Budget & Taxes (Tax Incentives)

in committee · New York · Senate Jan 7, 2026

S 209: Establishes a Hire-Now tax credit

S 209 establishes a tax credit for businesses that create new full-time jobs in the state. It provides a credit equal to 6.85% of a new employee's gross wages (capped at $5,000 per employee annually for three consecutive years), with an additional $3,000 credit for hires who were receiving unemployment benefits during 2027-2028. The credit applies only to employees hired after July 1, 2026, who increase a business's total workforce above its 2025 employment level (defined as "base employment"). Businesses can use the credit to offset quarterly tax payments, and the credit cannot be claimed if other employment-based credits apply for the same hire.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides business tax credit to incentivize job creation, reducing state tax revenue to stimulate economic growth and workforce development.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill incentivizes job creation via tax credits (including $3k for unemployment beneficiaries), directly advancing employment growth and reducing unemployment rates.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Unemployment

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in committee · New York · Senate Jan 7, 2026

S 1307: Establishes a tax credit for the adoption of a dog or cat

This bill creates a $100 tax credit for individual taxpayers who adopt one to three dogs or cats per year from qualifying shelters, rescues, or animal welfare organizations. The credit applies to taxable years beginning January 1, 2025, and requires adopters to provide proof of spaying or neutering when claiming the credit. It directly affects taxpayers adopting pets from approved sources, with the credit limited to three animals annually. The policy provides a direct financial incentive for pet adoption through the state tax system, effective for 2025 tax filings.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a $100 tax credit for pet adoption, directly providing tax relief through a new credit program under taxation policy.95% confidence

Sub-Topics Tax Credits Tax Incentives

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in committee · New York · Senate Apr 30, 2025

S 7526: Enacts the private activity bond allocation act of 2025

Bill S 7526, known as the "private activity bond allocation act of 2025," establishes a new formula for distributing the state's annual volume ceiling for certain tax-exempt private activity bonds. This bill directly affects state and local government agencies, as well as other entities that issue these bonds for projects such as housing, economic development, and job creation. The bill divides the statewide bond volume ceiling into three equal portions. One-third is set aside for local agencies based on population, another third for state agencies, and the final third forms a statewide bond reserve for additional allocations to either state or local entities. This system aims to create an orderly and efficient process for allocating these bonds, which require an allocation to qualify for federal tax exemption.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill establishes new bond allocation formula for tax-exempt private activity bonds, directly managing fiscal resources for housing/economic development projects.90% confidence ✓ HousingSupports HousingBill allocates tax-exempt bonds for housing projects, directly funding housing development as an eligible use under the bond program.95% confidence

Sub-Topics Debt & Bonds State Budget Tax Incentives Housing Finance Property Development

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in committee · New York · Assembly Jan 7, 2026

A 7504: Enacts the "Affordable NY act"

This bill, the "Affordable NY Act," increases property tax relief for homeowners and adjusts New York's personal income tax rates. It directly affects homeowners who qualify for the STAR (School Tax Relief) program by doubling the base exemption amount for enhanced STAR from $30,000 to $60,000 (effective 2025-2026) and linking future increases to the Consumer Price Index. For income taxes, it revises tax brackets, lowering rates for middle-income earners (e.g., reducing the top rate for income over $161,550 from 6.57% to 6.49% in 2019). The changes take effect immediately for some provisions and for others starting in 2025. These adjustments aim to reduce tax burdens for qualifying homeowners and middle-income taxpayers.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases property tax relief for homeowners and lowers income tax rates for middle-income earners, providing direct tax relief per bill summary.95% confidence ✗ EducationOpposes EducationBill increases STAR exemption, reducing school tax revenue which defunds K-12 schools by lowering local property tax contributions to school districts.85% confidence

Sub-Topics Income Tax Property Tax Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 1764: Raises the income eligibility for senior citizens and disabled residents

This bill raises the income threshold for senior citizens (62+) and disabled residents to qualify for real property tax abatements. It increases the maximum allowable household income from $50,000 to $75,000 per year, effective July 1, 2025. The change directly affects seniors and disabled residents whose combined household income would previously have disqualified them from tax relief. The policy update modifies existing tax law provisions to adjust these eligibility limits annually. This is a concrete policy change to expand access to tax relief for low-to-moderate income households.

