Budget & Taxes

in committee · New York · Senate Jan 7, 2026

S 7876: Relates to the itemized deduction for gambling losses

This New York bill (S 7876) eliminates the state tax deduction for gambling losses. It directly affects New York taxpayers who itemize deductions and claim gambling losses on their state returns. The law changes the tax code to set the state deduction for gambling losses at zero percent of the federal amount allowed under IRS rules. This means taxpayers can no longer deduct gambling losses from their New York state taxable income, effective for tax years beginning January 1, 2025. The change applies to all such taxpayers regardless of their gambling activity level.

Topics ✓ Budget & TaxesSupports Budget & TaxesEliminates tax deduction for gambling losses, closing a tax loophole and increasing state revenue, aligning with fiscal responsibility and tax code strengthening.95% confidence

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in committee · New York · Senate Jan 7, 2026

S 7323: Enacts the MEGA corporations act mandating worldwide combined reporting for large corporations

Enacts the MEGA corporations act mandating worldwide combined reporting for large corporations that have more than one billion dollars in gross receipts.

Topics ✓ Budget & TaxesSupports Budget & TaxesMandates worldwide combined reporting for large corporations to close tax loopholes and improve tax collection, aligning with fiscal responsibility indicators.90% confidence

Sub-Topics Business Taxes

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passed · New York · Senate Mar 13, 2025

R 488: Senate budget resolution in response to the 2025-2026 Executive Budget submission

This Senate resolution (R 488) expresses the New York State Senate's position on the Governor's 2025-2026 Executive Budget proposal. It incorporates specific amendments to the Governor's budget bills (S.3000-B through S.3009-B) and details the Senate's recommended funding changes for state agencies. The resolution directly affects state programs by adding $20 million for Addiction Services grants, restoring $3.1 million for agricultural programs, increasing Aging Services funding by $33.8 million, and proposing Medicaid coverage expansions. It serves as the Senate's formal budget proposal to be considered during the legislative budget conference process.

Topics ✓ Budget & TaxesSupports Budget & TaxesAdds $20M for Addiction Services, restores $3.1M for agriculture, increases Aging Services funding - all direct funding expansions for public programs.90% confidence ✓ HealthcareSupports HealthcareAdds $20M for Addiction Services grants, a direct healthcare program funding increase per bill summary.90% confidence

Sub-Topics State Budget Medicaid Substance Abuse

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in committee · New York · Assembly Jun 16, 2025

A 8332: Relates to the assessment of solar or wind energy systems

This bill changes how New York property taxes are calculated for solar and wind energy systems. It requires tax assessors to include community benefit payments, decommissioning costs, and solar management expenses as deductible costs when valuing these systems. Crucially, it also specifies that federal tax credits and renewable energy credits (like those for clean energy production) must be treated as intangible assets - not counted as income - when determining a system's taxable value. This directly affects property owners with solar/wind installations and local assessors who calculate their taxes under the new rules. The law takes effect immediately upon passage.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill reduces taxable value of solar/wind systems via deductible costs and excludes federal credits, providing tax relief for renewable energy adoption.95% confidence ✓ EnergySupports EnergyBill reduces property tax burden on solar/wind systems by excluding renewable credits from taxable income, directly promoting renewable energy adoption and infrastructure investment.95% confidence ✓ EnvironmentSupports EnvironmentBill reduces tax burden on solar/wind systems by excluding renewable credits from taxable income, directly incentivizing clean energy adoption and aligning with environmental protection goals.92% confidence

Sub-Topics Renewable Energy Solar Wind

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in committee · New York · Assembly May 21, 2026

A 42: Establishes an exemption from taxation for energy-related public utility real property related to attaining state climate goals

Establishes an exemption from taxation for energy-related public utility real property related to attaining state climate goals; provides that such exemption shall remain in effect until it is retired or removed from service.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax exemption for climate-related utility property, offering tax relief aligned with fiscal strategy for climate goals.95% confidence ✓ EnergySupports EnergyTax exemption for climate-focused energy infrastructure incentivizes renewable investment, directly advancing state climate goals through financial support for clean energy utilities.95% confidence ✓ EnvironmentSupports EnvironmentTax exemption for climate-focused energy utilities directly incentivizes clean energy infrastructure to meet state climate goals, promoting environmental protection.90% confidence

