Budget & Taxes

in committee · New York · Senate Jan 7, 2026

S 2287: Provides for a deduction from personal income for adoption expenses

Provides for a deduction against personal gross income in an amount equal to fees, costs and expenses paid or incurred including legal fees and agency costs in connection with the adoption of a child.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax deduction for adoption expenses, offering relief to families and aligning with tax relief indicators for middle-income households.95% confidence

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in committee · New York · Senate Jan 7, 2026

S 4662: Increases transparency in certain film production and post-production tax credits

Requires the department of economic development issue a quarterly report on film production and post-production tax credits by project and by county in the aggregate and publish such reports on such department's website.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires transparency in tax credit reporting, promoting fiscal accountability and government oversight of tax expenditures.85% confidence

Sub-Topics Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 2373: Sets a 7 year limit to the real property tax exemption for unimproved property of mandatory class nonprofit organizations

This bill limits the real property tax exemption for unimproved land owned by certain nonprofit organizations to a 7-year period. Nonprofits must either begin development or have plans in place within 7 years of acquiring the land (with a special start date for pre-existing land), or lose the exemption. Exceptions apply for children's camps (as defined in public health law) and conservation organizations (as defined in environmental law). The law requires nonprofits to actively develop land within this timeframe to maintain the tax benefit.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses tax loophole for nonprofit property exemptions, requiring development within 7 years to maintain tax benefit, increasing government revenue.95% confidence ✓ HousingSupports HousingBill requires nonprofits to develop land within 7 years to maintain tax exemption, promoting housing development by preventing land hoarding and encouraging timely use of unimproved property.80% confidence

Sub-Topics Property Tax Tax Incentives Property Development Property Taxes

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in committee · New York · Senate Jan 7, 2026

S 5259: Exempts veterans eighty-five years of age and older from the obligation to pay New York state income tax

This bill exempts New York State residents who are veterans and at least 85 years old as of December 31 of the tax year from paying state income tax on their gross income, effective for taxable years beginning on or after January 1, 2027. It directly affects qualifying veterans aged 85 or older who live in New York and meet the definition of "veteran" under New York's veterans' services law. The exemption applies regardless of whether the veteran's income is subject to federal income tax. The bill creates a new tax law provision (section 601(i)) that overrides other tax rules for this specific group.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill reduces state tax revenue by exempting veterans 85+ from income tax, weakening the tax base and fiscal management.95% confidence ✓ VeteransSupports VeteransExempts veterans 85+ from state income tax, providing direct financial benefit without restrictions or conditions.95% confidence

Sub-Topics Income Tax

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in committee · New York · Senate Jan 7, 2026

S 4008: Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing entities

Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance; enacts the "Small New York Based High-Technology Business Investment Tax Credit Act".

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for high-tech businesses, enabling tax relief and investment incentives through unused credits, aligning with fiscal policy goals.95% confidence ✓ TechnologySupports TechnologyCreates tax credit for high-tech businesses via 'Small New York Based High-Technology Business Investment Tax Credit Act', directly funding technology sector growth.95% confidence

Sub-Topics Tax Credits Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 3865: Authorizes an occupancy tax in the city of Auburn

This bill authorizes the city of Auburn to impose an occupancy tax of up to 5% on hotel, motel, and bed-and-breakfast rentals within the city. It directly affects hotels, motels, and similar accommodations (excluding government entities, non-profits, and permanent residents staying 90+ days), requiring owners to collect and remit the tax. Revenue from the tax must be deposited into Auburn's general fund for any lawful city purpose. The tax authority expires on December 31, 2028, and local laws implementing it cannot exceed three years per enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesAuthorizes 5% occupancy tax for Auburn city revenue, directing funds to general fund for city purposes, increasing local tax revenue and budget capacity.95% confidence

Sub-Topics Sales Tax State Budget

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in committee · New York · Senate Feb 3, 2026

S 3034: Prohibits the legislature from transferring funds from the power authority of the state of New York into the general fund

S 3034 is a constitutional amendment proposal that would prevent New York's legislature from moving funds generated by the state-owned power company (the New York Power Authority, or NYPA) into the general state budget. This bill directly affects the state legislature's budgeting process by prohibiting the diversion of NYPA's revenue streams - such as electricity sales income - into other state programs or general funding. The key provision is a constitutional change requiring that NYPA's revenues remain separate from the general fund, ensuring they are used only for the power authority's intended purposes. This is a procedural bill focused on fiscal accountability, not a policy change to public services or regulations.

Topics ✓ Budget & TaxesSupports Budget & TaxesPrevents diversion of NYPA revenue from dedicated power authority funding into general budget, promoting fiscal responsibility by protecting dedicated revenue streams from legislative reallocation.95% confidence

Sub-Topics Audits & Accountability State Budget

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in committee · New York · Assembly Jan 7, 2026

A 3064: Relates to imposing a specific tax on all corporate stock buybacks of issued shares

This bill imposes a new 0.5% tax on corporations when they repurchase their own issued shares (stock buybacks). It directly affects corporations that buy back shares, taxing the full value paid for those shares. The key provision replaces previous per-share tax rates with this flat 0.5% rate on the transaction value, effective immediately upon enactment. The tax applies to all buybacks made after June 1905 (as stated in the bill text), with no exemption for shares canceled within one year.

Topics ✓ Budget & TaxesSupports Budget & TaxesImposes new 0.5% tax on corporate stock buybacks, increasing government revenue through targeted taxation of corporate activity, aligning with fiscal responsibility and revenue generation.95% confidence

Sub-Topics Business Taxes

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in committee · New York · Senate Jan 7, 2026

S 4032: Exempts certain dry cleaning equipment or machinery certified by the department of environmental conservation from sales and use taxes

Bill S 4032 exempts dry cleaning businesses from paying sales and use taxes on equipment certified by the Department of Environmental Conservation (DEC) for pollution prevention or control. Specifically, it applies to machinery that prevents pollution from dry cleaning operations and does not use EPA-classified hazardous air pollutants, qualifying for DEC air facility registration exemption. The exemption covers equipment used in dry cleaning plants for controlling contaminants, including replacements or upgrades to existing pollution-control systems. This change takes effect at the start of the next sales tax quarter following the bill’s enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill exempts certified dry cleaning equipment from sales/use taxes, providing targeted tax relief for businesses meeting environmental standards.90% confidence ✓ EnvironmentSupports EnvironmentExempts tax on DEC-certified pollution-control dry cleaning equipment, incentivizing reduced hazardous emissions and aligning with environmental protection goals.95% confidence

Sub-Topics Sales Tax Conservation

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in committee · New York · Assembly Jan 7, 2026

A 5365: Relates to the amount of the allowable levy growth factor and the percentage of votes needed to override the tax levy limit

This bill modifies tax levy rules for local governments and school districts. It establishes a minimum annual tax levy growth rate of 2% (or the inflation rate, whichever is higher) and reduces the voter approval threshold for overriding the tax levy cap from 60% to a simple majority (over 50%). These changes apply to all local governments and school districts seeking to exceed the statutory tax levy limit. The bill amends sections of the General Municipal Law and Education Law to implement these provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers voter threshold for tax levy overrides and sets minimum growth rate, enabling more local tax revenue for public services.90% confidence ✓ EducationSupports EducationLowers voter threshold for school tax overrides (60%→50%+), enabling easier funding increases for K-12 districts by reducing barriers to exceed tax levy limits.95% confidence

Sub-Topics Property Tax

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