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Who's moving tax credits in New York
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This bill modifies New York's biofuel production tax credit to expand eligibility from ethanol to include renewable diesel and renewable hydrocarbon diesel. The credit provides fifteen cents per gallon for biofuel produced after January 1, 2022, with a maximum cap of $2.5 million per taxpayer per year for up to four consecutive years. The legislation applies to taxpayers subject to state tax under specific articles and includes provisions for partnerships and S corporations to apply the credit cap at the entity level. The credit applies to taxable years beginning before January 1, 2027, and any excess credit beyond the tax liability will be refunded without interest.
Includes not-for-profit corporations and public television or radio corporations in the definition of business entity; allows such entities to claim the newspaper and broadcast media jobs tax credit.
Establishes a tax credit for commercial trucks entering into the central business district for all additional tolls charged on trips into the central business district after the first entry per day.
Allows surplus or uncommitted funds in the New York state climate investment account to be returned to ratepayers; establishes a one-year utility bill tax and surcharge holiday and a two-year green energy tax holiday; relates to audits of utility corporations; authorizes the public service commission to reconsider rate increases; grants customers the right to decline smart meters and prohibits such customers from being penalized or charged exercising such right; directs the public service commission to conduct a study analyzing the economic impact of the use of smart meters; relates to costs and expenses of the department of public service and the public service commission; directs the public service commission to develop a formula to determine the average cost to comply with the provisions set forth in article seventy-five of the environmental conservation law; provides for a ratepayer protection tax credit; repeals certain provisions of law relating to the assessment of costs and expenses of the department of public service and the public service commission.
Creates a small business grid renewable energy tax credit; provides the term "business related renewable energy usage" shall refer to renewable power usage used to further the economic activity of the taxpayer at the primary business location that is clearly delimited from any shared renewable energy power usage cost.
Allows surplus or uncommitted funds in the New York state climate investment account to be returned to ratepayers; establishes a one-year utility bill tax and surcharge holiday and a two-year green energy tax holiday; relates to audits of utility corporations; authorizes the public service commission to reconsider rate increases; grants customers the right to decline smart meters and prohibits such customers from being penalized or charged exercising such right; directs the public service commission to conduct a study analyzing the economic impact of the use of smart meters; relates to costs and expenses of the department of public service and the public service commission; directs the public service commission to develop a formula to determine the average cost to comply with the provisions set forth in article seventy-five of the environmental conservation law; provides for a ratepayer protection tax credit; repeals certain provisions of law relating to the assessment of costs and expenses of the department of public service and the public service commission.
Provides for an income tax credit of $1500 and related supports for retired childcare workers who re-enter the childcare workforce for at least 6 months in a year.
This bill creates a one-time energy price refund credit for New York state taxpayers who lived in the state during 2024 and meet specific income limits. Eligible residents receive between $150 and $400 depending on their filing status and income level, with higher amounts available for married couples and lower incomes. The credit is calculated based on 2024 tax information and will be issued as a refund or tax credit for the 2026 tax year. The legislation also ensures that any portion of the credit included in federal income will not be subject to New York state or local income tax.
Expands the eligibility of the brownfield redevelopment tax credit; reduces the population numbers to make more qualified sites eligible for such tax credit.
Establishes a tax credit for commercial trucks entering into the central business district for all additional tolls charged on trips into the central business district after the first entry per day.
