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.
This bill increases the sales tax exemption threshold for clothing and footwear from $110 to $200 per item. It means shoppers will not pay sales tax on individual clothing items, shoes, or repair components costing less than $200. The change applies to new purchases and items used to repair clothing. The law will take effect on September 1, 2025.
This bill amends New York's real property tax law to clarify requirements for tax exemptions on historic property renovations. It requires that property owners seeking exemptions for alterations or rehabilitation must: (1) own property designated as a landmark or contributing to a historic district, (2) ensure work serves historic preservation, (3) follow local preservation guidelines, and (4) get approval from the local preservation commission before starting work. Local governments (counties, cities, towns, or school districts) can also set their own rules, such as reducing exemption percentages or limiting eligibility. The changes apply to properties under local preservation jurisdiction and take effect immediately.
Enacts the accountability for development assistance act; standardizes applications for state development assistance; requires submission of certain development assistance agreements to the department of taxation and finance; requires recipients of certain development assistance to submit progress reports which include certain information and disclosures.
Establishes a first permanent payroll employee tax credit which allows a business to receive a tax credit for the three years following the employment of such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.
Bill S 7592 creates an income tax credit for "angel investors" who invest in qualifying new businesses. Individual accredited investors, excluding those with controlling stakes or institutional venture capital firms, can receive a credit equal to 25% of their investment, for investments of $25,000 or more. The maximum credit allowed per investment is $250,000, and any unused credit can be carried over to future tax years. To qualify, businesses must be relatively new, have limited revenue, employ fewer than 25 full-time staff with at least 60% in New York, and have received no more than $2 million in previous angel investor credits. This legislation applies to personal and corporate income tax years beginning on and after January 1, 2026.
Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.
