This bill (S 2142) exempts from sales tax items sold for under $2 by school-based volunteer groups, such as parent-teacher associations, student organizations, or booster clubs. It directly affects these groups when they organize fundraising events to support K-12 educational or extracurricular activities, provided no third-party vendor collects the tax. The exemption applies only to low-cost items sold directly by the school groups themselves. The law aims to reduce administrative burdens and increase revenue for school activities by eliminating tax on small-scale fundraisers.
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 prohibits town, city, or county industrial development agencies from waiving taxes that would otherwise be paid to school districts. It directly affects school districts by ensuring they receive all taxes that would have been collected from properties or developments under these agencies' jurisdiction. The key provision requires agencies to collect all applicable taxes instead of entering into agreements that replace tax payments with alternative payments. This change ensures school districts maintain their regular revenue streams from local development activities.
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 would allow small businesses (defined as those with 50 or fewer employees) to deduct dues paid to their local incorporated chamber of commerce from their adjusted gross income. The deduction applies only to dues not used for lobbying activities, and the chamber must be incorporated under specific state law. It would take effect for tax years beginning on or after January 1, 2027. This policy change directly affects small businesses seeking to reduce taxable income through chamber membership costs.
This bill allows cities with a population over one million to reduce property taxes on qualifying affordable housing projects to zero percent. For other cities, it permits local governments to set taxes to zero percent upon approval. The tax exemption requires annual consent from the local legislative body, expires every ten years, and reverts to a minimum 10% tax rate if not renewed. It applies to projects financed through limited-profit housing programs and remains in effect as long as the project's mortgage loans are outstanding.
S 5870 eliminates the state sales tax on wireless phone services, directly reducing costs for consumers who pay for mobile phone plans. It also gives cities, counties, and school districts the option to either impose their own local tax on these services or adopt the state-level exemption. Local governments must formally adopt the exemption through a resolution by March 1, 2026, with the state tax removal taking effect on that date. The bill specifically applies to mobile telecommunications services, excluding other tax exemptions like solar energy or clothing.
Provides a 50% tax credit for new income tax revenue generated by a new employee; provides credit may be taken up to 10 years; provides that the Department of Economic Development must monitor and certify the additional employment for any business which applies for the credit; provides any company taking the credit must maintain employment in the state for twice the number of years as the term of the tax credit; provides the Department of Economic Development shall annually report to the governor and the Legislature on the number and amounts of credits.
This bill amends tax laws to exclude payments in lieu of property taxes from renewable energy systems (like solar, wind, and battery storage) from school district and local government tax levies. It specifically removes these energy-related payments from calculations used to determine funding levels for schools and local services. The change directly affects school districts and municipalities that rely on tax levy formulas, ensuring renewable energy projects don't reduce their available funding.
This bill requires New York's governor to conduct annual cost-benefit analyses of tax breaks (tax expenditures) in the state budget. It mandates evaluating whether each tax break creates jobs, retains workers, or encourages investment in New York compared to the revenue the state loses by offering it. The governor must compare each tax break's actual results to a predetermined "target ratio," explain the analysis method, and assess if the tax break still serves its original purpose. This applies to all tax breaks under specific sections of New York's tax law and directly affects how the state evaluates existing tax policies.
