Enacts Invest-NY by implementing various tax benefits for businesses.
Establishes high-tech worker-NY.
Eliminates the corporate franchise tax and personal income tax on business corporations that are manufacturers; defines terms "manufacturer" and "principally engaged".
Enacts Retain-NY by implementing tuition tax credits and increasing the amount of an allowable deduction.
Provides resident individuals a deduction of an amount equal to one hundred percent of the cost of health insurance premiums expended by the taxpayer during the taxable year.
Relates to establishing a child care tax credit.
Establishes a tax credit for patent fees not to exceed $1,500.
Reforms the state budget process to provide that upon failure by the legislature to act upon a state budget within seventy-two hours from the beginning of the state fiscal year, a default budget shall take effect.
Prohibits certain borrowing arrangements; relates to the authorization for the contracting of debt; relates to the manner by which payments are appropriated and paid.
Requires the tax commission to refund any overpayment within 30 days of the filing therefor.
