Grants credit against personal income tax to purchasers of residential housing in the amount of any downpayment made on such housing; provides that the maximum credit shall not exceed 5 percent of the purchase price of the residential housing; requires taxpayers to meet eligibility requirements imposed by the state of New York mortgage agency.
Provides for a working families tax credit; directs quarterly prepayment of the credit; provides for a sliding reduction in the credit for incomes which exceed a certain threshold.
This bill creates a tax credit for small businesses making capital investments in qualifying locations. It provides a 25% credit against business franchise tax (not personal income tax) on qualified investments, for businesses located in villages or cities with under 35,000 residents. To qualify, a business must employ fewer than 15 people and make eligible capital investments. Unused credit amounts can be carried forward to future tax years, but cannot reduce tax below the minimum amount specified in existing tax law.
Establishes a personal income tax deduction for the interest paid on student loans by individual taxpayers having a federal adjusted income of between $65,000 and $125,000, and married taxpayers filing jointly having a federal adjusted income of between $130,000 and $250,000.
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 $1,500 annual tax credit for children under 18 who are the children of U.S. military members who died while serving in combat during wartime. The credit directly benefits eligible Gold Star children by reducing their family's income tax liability, with any unused portion carried forward to future tax years. It applies to tax years beginning January 1, 2027, and the credit cannot exceed the taxpayer's total tax for the year. The policy specifically targets financial support for children of fallen service members, with no additional eligibility requirements beyond the parent's wartime death and the child's age.
This bill creates a new tax deduction for taxpayers who pay for required college course supplies (like textbooks or lab materials). It allows a deduction equal to 25% of these expenses in 2001, increasing to 50% in 2002, 75% in 2003, and 100% for all years after 2003. The deduction applies only to taxpayers who do not claim a separate credit for college expenses under another tax provision. It directly affects college students' families or individuals who pay for these mandatory supplies out of pocket.
Gives state income tax credit to volunteer firefighters and members of a volunteer ambulance corps in good standing up to $2500; must be in good standing for a minimum of five years and maintain continued eligibility.
S 587 creates a new income tax deduction for cash tips received by workers, specifically for tips classified as wages under federal tax law. This change directly affects service industry workers (like servers and bartenders) who receive cash tips, allowing them to subtract those tips from their taxable income. The bill adds a specific deduction line to the tax code for cash tips received during a tax year, effective for all tax returns filed for 2025 and later. It does not change how tips are reported to employers but adjusts how they are treated for state tax purposes. The bill is currently pending in committee review.
This bill adjusts New York's highest personal income tax rates for earners with taxable income above $5 million. It increases the top marginal tax rate from 10.30% to 10.80% for income between $5 million and $25 million, and raises the rate for income over $25 million from 10.90% to 11.40% for tax years beginning after 2027. These changes apply to single filers, heads of household, and married taxpayers filing separately. The bill directly affects high-income New Yorkers whose taxable income exceeds $5 million annually.
