This bill creates a New York state tax credit for small businesses hiring disabled workers. Small businesses with 100 or fewer employees can claim a $5,000 credit per disabled employee (up to $25,000 per business annually), provided the employee works 35+ hours weekly for six months and the employer verifies the employee meets the statutory disability definition. The credit is capped at $5 million total per year, with unused credits carried forward for up to three years. It directly affects small business employers in New York who hire eligible disabled residents, aiming to incentivize their employment through tax relief.
Authorizes the pass-through or transfer of the credits for rehabilitation of historic properties; authorizes the allocation of the credit in a separate manner from any federal certified historic tax credit.
Includes not-for-profit corporations and public television or radio corporations in the definition of business entity; allows such entities to claim the newspaper and broadcast media jobs tax credit.
This bill creates a tax credit for small businesses making capital investments in qualifying locations. It provides a 25% credit against business franchise tax (not personal income tax) on qualified investments, for businesses located in villages or cities with under 35,000 residents. To qualify, a business must employ fewer than 15 people and make eligible capital investments. Unused credit amounts can be carried forward to future tax years, but cannot reduce tax below the minimum amount specified in existing tax law.
Establishes a certified transitional tax credit for taxpayers that demonstrate their agricultural products were sold during a period of transition into USDA organic certification, under the Whole Foods Market IP. L.P. "responsibly grown" labelling program, or under the QAI and Hesco, Inc. "certified transitional" label.
Requires a five percent tax on gross income upon every corporation which derives income from the data individuals of this state share with such corporations; establishes the New York data fund to distribute the earnings of the five percent to each taxpayer of the state.
This bill increases corporate income tax rates in the state. For most corporations, the rate rises to 7.25% for taxable years beginning on or after January 1, 2026. Corporations with a business income base exceeding $5 million will pay 11.5% instead of the standard rate. The change applies to businesses operating within the state and affects all corporate taxpayers subject to the state's tax law, with specific lower rates for small businesses, manufacturers, and qualified emerging technology companies as defined in the law. The bill takes effect immediately upon enactment for taxable years starting on or after the effective date.
Enacts the "NYS health care tax reform act"; establishes a public goods and medicaid subsidy surcharge on insurance corporations; establishes a public goods and medicaid subsidy surcharge on business corporations; establishes a public goods and medicaid subsidy surcharge on pass-through entities; relates to filing fee surcharges; relates to revenues to be included in the health care reform act resources fund; establishes a public goods and medicaid surcharge on misclassified workers.
Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax; prohibits banks from segregating their income and capital into business and investment varieties.
Creates a small business electric energy tax credit; specifies that the amount of credit shall be equal to the product of $0.02 per kilowatt hour; sets limit of no more than 19 full-time employees in New York state; determines that if the business is located at the primary residence of a sole proprietor, the business is not eligible for the tax credit.
