Budget & Taxes

in committee · New York · Senate Jan 7, 2026

S 1979: Requires detailed fiscal impact notes on certain legislation

Requires detailed fiscal impact notes on certain legislation stating the estimated annual cost to the political subdivision affected and the source of such estimate; provides that bills will be invalidated if the funding source is not provided or the fiscal impact results in an annual net additional cost in excess of $10,000.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires fiscal impact notes to prevent unfunded mandates, promoting budget accountability and responsible spending by ensuring funding sources are provided.95% confidence

Sub-Topics Appropriations Audits & Accountability State Budget

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in committee · New York · Assembly Jan 7, 2026

A 2258: Relates to the tax stabilization reserve fund

This bill increases the maximum percentage of state budget surplus that can be deposited into the tax stabilization reserve fund from 2% to 4% of the state's annual revenue target ("norm"). It directly affects how the state manages budget surpluses and potential shortfalls: if tax revenues fall below the norm, funds can be drawn from the reserve to cover the gap, with repayment rules remaining unchanged. The key mechanism allows more surplus money to be saved in the reserve fund during years of budget surpluses, while still permitting the remaining surplus to be used for tax reductions. The change takes effect three years after the bill becomes law.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases reserve fund capacity to manage surpluses and cover revenue shortfalls, promoting fiscal responsibility per budget management indicators.95% confidence

Sub-Topics Revenue State Budget

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in committee · New York · Senate Jan 7, 2026

S 5431: Relates to franchise tax on banking corporations

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesReinstates bank tax with anti-loophole provision, increasing state revenue. Directly advances tax collection for budget management.95% confidence

Sub-Topics Business Taxes

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in committee · New York · Senate Jan 7, 2026

S 1627: Authorizes the abatement of municipal and school real property taxes in certain cases of catastrophic loss and establishes procedures therefor

Authorizes the abatement of real property taxes in certain cases of catastrophic loss; establishes procedures therefor; limits eligibility to one, two, or three family houses; applies to all municipal and school taxes.

Topics ✓ Budget & TaxesSupports Budget & TaxesAuthorizes tax abatement for property owners after catastrophic loss, providing direct tax relief to affected homeowners and reducing municipal/school tax burden on eligible properties.90% confidence

Sub-Topics Property Tax Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 2023: Creates the middle class circuit breaker tax credit and a tax reform study commission

Creates the middle class circuit breaker tax credit allowing a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax; establishes a tax reform study commission.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates middle-class tax credit reducing property tax burden - direct tax relief for lower/middle income taxpayers per bill title and summary.95% confidence

Sub-Topics Business Taxes Sales Tax Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 4672: Relates to improving the real property tax relief credit

This bill increases the real property tax relief credit for homeowners with qualifying income levels. It adjusts the calculation method, raising the credit percentage for lower-income taxpayers (up to $75,000 gross income) from 14% to 20% and modifying thresholds for middle-income households ($75,000-$150,000 and $150,000-$350,000). The credit now has a minimum value of $1,550 (up from $350) and applies to tax years beginning January 1, 2026. It directly affects homeowners whose real property taxes exceed 5% of their qualified gross income, providing greater relief for those with moderate incomes.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit percentage for lower/middle-income homeowners (14%→20%) and raises minimum credit, directly providing tax relief per support indicators.95% confidence

Sub-Topics Property Tax Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 1832: Authorizes a personal income tax credit for residential solar energy systems

This bill creates a 25% tax credit for homeowners who purchase, lease, or buy power from solar energy systems installed on their primary residence in the state. It directly affects residential property owners who install qualifying solar equipment, with a maximum credit of $3,750 for systems placed in service before September 1, 2006, and $5,000 for systems placed in service on or after that date. The credit covers equipment purchases, long-term leases (10+ years), or power purchase agreements (10+ years) for systems on the taxpayer's principal residence. It also includes provisions for shared ownership in condos or co-ops, allowing proportional credit claims based on individual contributions.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates 25% personal income tax credit for residential solar, reducing homeowner tax burden and aligning with tax relief for middle-income residents.95% confidence ✓ EnergySupports EnergyProvides 25% tax credit for residential solar installations, directly promoting renewable energy adoption and reducing fossil fuel dependence.95% confidence ✓ EnvironmentSupports EnvironmentPromotes clean energy adoption via tax credit for residential solar systems, reducing fossil fuel reliance and emissions.90% confidence

Sub-Topics Income Tax Tax Credits Solar

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in committee · New York · Senate Jan 7, 2026

S 3140: Establishes a historic wood window rehabilitation and energy retrofit tax credit

Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a 25% tax credit for historic window rehab and energy retrofits, providing direct tax relief. This explicitly uses taxation policy to incentivize behavior, aligning with 'support' indicators for tax relief.90% confidence ✓ EnergySupports EnergyTax credit directly incentivizes energy efficiency retrofits for historic windows, advancing building energy efficiency standards.95% confidence ✓ EnvironmentSupports EnvironmentTax credit incentivizes energy-efficient window retrofits, reducing energy consumption and emissions through building modernization.85% confidence ✓ HousingSupports HousingBill provides tax credit for historic housing rehabilitation and energy retrofits, supporting preservation and efficiency of existing housing stock.70% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives Historic Preservation

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in committee · New York · Senate Jan 7, 2026

S 5628: Establishes an agrivoltaic production tax credit

Establishes an agrivoltaic production tax credit for farmers who manage a farm operation that is situated wholly or in part within one or more qualified agrivoltaic facilities.

Topics ✓ Budget & TaxesSupports Budget & TaxesEstablishes tax credit for farmers, providing direct tax relief under fiscal policy as a targeted tax incentive.95% confidence ✓ EnergySupports EnergyBill creates tax credit for agrivoltaic facilities, directly promoting renewable energy infrastructure and solar adoption through financial incentives.95% confidence ✓ EnvironmentSupports EnvironmentAgrivoltaics integrate solar energy production with agriculture, promoting clean energy use on farmland. The tax credit incentivizes adoption of this sustainable practice, aligning with environmental protection goals.95% confidence

Sub-Topics Tax Credits Tax Incentives Solar

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in committee · New York · Senate Jan 7, 2026

S 4614: Relates to directing any moneys derived from new or increased taxes to reduce local real property taxes

S 4614 requires that any revenue from new or increased state taxes be deposited into a special fund. This fund then distributes payments annually to all cities, villages, and towns (outside villages) based on their proportion of the state's total property value. The payments must be used directly to lower each municipality's local property tax levy, reducing residents' property tax bills. The bill takes effect January 1, 2026, after passing committee referral.

Topics ✓ Budget & TaxesSupports Budget & TaxesDirects new tax revenue to reduce local property taxes, providing immediate tax relief to residents and lowering municipal tax burdens.95% confidence

Sub-Topics Property Tax

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