| Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2025-2026 state fiscal year; relates to the inflation reduction credit (Part A); provides for a middle-class tax cut; extends the temporary personal income tax high income surcharge (Part B); enhances the empire state child credit for the 2025 tax year (Part C); relates to the eligibility for the New York state low income housing tax credit program; increases the aggregate amount of the allocable tax credit (Part D); relates to a tax credit for the rehabilitation of historic properties; allows a transferee of a taxpayer to be allowed such credit; requires reporting on such tax credits claimed (Part E); relates to the purchase of residential real property by certain purchasers (Subpart A); relates to depreciation and interest deduction adjustments for properties owned by institutional investors in residential properties (Subpart B); establishes an opt-out list for real estate solicitation cease and desist zones (Subpart C)(Part F); relates to the excelsior jobs program; establishes the semiconductor research and development program; establishes tax credits for participation in such programs; amends the employee training incentive program (Subpart A); amends provisions relating to application of the empire state jobs retention program (Subpart B) (Part H); relates to film production and post-production credits; creates the Empire state independent film production credit (Part I); relates to the definition of "independently owned" for the purposes of the newspaper and broadcast media jobs program (Part J); allows certain unused amounts of the empire state digital gaming media production credit to be rolled over to the following tax year or years (Part K); extends portions of the New York city musical and theatrical production tax credit (Part L); clarifies that the accessing of notices by a taxpayer shall not give the taxpayer the right to a hearing in the division of tax appeals (Part M); relates to tax warrants and warrant-related records (Part N); provides that where property is owned solely by a person or persons who received the STAR exemption for three consecutive years without having filed returns for the applicable income tax years, but who demonstrated their eligibility for the exemption to the commissioner of taxation and finance's satisfaction by filing statements, such person or persons shall be presumed to satisfy the applicable income-eligibility requirements each year thereafter and shall not be required to continue to file such statements in the absence of a specific request therefor from such commissioner; makes related provisions (Part O); increases the estimated tax threshold under article nine-a of the tax law to five thousand dollars beginning January 1, 2026 (Part R); establishes a tax credit for organ donation (Part S); extends the estate tax three-year gift addback rule from January 1, 2026 until January 1, 2032 (Part T); expands the credit for employment of persons with disabilities to the first five thousand dollars of first-year wages (Part U); relates to reporting of federal partnership adjustments for personal income tax (Part V); establishes a credit against the tax on personal income of certain residents of a city having a population of one million or more inhabitants (Part W); extends the clean heating fuel tax credit for three years (Part Y); extends the alternative fuels and electric vehicle recharging property credit for three years (Part Z); relates to extending the sales tax exemption for vending machine transactions (Part AA); relates to extending the workers with disabilities tax credit (Part BB); relates to extending the hire a vet tax credit until 2029 (Part CC); extends the musical and theatrical production credit (Part DD); relates to extending the financial institution data match system for state tax collection purposes (Part EE); defines the breaks for the purposes of the disposition of certain pari-mutuel pools (Subpart A); relates to licenses for simulcast facilities, sums relating to track simulcast, simulcast of out-of-state thoroughbred races, simulcasting of races run by out-of-state harness tracks and distributions of wagers; relates to the effectiveness of certain provisions relating to simulcasting and the imposition of certain taxes (Subpart B)(Part FF); sets rates for tax on certain gaming revenues (Part GG); relates to the utilization of funds in the Capital off-track betting corporation's capital acquisition fund for certain purposes (Part HH); relates to enhancing the health and safety of thoroughbred horses; provides for the repeal of such provisions upon expiration thereof (Part II); provides for New York works tax credit (Part JJ); establishes a credit against the tax on personal income beginning in the 2025 tax year (Part KK); establishes the New York city renters tax relief credit (Part LL); extends eligibility for the farm employer overtime tax credit to certain professional employer organizations that are in a contractual relationship with an eligible farm employer (Part MM); extends the application of certain corporate tax rates to taxable years beginning before January first, two thousand thirty (Part NN); increases the current small business subtraction modification (Part OO); establishes a small business savings account program; provides tax incentives for contributions and distributions (Part PP); creates a work opportunity tax credit (Part QQ); extends the farm workforce retention credit (Part RR); establishes sales tax exemptions for commercial energy storage systems equipment; extends the effectiveness of provisions relating to establishing a sales tax exemption for residential energy storage; provides for the repeal of such provisions upon the expiration thereof (Part SS); authorizes distributors of cannabis products to file electronic returns annually instead of quarterly (Part TT); relates to the taxation of vapor products (Part UU); increases the amount of residential solar tax credits (Part VV); expands the New York's manufacturing tax incentive to S corporations which are qualified New York state manufacturers (Part WW); relates to vendor fees paid to certain vendor tracks (Part XX); increases the transfer amount from the real estate transfer tax to the environmental protection fund (Part YY). |