Topics ✓ Budget & TaxesSupports Budget & TaxesRaises income threshold for tax abatements, expanding eligibility for seniors/disabled residents, providing tax relief to lower/middle income households.95% confidence ✓ HousingSupports HousingRaises income threshold for tax abatements, expanding eligibility for seniors/disabled residents to access housing cost relief.95% confidence

Sub-Topics Property Tax Tax Incentives Property Taxes

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in committee · New York · Senate Jan 7, 2026

S 7014: Relates to businesses with fewer than twenty employees

This bill exempts the first $50,000 of taxable income for businesses employing 20 or fewer employees. It amends tax law to create this exemption, applying to all such businesses regardless of industry. The provision takes effect for tax years beginning January 1, 2027. It directly affects small businesses meeting the employee threshold by reducing their initial tax liability.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts small businesses (≤20 employees) from first $50k taxable income, reducing tax liability and aligning with tax relief support indicators.95% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives Tags Small Business

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in committee · New York · Assembly Jan 7, 2026

A 6850: Increases the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit

This bill (A 6850) increases the tax credit for New York manufacturers from 20% to 100% of real property taxes paid on manufacturing facilities. It directly affects qualified New York manufacturers who own property primarily used for manufacturing. The key provision allows these businesses to apply the full amount of qualifying property taxes toward their business franchise or personal income tax credit, instead of just a portion. The change takes effect for taxable years beginning January 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit for manufacturers from 20% to 100%, providing direct tax relief under taxation policy.95% confidence

Sub-Topics Business Taxes Income Tax Tax Incentives

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in committee · New York · Senate Jan 21, 2026

S 849: Establishes the USDA construction tax credit

Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for USDA mortgage homebuyers, providing tax relief to lower-income households through reduced tax burden on new home construction.95% confidence ✓ HousingSupports HousingTax credit incentivizes construction of homes for USDA mortgage qualifiers, directly advancing affordable housing development through financial incentives.95% confidence

Sub-Topics Tax Credits Tax Incentives Affordable Housing Housing Finance Property Taxes

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in committee · New York · Senate Jan 7, 2026

S 833: Provides an exemption for drugs and medicines for companion and farm animals

This bill creates a tax exemption for drugs and medicines used to treat illnesses in companion animals (like pets) and farm animals (like livestock), as defined by New York's Agriculture Law. It requires local governments (cities, counties, school districts) to actively adopt this exemption through local law or resolution - meaning they must choose to implement it rather than it applying automatically. The exemption applies to veterinary medicines and related supplies, reducing tax burdens for pet owners and farmers who purchase these products. Local jurisdictions can choose to include or exclude this exemption from their tax policies, with specific rules for implementation timing.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax exemption for veterinary medicines, reducing tax burden on pet/farm animal care, aligning with tax relief support indicator.95% confidence

Sub-Topics Sales Tax Tax Incentives

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in committee · New York · Senate Mar 11, 2026

S 636: Creates a sales and use tax exemption for school buses and related items

This bill (S 636) adds a sales tax exemption for school buses and their operational items, directly affecting school districts and bus operators. It removes sales tax on school buses (as defined in vehicle law), plus parts, equipment, lubricants, and fuel used to operate them. The exemption takes effect on April 1, 2026, and requires tax law updates to implement. School districts will save on these purchases starting in 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts school buses from sales tax, reducing costs for public school districts and promoting fiscal responsibility in education funding.95% confidence ✓ EducationSupports EducationTax exemption for school buses and operational items reduces costs for school districts, increasing available funds for education infrastructure and operations.90% confidence ✓ TransportationSupports TransportationExempts school buses from sales tax, reducing operational costs for school transportation services, directly supporting transportation funding and infrastructure maintenance.90% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives School Transportation Public Transit

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