| 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 senior inflation reduction credit for the tax years 2025, 2026 and 2027 (Part A); provides for a middle-class tax cut; extends the temporary personal income tax high income surcharge (Part B); 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 (Part C); relates to the eligibility for the New York state low income housing tax credit program; increases to the aggregate amount of the allocable tax credit (Part D); authorizes the pass-through or transfer of the credits for rehabilitation of historic properties; authorizes the allocation of the credit in a separate manner from any federal certified historic tax credit (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)(Part F); relates to the excelsior jobs program; establishes the semiconductor research and development program; establishes tax credits for participation in such program; establishes the semiconductor manufacturing workforce training incentive program; establishes tax credits for participation in such program; repeals the employee training incentive program (Subpart A); amends provisions relating to application of the empire state jobs retention program on or after June 1, 2025 (Subpart B) (Part H); relates to film production and post-production credits; creates the Empire state independent film production credit (Part I); relates to eligibility for the empire state digital gaming media production tax credit (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); relates to making the estate tax three-year gift addback rule permanent (Part T); expands the credit for employment of persons with disabilities to the first five thousand dollars of first-year wages (Part U); establishes a credit against the tax on personal income of certain residents of a city having a population of one million or more inhabitants beginning in the 2025 tax year (Part W); extends the clean heating fuel tax credit for three years (Part Y); extends provisions of law relating to alternative fuels and electric vehicle recharging property credit for three years until December 31, 2028 (Part Z); extends the sales tax exemption for vending machine transactions (Part AA); extends the workers with disabilities tax credit (Part BB); extends the hire a vet tax credit until 2029 (Part CC); extends the musical and theatrical production credit (Part DD); extends provisions of law relating to the financial institution data match system for state tax collection purposes five years until April 1, 2030 (Part EE); 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; amends provisions relating to simulcasting, in relation to the effectiveness thereof; amends provisions relating to simulcasting and the imposition of certain taxes, in relation to the effectiveness thereof (Subpart B)(Part FF); relates to the tax on gaming revenues in certain regions; amends provisions relating to the tax on gaming revenues, in relation to the effectiveness thereof; provides for the repeal of certain provisions of the racing, pari-mutuel wagering and breeding law upon expiration thereof (Part GG); relates to the utilization of funds in the Capital off-track betting corporation's capital acquisition fund for certain purposes (Part HH); provides for additional fees to be paid from New York resident wagers to be used for health and safety of thoroughbred race horses (Part II); extends the duration of certain brownfield redevelopment and remediation tax credits with respect to a site located within the Renaissance Commerce Park situate within the city of Lackawanna, Erie county (Part JJ); relates to geothermal energy systems tax credits (Part KK); relates to sales and compensating use taxes imposed with respect to vessels (Part LL); increases the amount of residential solar tax credits (Part MM); relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income (Part NN); relates to the taxation of vapor products (Part OO); establishes a tax on noise from non-essential helicopter and seaplane flights in cities with a population of one million or more (Part PP); establishes a work opportunity tax credit for hiring individuals from certain targeted groups that have consistently faced significant barriers to employment (Part QQ); adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit (Part RR); relates to the computation of franchise tax on taxpayers with a business income base exceeding five million dollars (Part SS); imposes an excise tax on the failure of certain hedge funds owning excess single-family residences to dispose of such residences; establishes the housing down payment trust fund to provide funds to state housing finance agencies to establish new or supplement existing programs that provide down payment assistance to families purchasing homes within the state (Part TT); 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 UU); extends the farm workforce retention credit until January 1, 2031 (Part VV); establishes a small business unemployment insurance credit (part WW); relates to tax on sales of motor fuel and petroleum products and makes conforming changes; repeals provisions relating to manufacturing gallonage for purposes of the imposition of certain taxes; repeals provisions relating to reimbursement; repeals provisions relating to a utility credit or reimbursement; repeals provisions relating to an aviation fuel business which services four or more cities; repeals provisions relating to services rendered with respect to certain property; repeals provisions relating to fuel sold to an airline for use in its airplanes (Part XX); authorizes two percent of mobile sports tax revenue, but not less than six million dollars, to be used for problem gambling (Part YY); expands the investment tax credit for farmers to include the cost of construction housing for farm workers (Part ZZ); requires the state to keep state lottery winners' identities anonymous to the general public unless the lottery winner gives their consent (Part AAA); allows season-long proposition bets and future award winners as authorized bets; sets limitations for in-game and season-long proposition bets (Part BBB); provides a tax deduction for the purchase of school supplies by educators (Part CCC). |
