Budget & Taxes (Business Taxes)

in committee · New York · Senate Jan 7, 2026

S 2654: Creates a tax credit for small businesses that sell a certain percentage of products produced in New York state

Creates a tax credit for small businesses that sell a certain percentage of products produced in New York state; provides such small businesses include independently or privately-owned cafes, restaurants, eateries, bars, pubs, breweries, distilleries, orchards, food trucks, retail stores, farm stands, hotels, or motels.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for small businesses selling NY-made products, reducing their tax burden and supporting local economic activity within budget/tax framework.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 209: Establishes a Hire-Now tax credit

S 209 establishes a tax credit for businesses that create new full-time jobs in the state. It provides a credit equal to 6.85% of a new employee's gross wages (capped at $5,000 per employee annually for three consecutive years), with an additional $3,000 credit for hires who were receiving unemployment benefits during 2027-2028. The credit applies only to employees hired after July 1, 2026, who increase a business's total workforce above its 2025 employment level (defined as "base employment"). Businesses can use the credit to offset quarterly tax payments, and the credit cannot be claimed if other employment-based credits apply for the same hire.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides business tax credit to incentivize job creation, reducing state tax revenue to stimulate economic growth and workforce development.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill incentivizes job creation via tax credits (including $3k for unemployment beneficiaries), directly advancing employment growth and reducing unemployment rates.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Unemployment

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in committee · New York · Senate Jan 7, 2026

S 1681: Relates to imposing a specific tax on all corporate stock buybacks of issued shares

S 1681 imposes a 0.5% tax on corporations buying back their own issued shares (stock buybacks). It directly affects corporations that repurchase shares, requiring them to pay tax equal to half a percent of the total value paid for those shares. The tax applies regardless of whether the shares are later canceled, and it replaces the existing per-share tax rates for such transactions. This is a direct tax on corporate buyback activity, not on general stock sales.

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes 0.5% tax on corporate stock buybacks, generating state revenue and closing tax loopholes per fiscal responsibility indicators.95% confidence

Sub-Topics Business Taxes State Budget

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in committee · New York · Senate Jan 7, 2026

S 7014: Relates to businesses with fewer than twenty employees

This bill exempts the first $50,000 of taxable income for businesses employing 20 or fewer employees. It amends tax law to create this exemption, applying to all such businesses regardless of industry. The provision takes effect for tax years beginning January 1, 2027. It directly affects small businesses meeting the employee threshold by reducing their initial tax liability.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts small businesses (≤20 employees) from first $50k taxable income, reducing tax liability and aligning with tax relief support indicators.95% confidence

Sub-Topics Business Taxes Sales Tax Tax Incentives Tags Small Business

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in committee · New York · Senate Feb 10, 2026

S 7877: Relates to application of net operating losses in the calculation of corporate franchise taxes

Bill S 7877 modifies the rules for how corporations can apply net operating losses (NOLs) when calculating their franchise taxes. It reduces the period corporations can carry back an NOL to offset past profits from three years to one year. Additionally, the bill shortens the period for carrying forward an unused NOL to offset future profits from twenty years to five years. These changes will apply to taxable years beginning on and after January 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill limits corporate NOL carrybacks/carryforwards, increasing state tax revenue and promoting fiscal responsibility in tax administration.95% confidence

Sub-Topics Business Taxes

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in committee · New York · Assembly Jan 7, 2026

A 6850: Increases the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit

This bill (A 6850) increases the tax credit for New York manufacturers from 20% to 100% of real property taxes paid on manufacturing facilities. It directly affects qualified New York manufacturers who own property primarily used for manufacturing. The key provision allows these businesses to apply the full amount of qualifying property taxes toward their business franchise or personal income tax credit, instead of just a portion. The change takes effect for taxable years beginning January 1, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit for manufacturers from 20% to 100%, providing direct tax relief under taxation policy.95% confidence

Sub-Topics Business Taxes Income Tax Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 1442: Increases the tax exemption amount on clothing and apparel items from one hundred ten dollars to two hundred fifty dollars

This bill increases the sales tax exemption for clothing and footwear from $110 to $250 per item. It directly affects consumers purchasing clothing, shoes, or related repair items under $250, who will no longer pay sales tax on these items. The key provision amends the tax law to raise the exemption threshold, meaning shoppers pay tax only on items priced above $250. This change applies to all qualifying clothing and footwear purchases within the state.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax exemption threshold, providing sales tax relief on essential clothing for lower-income consumers, aligning with tax relief indicators.95% confidence

Sub-Topics Business Taxes Procurement Sales Tax

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passed · New York · Senate May 7, 2026

S 664: Relates to assessment and taxation of lessees and users of certain tax exempt property

Subjects to taxation the possessory interest of a private individual or corporation which uses real property owned by the United States or the state, except for real property owned by public authorities, for business purposes; excludes private property where the use is for a concession available to the general public located on property, such as parks, available for the use of the general public.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax base by taxing business users of tax-exempt property, generating additional state revenue without targeting middle/lower income.95% confidence

Sub-Topics Business Taxes Property Tax Sales Tax

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in committee · New York · Senate Jan 8, 2025

S 953: Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; and imposes an additional tax on individual business income

Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases corporate income tax rates and imposes additional business income tax to close federal tax loopholes for pass-through entities, strengthening state tax revenue.95% confidence

Sub-Topics Business Taxes State Budget

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in committee · New York · Senate Jan 7, 2026

S 171: Establishes a credit against income tax for union dues

S 171 creates a state income tax credit equal to the amount of qualified union dues paid by taxpayers to recognized labor organizations starting January 1, 2026. It directly affects individual taxpayers who pay union dues to organizations certified as bargaining representatives under state law. The credit reduces income tax liability dollar-for-dollar, with any excess treated as an overpayment refundable without interest. This policy change applies to dues paid for representation in matters like wages, hours, or working conditions, as defined in the bill.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates direct tax credit for union dues, providing tax relief to middle-income taxpayers who pay union dues to certified organizations.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentProvides dollar-for-dollar tax credit for union dues, directly supporting collective bargaining rights and reducing financial barriers for union members.95% confidence

Sub-Topics Business Taxes Income Tax Tax Credits Collective Bargaining

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