Budget & Taxes

in committee · New York · Senate Jan 7, 2026

S 1735: Relates to exemptions granted for alterations or rehabilitation

This bill amends New York's real property tax law to clarify requirements for tax exemptions on historic property renovations. It requires that property owners seeking exemptions for alterations or rehabilitation must: (1) own property designated as a landmark or contributing to a historic district, (2) ensure work serves historic preservation, (3) follow local preservation guidelines, and (4) get approval from the local preservation commission before starting work. Local governments (counties, cities, towns, or school districts) can also set their own rules, such as reducing exemption percentages or limiting eligibility. The changes apply to properties under local preservation jurisdiction and take effect immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill clarifies tax exemption requirements for historic property renovations, enabling targeted tax relief while ensuring compliance with preservation guidelines.90% confidence

Sub-Topics Property Tax Tax Incentives

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in committee · New York · Senate Feb 23, 2026

S 655: Enacts the accountability for development assistance act

Enacts the accountability for development assistance act; standardizes applications for state development assistance; requires submission of certain development assistance agreements to the department of taxation and finance; requires recipients of certain development assistance to submit progress reports which include certain information and disclosures.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill enforces corporate accountability for tax benefits via recapture and transparency, closing loopholes to strengthen fiscal management.92% confidence

Sub-Topics Tax Incentives Tags Economic Development

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in committee · New York · Senate Jan 7, 2026

S 1301: Relates to establishing a first permanent payroll employee tax credit

Establishes a first permanent payroll employee tax credit which allows a business to receive a tax credit for the three years following the employment of such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.

Topics ✓ Budget & TaxesSupports Budget & TaxesEstablishes business tax credit reducing employer costs, providing tax relief as per topic indicators95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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in committee · New York · Assembly Jan 7, 2026

A 3333: Provides for the deduction of student loan interest from federal adjusted gross income

This bill allows taxpayers to deduct interest paid on qualified student loans from their federal adjusted gross income (AGI). It directly affects individuals with student loan debt who itemize deductions or meet specific income thresholds. The key provision adds a new tax law section requiring this deduction, aligning with existing federal rules under 26 USC § 221. The change applies to taxable years beginning January 1, 2026, and would reduce taxable income for eligible borrowers.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllows tax deduction for student loan interest, reducing taxable income for eligible borrowers, providing tax relief.90% confidence

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in committee · New York · Senate Jan 7, 2026

S 3313: Relates to school district reorganizations and real property tax rates

Increases the phase-in period, in which the boards of education or trustees of school districts participating in a proposed reorganization may opt to have the tax impact of such reorganization, from 10 to 20 years.

Topics ✓ Budget & TaxesSupports Budget & TaxesExtends tax phase-in period from 10 to 20 years, reducing immediate property tax burden on homeowners during school district reorganizations.85% confidence

Sub-Topics Property Tax

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in committee · New York · Assembly Jan 7, 2026

A 251: Makes certain state lands in the county of Oswego subject to taxation for all purposes

Makes certain state lands in the towns of Albion, Amboy, Boylston, Constantia, Parish, West Monroe and Williamstown, in the county of Oswego, subject to taxation for all purposes.

Topics ✓ Budget & TaxesSupports Budget & TaxesMakes state lands taxable, generating additional revenue for state budget without targeting specific income groups.95% confidence

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in committee · New York · Senate Jan 7, 2026

S 7592: Provides for an angel investor income tax credit

Bill S 7592 creates an income tax credit for "angel investors" who invest in qualifying new businesses. Individual accredited investors, excluding those with controlling stakes or institutional venture capital firms, can receive a credit equal to 25% of their investment, for investments of $25,000 or more. The maximum credit allowed per investment is $250,000, and any unused credit can be carried over to future tax years. To qualify, businesses must be relatively new, have limited revenue, employ fewer than 25 full-time staff with at least 60% in New York, and have received no more than $2 million in previous angel investor credits. This legislation applies to personal and corporate income tax years beginning on and after January 1, 2026.

Topics ✗ Budget & TaxesOpposes Budget & TaxesProvides tax credit for wealthy angel investors, reducing government revenue - aligns with 'oppose' indicator of tax breaks for wealthy.95% confidence

Sub-Topics Business Taxes Income Tax Tax Incentives

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in committee · New York · Senate May 27, 2026

S 6021: Establishes the white elephant housing historic rehabilitation projects tax credit program

Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.

Topics ✗ Budget & TaxesOpposes Budget & TaxesCreates tax credits for large projects ($50M+), reducing tax revenue and aligning with 'tax breaks primarily for wealthy' per indicators.85% confidence ✓ HousingSupports HousingBill creates tax credit for rehabilitating vacant historic housing properties, promoting housing development and preservation of existing housing stock.90% confidence

Sub-Topics Tax Credits Tax Incentives Building Codes Historic Preservation

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in committee · New York · Assembly Jan 7, 2026

A 6789: Relates to Tier 1 high tax aid apportionment and foundation aid

This bill updates New York State's school funding formulas for high-tax districts. It establishes new regional cost indices (like 1.314 for Hudson Valley) based on non-education labor market wages to adjust foundation aid calculations. For Tier 1 districts (those with high property taxes), it sets aid at the higher of either $450 per student multiplied by the state ratio or $100,000, ensuring no district receives less than prior entitlements. The changes apply immediately to school funding starting with the 2025-2026 school year.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill ensures Tier 1 districts maintain foundation aid via minimums and regional cost adjustments, protecting school funding allocations without reducing state budget support.95% confidence ✓ EducationSupports EducationBill establishes minimum funding levels for high-tax districts, ensuring no reduction in foundation aid, directly protecting school funding through updated formulas.95% confidence

Sub-Topics School Funding

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in committee · New York · Senate Jan 7, 2026

S 3082: Relates to the term "income" for purposes of the school tax relief exemption

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands tax relief eligibility by adding 401(k)/403(b) deductions for school tax exemption, providing targeted tax relief for homeowners.95% confidence

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