Sub-Topics Property Tax Tax Incentives

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died · New York · Assembly Jun 5, 2026

A 7960: Authorizes an occupancy tax in the city of Oneonta

This bill authorizes the city of Oneonta to impose a tax of up to 6% on overnight stays in hotels, motels, and bed-and-breakfasts. It directly affects guests staying in these accommodations within Oneonta, with property owners responsible for collecting and remitting the tax. Exemptions include government entities, qualifying nonprofits, and permanent residents (staying 90+ consecutive days). All revenue generated would be deposited into Oneonta’s general fund for municipal services like infrastructure and public amenities.

Topics ✓ Budget & TaxesSupports Budget & TaxesAuthorizes 6% occupancy tax for municipal services funding, increasing local revenue for infrastructure and services per bill summary.95% confidence

Sub-Topics State Budget

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in committee · New York · Assembly Jan 7, 2026

A 1707: Increases the tax exemption amount on clothing and apparel items from one hundred ten dollars to two hundred fifty dollars

This bill increases the tax exemption for clothing and apparel items from $110 to $250 per item. It directly affects shoppers purchasing clothing, shoes, or related repair items under the new threshold, making these purchases tax-free up to $250 per article. The key change updates a specific section of the tax law to raise the exemption amount, meaning customers pay no sales tax on qualifying items priced at $250 or less. The policy change simplifies the tax exemption structure without altering other tax rules.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax exemption for clothing, providing relief to shoppers on lower-cost items, aligning with tax relief for middle/lower income.95% confidence

Sub-Topics Procurement Sales Tax Tax Incentives

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in committee · New York · Assembly Jan 7, 2026

A 3878: Allows localities to grant an exemption from real property taxation for child day cares

This bill allows local governments (counties, cities, towns, villages, or school districts) to create a property tax exemption for licensed child day cares. Specifically, it permits localities to exempt up to 50% of a child care facility's assessed property value from real estate taxes, but only if the locality formally approves the exemption through a law or resolution. The exemption applies only to properties actively used for licensed child care operations, and ends if the property is no longer used for that purpose. Local governments may choose to offer a smaller exemption than 50% if they prefer.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides property tax exemption (up to 50% of assessed value) for licensed child care facilities, offering tax relief to support essential childcare services.92% confidence

Sub-Topics Business Taxes Property Tax Tax Incentives

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in committee · New York · Assembly Jan 7, 2026

A 1877: Grants real property tax abatement to rent-controlled or rent regulated properties when the maximum authorized rent exceeds 1/2 of the tenants' household income

Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax abatement for low-income tenants (rent >50% income) with state compensation for cities' lost revenue, aligning with tax relief for lower-income households.95% confidence ✓ HousingSupports HousingProvides tax abatement for rent-controlled units where rent exceeds 50% of tenant income, protecting low-income seniors/disabled tenants from unaffordable rents while compensating cities for lost revenue.95% confidence

Sub-Topics Property Tax Revenue Tax Incentives Affordable Housing Property Taxes Tenant Rights

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in committee · New York · Senate May 27, 2025

S 3182: Establishes a credit for the purchase and installation of a security alarm system

This bill creates a $250 tax credit for individual taxpayers who purchase and install qualifying security systems on their residential property. It directly affects homeowners who buy systems designed to detect intrusions or theft, such as alarms or surveillance devices, and must provide proof of purchase. The credit is available as a one-time reduction against income tax for taxable years beginning January 1, 2026, and applies only to systems installed on residential property. The bill does not change crime prevention laws but provides a financial incentive for homeowners to enhance security.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit reducing homeowner tax burden, aligning with tax relief indicators for residential property owners.90% confidence

Sub-Topics Income Tax Tax Credits

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