This bill creates a tax credit for employers who contribute to employees' college savings accounts. Employers can claim a credit equal to their contribution (up to $5,000 per employee) toward a "family tuition account" established under New York's Education Law. The credit directly reduces the employer's income tax bill for the year, with any unused portion treated as an overpayment refundable without interest. It applies to contributions made on behalf of employees for college tuition savings, not to employee contributions or other account types.
Provides a deduction in determining personal income tax for the cost of textbooks at a New York private or public college or university by a taxpayer or such taxpayer's eligible dependent; defines "eligible dependent" and "qualified education expenses".
This bill changes how the state's Earned Income Tax Credit (EITC) is paid to qualifying low-to-moderate income workers. Instead of receiving the full credit as a single lump sum, taxpayers will receive payments in installments based on the credit amount: under $200 is paid in full at once; $200-$2,400 is paid in $200 monthly installments (plus a final partial payment); and over $2,400 is paid equally over 12 months. The bill directly affects individuals who claim the state EITC or enhanced EITC under existing tax law. It takes effect 120 days after enactment, with the tax commissioner authorized to adjust rules for implementation.
Provides for a credit against personal income tax for volunteer firefighters who complete qualifications to become a training instructor; provides that such credit shall be equal to the sum of five hundred dollars or the total amount of the tax owed by the taxpayer if less than five hundred dollars, whichever is lower.
This bill allows cities with over 1 million residents (like New York City) to add a 4.3% surcharge on personal income tax for residents earning over $500,000, effective January 2026. It applies to married couples filing jointly, single filers, heads of household, and estates/trusts. All revenue from this surcharge must be used exclusively for early childhood education programs in the city, not general funds. The surcharge expires December 2030, and cities must adopt the local law by December 2025.
Provides a personal income tax credit for parents who home school their children equal to the cost of learning materials purchased for home school purposes during the taxable year.
This bill creates a tax credit for residents of Rockland or Orange counties who pay tolls on the George Washington or Governor Mario M. Cuomo bridges and later enter New York City's congestion toll zone within two hours. The credit equals the toll amount paid, reducing their state income tax liability for that year. Joint filers can combine their individual toll payments to calculate a combined credit. The credit applies immediately to the tax year the bill passes and all future years.
This bill (S 6778) increases New York State's tax-free contribution limits for family tuition accounts under the College Choice Tuition Savings Program. It raises the annual limit from $5,000 to $10,000 for individuals or heads of household, and from $10,000 to $20,000 for married couples filing jointly. The change applies only to state income tax (not federal tax) and is available solely to the account owner. The policy takes effect immediately for the current tax year.
Exempts a portion of poll workers' income earned on an election day from state income tax; requires the board of elections, in conjunction with the department of taxation and finance, to conduct a public awareness campaign to inform poll workers of such tax exemption; requires the department of taxation and finance to issue guidelines on how poll worker income should be reported on tax returns.
This bill creates a federal tax deduction of up to $1,000 for individuals who pay for fertility preservation services, such as collecting, freezing, and storing eggs (ova). It directly affects people undergoing fertility treatments who incur these costs. The deduction applies to expenses included in federal adjusted gross income, limited to the $1,000 maximum per year. The provision takes effect for taxable years beginning January 1, 2025.
