Authorizes the abatement of real property taxes in certain cases of catastrophic loss; establishes procedures therefor; limits eligibility to one, two, or three family houses; applies to all municipal and school taxes.
This bill, S 7644, creates the "Paid-In Act" by exempting used books from state sales tax when purchased for $100 or less per item. It directly affects buyers of secondhand books, such as students or thrift store shoppers, by reducing their purchase costs on qualifying items. The key provision amends tax law to add "used books, including secondhand purchases" to the list of tax-exempt items, with the $100 limit applying per book. This change takes effect immediately upon enactment.
Bill S 6595 establishes a property tax abatement program for owners of certain buildings in cities with populations of one million or more. This program incentivizes the installation of "facility-integrated carbon-to-value equipment" designed to capture, remove, or beneficially use carbon dioxide emissions. Eligible property owners can receive an abatement for a compliance period of up to eight years, calculated as the lesser of 5% of eligible equipment expenditures, the taxes payable, or $100,000 annually (with a potential maximum of $800,000). The equipment must demonstrate a net reduction in carbon dioxide emissions, and specific restrictions apply, including for certain boiler systems and locations within environmental justice areas.
The bill imposes a tax on New York residents with $1 billion or more in net assets (total assets minus debts) by calculating gains as if their assets were sold at market value on December 31, 2024. Taxable gains apply only to the value exceeding $1 billion, capped at 25% of that excess. Taxpayers may pay the full amount or in ten annual installments with an annual deferral charge based on estimated borrowing rates. It covers assets owned directly, through trusts, or held by family members, including those donated within five years.
Bill A 8964 allocates $648.3 million in state funding for local road and bridge projects. It provides $589.3 million to counties, cities, towns, and villages for highway improvements under existing law, using specific formulas to ensure minimum funding levels per municipality. An additional $58.8 million is allocated directly to municipalities for similar projects, with up to 25% of each grant allowed for purchasing road construction and maintenance equipment (subject to state rules). This funding supports local governments in reimbursing eligible costs for infrastructure upgrades.
Relates to the limit upon real property tax levies by local governments; exempts real property owned by a city, town or village from taxes for infrastructure, road maintenance, snow removal, capital projects, consent order and smart growth initiative expenses and any extraordinary expenses required to respond to public health emergencies and pandemics.
This bill creates a federal tax deduction of up to $1,000 for individuals who pay for fertility preservation services, such as collecting, freezing, and storing eggs (ova). It directly affects people undergoing fertility treatments who incur these costs. The deduction applies to expenses included in federal adjusted gross income, limited to the $1,000 maximum per year. The provision takes effect for taxable years beginning January 1, 2025.
This bill imposes an 8.5% tax on ticket sales for all combative sports events in New York, including boxing, wrestling, and similar matches, with a $50,000 maximum tax per event. It also applies the same 8.5% tax to broadcasting and digital streaming revenue from these events, capped at $50,000 per event. The tax applies to both traditional combative sports (like boxing) and other authorized combative sports events held in the state. Event organizers and venues hosting these events will directly pay this tax on ticket sales and media rights revenue. The law takes effect immediately upon enactment.
This bill would create a property tax exemption for New York police officers who live in the state. It allows local governments to exempt up to 15% of a qualified officer's primary residence value from property taxes, capped at $12,000 or the equivalent based on state tax rates. Officers must apply annually using a state-provided form and refile each year. The exemption excludes school taxes and applies only to residential property used exclusively for living. The bill is currently pending in the Local Government committee (referenced April 3, 2025).
Establishes the residential open green space tax abatement for certain properties in a city of one million or more; provides an abatement for owners who remove an impermeable surface from a residential yard and replace it with soil and vegetation.
