Provides a half exemption for the sale of the first $35,000 for a battery, electric, or plug-in hybrid electric vehicle from state sales and compensating use taxes and a full exemption on such sales where the vehicle was assembled in the United States utilizing union labor; authorizes local governments to elect such incentives; repeals the hybrid exemption after ten years.
Bill A 8164 proposes a tax credit for residential property owners who install fire sprinkler systems. The credit would cover 25% of the labor and material costs for these installations. This benefit is specifically available for properties located in municipalities that do not already require fire sprinkler systems. If the credit amount exceeds a taxpayer's owed taxes, the remaining balance will be refunded.
Directs a city with a population of one million or more to reduce its real property tax levy for the 2026 fiscal year by an amount not less than the real property tax increase authorized pursuant to local law 40 of the city of New York for the year 2002.
Establishes a personal income tax credit for taxpayers who donate blood to a blood bank four or more times in a year; specifies such tax credit to be five hundred dollars.
This bill increases New York State's earned income tax credit (EITC) for tax returns filed in 2025 and later, raising the credit percentage from 30% to 45% of the federal EITC amount. It directly affects low-to-moderate income workers and families who qualify for the state EITC, primarily those with children or who meet income thresholds. The bill adds new payment options: small credits ($200 or less) are paid as a lump sum, medium credits ($200-$2,400) as three quarterly payments, and larger credits ($2,400+) as monthly installments. The changes take effect for taxable years beginning January 1, 2025, and are implemented through updated tax law provisions.
S 2470 provides a tax abatement for electric energy storage equipment placed in service between January 1, 2027, and January 1, 2029. It directly affects property owners or businesses installing qualifying energy storage systems during that window by offering a 10% tax break on eligible equipment costs, capped at $62,500 annually. The abatement is limited to the lesser of 10% of installation costs, the annual property tax bill, or the $62,500 cap. This policy aims to incentivize adoption of energy storage systems by reducing upfront financial barriers during a specific two-year period. The bill passed the Senate in May 2025 and is now in the Assembly for review.
Creates a small business electric energy tax credit; specifies that the amount of credit shall be equal to the product of $0.02 per kilowatt hour; sets limit of no more than 19 full-time employees in New York state; determines that if the business is located at the primary residence of a sole proprietor, the business is not eligible for the tax credit.
This bill modifies property tax rules for cooperative corporations and condominiums. It allows eligible properties (owned by cooperatives or on a condo basis in a municipality) to avoid certain tax provisions if the owner adopts a local law or resolution before the tax assessment date. However, this exemption does not apply to properties already taxed under those rules before January 1, 2027, or those in affordable housing programs with federal/state/local housing agreements. The changes apply to tax assessments starting January 1, 2027.
This bill sets a 5% maximum annual limit on property tax base increases for cities (special assessing units) in their 2026 fiscal year. It allows city legislatures to determine the exact percentage increase (up to 5%) by December 1, 2025, replacing prior calculation rules. Cities must revise tax bills, rates, and send amended bills if they issued them before the law takes effect, but taxpayers remain responsible for payments due before the correction. The change directly affects all cities that collect property taxes under this specific tax law provision.
Provides a tax credit for certain durable medical equipment equal to fifty percent of the cost to purchase and install durable medical equipment in a residence.
