This bill creates a new tax deduction for taxpayers who pay for required college course supplies (like textbooks or lab materials). It allows a deduction equal to 25% of these expenses in 2001, increasing to 50% in 2002, 75% in 2003, and 100% for all years after 2003. The deduction applies only to taxpayers who do not claim a separate credit for college expenses under another tax provision. It directly affects college students' families or individuals who pay for these mandatory supplies out of pocket.
Gives state income tax credit to volunteer firefighters and members of a volunteer ambulance corps in good standing up to $2500; must be in good standing for a minimum of five years and maintain continued eligibility.
This bill exempts infant car seats from state sales tax and use tax. It directly affects parents and caregivers purchasing these safety devices for infants. The law adds a specific tax exemption category to the tax code, removing tax liability for car seats meeting the definition in vehicle safety regulations. As a result, buyers will pay no tax on qualifying infant car seats at the point of sale.
S 587 creates a new income tax deduction for cash tips received by workers, specifically for tips classified as wages under federal tax law. This change directly affects service industry workers (like servers and bartenders) who receive cash tips, allowing them to subtract those tips from their taxable income. The bill adds a specific deduction line to the tax code for cash tips received during a tax year, effective for all tax returns filed for 2025 and later. It does not change how tips are reported to employers but adjusts how they are treated for state tax purposes. The bill is currently pending in committee review.
Relates to the term "income" for purposes of the school tax relief exemption; adds 401(k) and 403(b) accounts to the list of eligible income deductions when determining Enhanced STAR eligibility.
This bill repeals two New York State tax credits: the Empire State Film Production Credit and the Empire State Film Post-Production Credit. It removes these incentives from the state tax code, directly affecting film production companies that previously qualified for these tax breaks. The repeal eliminates specific provisions in the tax law that allowed eligible film producers to reduce their state tax liability by a percentage of qualified production costs. This is a straightforward policy change that ends these financial incentives without altering other tax structures.
Establishes an optional local tax exemption for affordable multi-family housing, to be implemented by cities, towns and villages based on recommendations developed by the division of housing and community renewal for each economic development region.
S 3665 expands the real property tax exemption for new farm buildings. It includes structures used for the on-farm processing of agricultural and horticultural commodities. Additionally, the bill extends the exemption to cover buildings used for the on-farm sale of maple syrup, honey, and beeswax. This change benefits farmers and agricultural businesses by reducing their property tax burden on these specific types of structures. The act takes effect one year after becoming law, applying to assessment rolls prepared on
Relates to tax abatement for rent-controlled and rent regulated property occupied by and real property owned by senior citizens or persons with disabilities.
Creates deduction from franchise tax and personal income tax for costs of acquiring or improving a child care facility operated for profit; creates deduction from corporation tax, franchise tax, personal income tax and tax on banks for costs of acquiring or improving a child care facility operated primarily for children of taxpayer's employees.
