Budget & Taxes

in committee · New York · Assembly Jan 7, 2026

A 1281: Imposes a progressive income tax structure; repealer

This bill establishes a new progressive income tax structure for high-income New York taxpayers by creating multiple tax brackets with increasing rates as income rises. It directly affects New York residents earning above certain thresholds, with the highest rates applying to incomes over $5 million (up to 24% for some filing statuses). Key provisions include setting specific tax rates for different income ranges - for example, 10.90% for incomes over $25 million and 24% for incomes over $20 million for certain filers. The bill modifies existing tax law to implement these bracketed rates, replacing previous structures.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill imposes higher tax rates (up to 24%) on high-income earners ($20M+), increasing revenue through progressive taxation to strengthen state fiscal management.95% confidence

Sub-Topics Income Tax

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in committee · New York · Senate Apr 1, 2026

S 4601: Relates to exempting school supplies from sales tax during a specified period each year

This bill would temporarily exempt basic school supplies from sales tax during a 15-day period each year - the 15 days preceding Labor Day (the first Monday in September). It applies to items like backpacks, textbooks, pens, notebooks, and calculators purchased for under $110 total per transaction. The exemption covers only purchases made during this specific annual window, directly benefiting families buying school essentials for the upcoming school year. The bill amends tax law to create this temporary relief period while maintaining existing tax definitions.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts school supplies from sales tax, providing tax relief for families during back-to-school season, aligning with tax relief indicators for middle-income households.90% confidence ✓ EducationSupports EducationExempts school supplies from sales tax during back-to-school period, reducing costs for families and directly supporting educational access/affordability for K-12 students.95% confidence

Sub-Topics Sales Tax

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in committee · New York · Assembly Jan 7, 2026

A 6984: Establishes a property tax exemption for certain disabled veterans

This bill creates a $6,000 property tax exemption for veterans with a 100% service-connected disability rating from the U.S. Department of Veterans Affairs or Defense. It applies directly to qualifying veterans (or surviving spouses of veterans who died from a service-connected disability) regardless of their property's assessed value. The exemption is added to existing tax breaks and takes effect for property tax assessments starting January 1 following the bill's enactment. It does not change other existing disability tax exemptions.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides direct tax relief for disabled veterans by exempting $6,000 from property taxes, aligning with tax relief for lower-income groups.95% confidence ✓ VeteransSupports VeteransBill creates $6,000 property tax exemption for 100% disabled veterans, directly expanding financial benefits and reducing tax burden for qualifying veterans and surviving spouses.95% confidence

Sub-Topics Property Tax Tax Incentives Veteran Healthcare Veteran Housing

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in committee · New York · Senate Jan 7, 2026

S 4176: Enacts the "Empire State Windfall Profits Tax Act"

This bill establishes a new tax on businesses in New York State that experience unusually high profits. Specifically, it imposes a 25% tax on profits exceeding the company's average annual profits from 2018-2022, calculated quarterly on retail sales of goods, services, production, and manufacturing. The tax applies to "covered taxpayers," defined as businesses incorporated in New York subject to certain state business taxes. Additionally, the bill creates a rebate system where eligible New York residents receive tax credits based on revenue from this tax, with income limits ($80,000 individual/$115,000 head of household/$160,000 joint return).

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes 25% tax on high-profit businesses, generating state revenue to fund public services, aligns with closing tax loopholes and fiscal responsibility.95% confidence

Sub-Topics Business Taxes Sales Tax

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in committee · New York · Senate Mar 12, 2026

S 2133: Relates to excise taxes on premium cigars

Provides that certain persons shall not be deemed a distributor for certain sales of premium cigars; provides that the tax on premium cigars shall be at the rate of seventy-five percent of the wholesale price or fifty cents, whichever is less, and is intended to be imposed only once upon the sale of any premium cigars; defines "premium cigar".

Topics ✓ Budget & TaxesSupports Budget & TaxesBill establishes excise tax on premium cigars, generating state revenue for budget without specifying program use, directly advancing tax collection.95% confidence

Sub-Topics Sales Tax

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in committee · New York · Senate Apr 27, 2026

S 4267: Establishes the historic preservation tax credit transfer program

Establishes the historic preservation tax credit transfer program to provide flexibility and incentives for businesses which rehabilitate historic properties to further promote the development of affordable housing.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit transfer program for historic property rehab, providing tax relief incentives to businesses promoting affordable housing development through fiscal policy.95% confidence ✓ HousingSupports HousingBill establishes tax credit for rehabilitating historic properties to promote affordable housing development, directly advancing housing goals.95% confidence

Sub-Topics Tax Credits Tax Incentives Affordable Housing Historic Preservation Housing Finance

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in committee · New York · Senate Feb 12, 2026

S 3943: Relates to calculation of franchise tax on businesses with a business income base over five million dollars

This bill increases the franchise tax rate to 9% for businesses with a business income base exceeding $5 million, effective for tax years beginning on or after January 1, 2025. It replaces a prior rate of 7.25% that applied to these businesses from 2021 through 2024. The change specifically targets larger businesses as defined by the tax law and does not affect smaller businesses or other tax provisions. The legislation directly alters the tax calculation method for this income threshold without introducing new exemptions or deductions.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases franchise tax rate from 7.25% to 9% for large businesses (>5M income), strengthening tax revenue targeting high earners without affecting small businesses.95% confidence

Sub-Topics Business Taxes

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in committee · New York · Assembly Jan 7, 2026

A 5096: Withholds the governor's salary until the legislative passage of the budget occurs

Withholds the governor's salary until the legislative passage of the budget occurs; provides such salary should be withheld if the budget has not passed prior to the first day of the fiscal year and shall not be paid until such passage occurs.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill enforces budget passage deadline via salary withholding, promoting fiscal accountability and timely budget approval as a fiscal management measure.85% confidence

Sub-Topics State Budget

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in committee · New York · Senate Jan 7, 2026

S 3303: Relates to a real property tax relief credit and an enhanced real property tax circuit breaker credit

Provides a real property tax relief credit and an enhanced real property tax circuit breaker credit for certain taxpayers who meet income requirements and other eligibility.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides real property tax relief and circuit breaker credits for income-eligible taxpayers, directly reducing tax burden for qualifying lower/middle-income residents.95% confidence

Sub-Topics Property Tax

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in committee · New York · Senate Jan 7, 2026

S 3305: Relates to the homeowner tax rebate credit

S 3305 extends the homeowner tax rebate credit to apply for tax year 2025 and all subsequent years. It directly affects eligible homeowners who meet current eligibility criteria under the tax law. The bill amends a specific section of the tax code to update the credit's effective period, ensuring it remains available without requiring annual legislative action. This is a straightforward extension of an existing program, not a new policy change.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends existing homeowner tax rebate credit, providing ongoing tax relief to eligible homeowners, aligning with support indicators for tax relief programs.95% confidence

Sub-Topics Property Tax Sales Tax

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