Budget & Taxes (Business Taxes)

in committee · New York · Senate Jan 7, 2026

S 7323: Enacts the MEGA corporations act mandating worldwide combined reporting for large corporations

Enacts the MEGA corporations act mandating worldwide combined reporting for large corporations that have more than one billion dollars in gross receipts.

Topics ✓ Budget & TaxesSupports Budget & TaxesMandates worldwide combined reporting for large corporations to close tax loopholes and improve tax collection, aligning with fiscal responsibility indicators.90% confidence

Sub-Topics Business Taxes

Track

in committee · New York · Assembly Jan 7, 2026

A 3878: Allows localities to grant an exemption from real property taxation for child day cares

This bill allows local governments (counties, cities, towns, villages, or school districts) to create a property tax exemption for licensed child day cares. Specifically, it permits localities to exempt up to 50% of a child care facility's assessed property value from real estate taxes, but only if the locality formally approves the exemption through a law or resolution. The exemption applies only to properties actively used for licensed child care operations, and ends if the property is no longer used for that purpose. Local governments may choose to offer a smaller exemption than 50% if they prefer.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides property tax exemption (up to 50% of assessed value) for licensed child care facilities, offering tax relief to support essential childcare services.92% confidence

Sub-Topics Business Taxes Property Tax Tax Incentives

Track

in committee · New York · Assembly Jan 7, 2026

A 7933: Enacts the corporate accountability for tax expenditures act

Enacts the corporate accountability for tax expenditures act; standardizes applications for state development assistance for empire zone assistance and industrial development agency 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; makes certain recapture provisions; defines relevant terms.

Topics ✓ Budget & TaxesSupports Budget & TaxesStandardizes tax expenditure applications and requires reporting/recapture, promoting fiscal accountability in corporate tax incentives.85% confidence

Sub-Topics Business Taxes Tax Incentives Tags Economic Development

Track

in committee · New York · Senate Jan 7, 2026

S 5594: Establishes a tax credit for small businesses employing an eligible immigrant worker

This bill creates a $1,500 tax credit for small businesses (with 50 or fewer employees) that hire and retain eligible immigrant workers in full-time positions for at least six months. The credit directly benefits qualifying small businesses by reducing their tax liability and supports immigrant workers seeking stable employment. Businesses claim the credit per eligible worker hired and maintained for the required six-month period. The policy change applies only to small businesses meeting the employee threshold.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates $1,500 tax credit for small businesses, reducing tax liability and providing targeted tax relief per eligible worker hired.90% confidence ✓ ImmigrationSupports ImmigrationBill S 5594 establishes a tax credit for small businesses employing eligible immigrant workers, directly supporting immigrant employment and integration.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentTax credit incentivizes small businesses to hire/retain immigrant workers in full-time roles, directly supporting stable employment and labor market participation per bill summary.95% confidence

Sub-Topics Business Taxes Tax Credits Work Authorization Tags Small Business

Track

in committee · New York · Senate Jan 7, 2026

S 23: Expands a certain tax credit for farmers to include the cost of construction of housing for farm workers

S 23 expands an existing tax credit for farmers to include the cost of constructing housing for farm workers. This change directly affects farmers who build residential housing for their employees, allowing them to claim the credit for construction materials and labor. The bill amends tax law to explicitly add "construction of residential housing occupied by farm workers" to the list of eligible expenses under the credit, which previously covered farm-related equipment and property. Farmers must still meet other requirements, such as property situs in the state and use in farming operations.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax credit for farmers, providing tax relief for housing construction costs, aligning with tax relief indicators.95% confidence ✓ HousingSupports HousingBill expands tax credit for farm worker housing construction, directly incentivizing affordable housing development for low-income workers through financial support.90% confidence ✓ ImmigrationSupports ImmigrationS 23 expands tax credits for farm worker housing, indirectly benefiting immigrant farm workers by improving their living conditions and supporting their integration.75% confidence ✓ Labor & EmploymentSupports Labor & EmploymentExpands tax credit for farm worker housing construction, directly improving living conditions for agricultural workers under employment standards.85% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Affordable Housing Tags Agriculture

Track

in committee · New York · Senate Jan 7, 2026

S 231: Exempts from state income taxation the first $250,000 earned by four-year college graduates or the first $150,000 earned by two-year graduates

Enacts the graduate outreach assistance law to exempt from state income taxation the first two hundred fifty thousand dollars, with a fifty thousand dollar cap per year, earned by a four-year college graduate and the first one hundred fifty thousand dollars, with a twenty-five thousand dollar cap per year, earned by a two-year college graduate.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts graduate income from tax, providing relief for lower/middle-income earners as per tax policy indicators.95% confidence

Sub-Topics Business Taxes Tax Incentives

Track

in committee · New York · Senate Jan 7, 2026

S 4176: Enacts the "Empire State Windfall Profits Tax Act"

This bill establishes a new tax on businesses in New York State that experience unusually high profits. Specifically, it imposes a 25% tax on profits exceeding the company's average annual profits from 2018-2022, calculated quarterly on retail sales of goods, services, production, and manufacturing. The tax applies to "covered taxpayers," defined as businesses incorporated in New York subject to certain state business taxes. Additionally, the bill creates a rebate system where eligible New York residents receive tax credits based on revenue from this tax, with income limits ($80,000 individual/$115,000 head of household/$160,000 joint return).

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes 25% tax on high-profit businesses, generating state revenue to fund public services, aligns with closing tax loopholes and fiscal responsibility.95% confidence

Sub-Topics Business Taxes Sales Tax

Track

in committee · New York · Senate Feb 12, 2026

S 3943: Relates to calculation of franchise tax on businesses with a business income base over five million dollars

This bill increases the franchise tax rate to 9% for businesses with a business income base exceeding $5 million, effective for tax years beginning on or after January 1, 2025. It replaces a prior rate of 7.25% that applied to these businesses from 2021 through 2024. The change specifically targets larger businesses as defined by the tax law and does not affect smaller businesses or other tax provisions. The legislation directly alters the tax calculation method for this income threshold without introducing new exemptions or deductions.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases franchise tax rate from 7.25% to 9% for large businesses (>5M income), strengthening tax revenue targeting high earners without affecting small businesses.95% confidence

Sub-Topics Business Taxes

Track

in committee · New York · Senate Jan 7, 2026

S 5864: Establishes a tax credit for rent paid on the personal residence of certain taxpayers

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit for renters paying >30% of income in rent, offering tax relief to lower/middle-income households per bill summary.95% confidence ✓ HousingSupports HousingTax credit for renters paying >30% of income on rent directly supports affordable housing affordability for low-income tenants.90% confidence

Sub-Topics Business Taxes Tax Credits Property Taxes Renters Tenant Rights

Track

failed · New York · Senate Mar 24, 2026

S 3914: Reduces federal adjusted gross income by any overtime compensation earned by an individual

This bill would reduce taxable income for individuals by excluding overtime pay from federal adjusted gross income. Specifically, it creates a new tax provision allowing workers to subtract wages earned for hours beyond their normal schedule (defined as "overtime compensation") from their taxable income. The change would apply to all taxpayers earning overtime pay, effectively lowering their federal income tax liability for that income. The provision would take effect for tax years beginning January 1, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesExcludes overtime pay from taxable income, reducing federal tax liability for workers. Provides direct tax relief for middle-income earners, aligning with support indicators.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentExcludes overtime pay from taxable income, increasing workers' disposable income and effectively boosting take-home pay for overtime hours.85% confidence

Sub-Topics Business Taxes Income Tax Labor Standards

Track