Bill S 7797 provides emergency appropriations to fund state government operations from April 1, 2025, through May 9, 2025. This measure allocates funds for the salaries and benefits of state employees across the executive, legislative, and judicial branches. It also covers non-personal service liabilities for state departments and agencies, and provides aid to localities through the judiciary. Additionally, the bill adjusts specific appropriations within the Department of Health, including for the Center for Community Health Program and federal food and nutrition services. The purpose is to ensure the continuation of government functions until the full state budget for the fiscal year beginning April 1, 2025, is enacted.
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 allows municipalities to offer a 5% real property tax exemption for primary residences owned by National Guard members or reservists. It defines "qualified owner" as active or retired military personnel and requires annual applications with military service verification. The exemption applies only to residential property used as a primary home (excluding non-residential portions) and cannot be combined with other military tax benefits. Municipalities must choose to adopt this option locally through their own ordinances.
Enacts the "omnibus emergency services volunteer incentive act" to provide benefits to volunteer firefighters and ambulance workers; increases the personal income tax deduction after four or more years of service; exempts motor vehicles used in the performance of such volunteers' duties from registration fees, use taxes and special fees for volunteer license plates; authorizes the provision of municipal health insurance coverage to such volunteers; establishes a volunteer recruitment service loan forgiveness program.
Bill A 2638 establishes a dedicated "Long Island transportation account" within New York City's Transportation Assistance Fund. It directs 50% of specific tax revenues (from Section 1299-H of the tax law) to fund MTA operations, infrastructure, and toll reductions in Nassau and Suffolk counties, including projects connecting these counties to New York City. The account's funds cannot replace existing federal or state transportation funding and require unanimous approval from three MTA board members for use. This bill directly affects Long Island residents and MTA services in Nassau/Suffolk counties by creating a new funding stream for transportation needs.
Exempts the sale of fire extinguishers, smoke alarms, heat sensors and carbon monoxide detectors for residential use only from state sales and compensating use taxes.
Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax; prohibits banks from segregating their income and capital into business and investment varieties.
Provides an earned income tax credit to youth workers; increases the standard deduction for individuals eighteen to twenty-four years of age; provides for the deduction of student loan interest; provides for the expiration of such provisions.
This bill allows taxpayers to deduct premiums paid for long-term care insurance riders attached to life insurance policies from their personal income tax. It directly affects individuals who purchase life insurance policies with added long-term care coverage. The key provision amends tax law to create a new deduction category (paragraph 48) specifically for these rider premiums. The change applies to taxable years starting January 1 after the bill becomes law.
Establishes a tax credit for the purchase of new and used electric cars; provides that for a new electric vehicle, the tax credit shall be $7,500 and the tax credit for a used electric vehicle shall be $4,000.
