect 90 days after enactment, applying to all qualifying sales made on or after that date.
This bill increases tax credits for developers redeveloping brownfield sites (abandoned industrial properties with potential contamination). It sets tiered credit limits: $35 million for standard sites, $45 million for manufacturing sites, and $70 million for "qualified project sites" meeting specific criteria. To qualify for the highest credit, projects must be in cities under 100,000 population, include affordable housing (25% of units), have transportation access, and exceed $250 million in total project value. These changes directly affect developers of qualifying brownfield sites who meet all criteria for enhanced tax incentives.
Bill A 8752 would exempt the first $50,000 of taxable income for businesses employing 20 or fewer employees. This applies to all such businesses starting with taxable years beginning January 1, 2027, reducing the tax burden on their initial earnings. The exemption covers income subject to taxation under existing law, not all business revenue. The bill is currently referred to the Ways and Means committee.
This bill increases the real property tax exemption for combat veterans from 10% to 35% of their property's assessed value. It directly affects veterans who served in combat zones and received specific military medals (like campaign ribbons or expeditionary medals). The exemption is capped at $40,000 or the equivalent based on local tax rates, whichever is lower. The change applies to properties assessed on or after January 1, 2026.
