This bill exempts the sale of zero-emission school buses, along with necessary parts and equipment, from New York's sales and use taxes. It directly affects school districts and bus purchasers by reducing the upfront cost of transitioning to zero-emission fleets. The key provision adds a new tax exemption to the tax law, defining eligibility based on the Education Law's definition of zero-emission school buses. The exemption takes effect during the first quarterly sales tax period starting at least 30 days after the bill becomes law.
Authorizes real property taxing jurisdictions to grant a partial tax exemption for property purchased by a clinician in a clinician shortage area, as determined by the commissioner of health, which will be such clinician's primary residence and they will practice in such shortage area; provides state aid to taxing jurisdictions which grant the exemption to the extent of the tax savings provided to clinicians.
This bill adjusts New York's highest personal income tax rates for earners with taxable income above $5 million. It increases the top marginal tax rate from 10.30% to 10.80% for income between $5 million and $25 million, and raises the rate for income over $25 million from 10.90% to 11.40% for tax years beginning after 2027. These changes apply to single filers, heads of household, and married taxpayers filing separately. The bill directly affects high-income New Yorkers whose taxable income exceeds $5 million annually.
Allows a tax exemption for taxpayers in the amount of the purchase price of a fire extinguisher, fire alarm, heat alarm or carbon monoxide alarm purchased for residential use during the month of October.
Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.
This bill creates a real property tax break for owners of buildings with geothermal well systems installed between 2027 and 2029. It provides a tax abatement equal to 10% of eligible installation costs, capped at $62,500 per year for the compliance period (four years total), reducing annual property taxes. To qualify, applicants must submit certified proof from architects or engineers that the system meets building codes, and maintain the system without safety hazards during the compliance period. The tax break applies to residential, commercial, and condominium properties, but requires no outstanding property taxes or municipal charges during the eligibility period.
This bill (S 1635) updates the calculation method for real property tax levy limits used by local governments and school districts in New York. It requires these entities to determine their annual tax cap by: (1) using the highest tax levy from the prior five years, (2) adjusting for tax base growth and payments in lieu of taxes, (3) subtracting specific prior-year expenditures, and (4) applying an allowable growth factor. The changes directly affect all cities, towns, villages, and school districts that set annual property tax rates. The bill modifies existing statutory formulas without altering tax rates or policy outcomes - only changing the procedural calculation method.
This bill extends Schenectady County's authority to impose an additional 0.5% sales and use tax (on top of the existing 3% rate) until November 30, 2027. It modifies the tax law to allow the county to maintain this tax rate for the period beginning June 1, 2023, and ending on the specified date. The policy directly affects residents and businesses in Schenectady County that pay these taxes. The extension provides continued funding flexibility for the county without changing the tax rate or scope.
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.
S 3623 authorizes New York City to impose a new 0.534% income surcharge on residents earning over $750,000 annually (or $1 million for joint filers), directly affecting high-income earners. The revenue must fund specific transit infrastructure projects, including subway, bus, and ADA-compliant system upgrades, as defined in the bill. The surcharge creates a dedicated fund separate from other city revenues, with strict rules requiring all money to finance capital projects only - not operating costs - and allowing bonds secured by this fund for future transit investments. The bill explicitly states it does not create new tax obligations beyond the specified thresholds and applies to taxable years beginning after 2024.
