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.
This bill exempts diesel and motor fuel used in off-road crane operations from the petroleum business tax. It directly affects businesses that operate cranes (such as mobile, hydraulic, crawler, or tower cranes) for construction, demolition, or similar off-site work. The key provision adds a specific tax exemption for fuel used in these cranes, clarifying that the exemption covers all common types of off-road cranes. The change applies to fuel purchased for crane use in non-road applications, not for vehicles or general transportation.
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.
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.
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).
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.
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.
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.
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.
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.
