Bill S 7964 aims to encourage the cleanup and redevelopment of certain contaminated "Brownfield" sites by offering enhanced tax credits. It increases the maximum tangible property tax credit for projects on these sites, especially for a new category called "qualified project sites." To qualify for these higher incentives, a project must meet several criteria, including being in a city with a population under 100,000, located near public transportation, and incorporating a minimum percentage of affordable housing units. Additionally, these "qualified project sites" must have a total value exceeding $250 million, and remediation construction work on them will be subject to prevailing wage requirements, with an allowance for project labor agreements.
This bill creates a $1,000 tax credit for taxpayers who must replace tires damaged by potholes on state or local roads. It directly affects vehicle owners who incur costs from pothole-related tire failures, reducing their income tax liability by up to $1,000 per year. To claim the credit, taxpayers must provide proof of the pothole damage to the tax commissioner, and any unused portion of the credit may be carried forward as an overpayment. The credit applies to taxable years starting January 1, 2025, and is limited to one replacement per vehicle.
This bill creates a $350 tax credit for New York residents who adopt their first dog or cat from a qualifying shelter, rescue group, or humane society in the state. The credit applies to taxable years starting after the bill's effective date and is limited to one adoption per taxpayer. Individuals convicted of certain animal cruelty violations under New York law are ineligible for the credit. The credit directly affects New York taxpayers adopting from approved animal welfare organizations.
Establishes the "education affordability act" and tax credit; provides credits against income and corporate franchise tax for various qualified education investments including scholarships, education funds and home-based instructional materials.
This bill allows farm operators whose primary income comes from farming to receive refunds for excess investment tax credits starting in 2025. If a farmer’s tax credit exceeds their tax liability for a year, they can elect to treat the difference as an overpayment refundable under existing tax law. The refund option applies only to credits from specific tax provisions (sections 210-B and 606 of the tax law) and requires the taxpayer’s primary income to be from a farm operation as defined in agriculture law. It does not change credit amounts but provides a new refund mechanism for qualifying farmers. The change takes effect January 1, 2025.
This bill creates a tax credit for New York individual taxpayers who pay for spaying or neutering their cats or dogs. It allows an 80% credit on the actual service cost, capped at $200 per pet per year, requiring a receipt from a licensed state veterinarian. The credit applies to services performed in taxable years beginning on or after January 1, 2025. It directly affects pet owners seeking to offset these veterinary expenses through their state tax return.
S 6966 creates a tax credit for taxpayers who pay for the care of a qualifying disabled child, such as one with autism, developmental disabilities, or a physical disability. The credit equals 20% of up to $2,400 in qualifying care expenses (e.g., home health services, day care, equipment), plus an additional $75 if expenses exceed $240 annually. To qualify, the child must live with the taxpayer and be within the third degree of family relation. The credit reduces tax liability, and any unused portion is paid as a refund without interest.
Provides an asbestos remediation tax credit; allows for a twenty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.
This bill creates a $500 annual tax credit for K-12 teachers in New York who pay out-of-pocket for approved classroom supplies. It covers expenses like books, writing tools, paper, instructional materials, and field trips, but excludes religious materials, sports programs, and most extracurricular activities (except music/drama). The credit reduces income tax liability, with any excess paid as a refund if it exceeds the tax owed. The credit applies to taxable years starting January 1, 2027, and is limited to qualified public or private schools. It directly benefits teachers who bear these costs without employer reimbursement.
This bill creates a 25% state tax credit for eligible families paying for child care. It directly affects resident taxpayers with qualifying children under 13 (or disabled children) who need care to work, seek employment, or attend school. The credit covers 25% of documented child care expenses, excluding care provided by parents (unless in a certified facility or parent is unable) or by children over 19. The credit applies to taxable years starting January 1, 2026.
