S 5261 increases the maximum amount of the child and dependent care tax credit for families with children or other dependents to keep pace with rising childcare costs. Starting in 2025, the credit caps rise to $7,500 for three dependents (up to $9,000 for five or more), and for 2026, the limits adjust further (e.g., $18,000 for five or more dependents). The bill updates annual dollar limits based on the number of qualifying individuals, ensuring the credit reflects current expenses. It directly affects taxpayers claiming this credit on their federal tax returns.
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.
Provides an earned income tax credit to youth workers; increases the standard deduction for individuals eighteen to twenty-four years of age; provides for the deduction of student loan interest; provides for the expiration of such provisions.
This bill allows taxpayers to deduct premiums paid for long-term care insurance riders attached to life insurance policies from their personal income tax. It directly affects individuals who purchase life insurance policies with added long-term care coverage. The key provision amends tax law to create a new deduction category (paragraph 48) specifically for these rider premiums. The change applies to taxable years starting January 1 after the bill becomes law.
This bill creates a voluntary tax contribution option on New York state income tax returns to fund affordable housing specifically for veterans and seniors. Taxpayers can choose to donate any whole dollar amount without reducing their tax liability, with all contributions directed to the new "Affordable Housing for Veterans and Seniors Fund." The fund, managed by the tax commissioner, veterans' affairs director, and comptroller, must be used exclusively for affordable housing projects serving these groups, with annual reports detailing how funds were spent and distributed. The bill requires yearly spending reports to state officials and the public, ensuring transparency in fund utilization.
Authorizes a state personal income tax credit for elementary and secondary school personnel for certain expenses incurred for school related supplies for taxable years beginning on or after January 1, 2026.
Subtracts from the federal adjusted gross income any income earned by election inspectors, poll clerks, or election coordinators earned while working in relation to a general, primary, run-off primary, or special election to the extent includable in gross income for federal tax purposes; exempts such income from being included in the calculation of the amount of benefits under public assistance programs.
Establishes a personal income tax credit for taxpayers who donate blood to a blood bank four or more times in a year; specifies such tax credit to be five hundred dollars.
This bill increases New York State's earned income tax credit (EITC) for tax returns filed in 2025 and later, raising the credit percentage from 30% to 45% of the federal EITC amount. It directly affects low-to-moderate income workers and families who qualify for the state EITC, primarily those with children or who meet income thresholds. The bill adds new payment options: small credits ($200 or less) are paid as a lump sum, medium credits ($200-$2,400) as three quarterly payments, and larger credits ($2,400+) as monthly installments. The changes take effect for taxable years beginning January 1, 2025, and are implemented through updated tax law provisions.
Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.
