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S08009 Summary:

Amd Various Laws, generally
Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2022-2023 state fiscal year; accelerates middle class tax cuts (Subpart A); provides for an alternative tax table benefit recapture for certain taxpayers (Subpart B)(Part A); provides an enhanced investment tax credit to farmers (Subpart A); extends the farm workforce retention credit (Subpart B); establishes a farm employer overtime credit (Subpart C)(Part B); expands the small business subtraction modification (Part C); excludes certain student loan forgiveness awards from state income tax (Part D); enacts the COVID-19 capital costs tax credit program to provide financial assistance to economically harmed businesses (Part E); extends and expands the New York City musical and theatrical production tax credit and the purposes of the New York state council on the arts cultural programs fund (Part F); extends and modifies the hire a vet credit; adds persons who served in the active uniformed services of the United States as a member of the commissioned corps of the national oceanic and atmospheric administration or the commissioned corps of the United States public health service to the definition of a qualified veteran (Part H); establishes a tax credit of 50% of a taxpayer's costs of conversion for the conversion from grade no. 6 heating oil usage to biodiesel heating oil and geothermal heating systems (Part I); extends the credit against income tax for persons or entities investing in low-income housing (Part J); extends the clean heating fuel credit for three years (Part K); relates to the application of a credit for companies who provide transportation to individuals with disabilities and extends provisions related thereto (Part L); requires the filing of a diversity plan to be granted an empire state film production credit; extends the effectiveness of the empire state film production credit (Part M); extends the New York youth jobs program tax credit (Part N); extends the empire state apprenticeship tax credit program (Part O); extends the alternative fuels and electric vehicle recharging property credit (Part P); extends the workers with disabilities tax credit program (Part Q); provides that commercial tugboats, barges and other commercial towboats are exempt from payment of the petroleum business tax (Part T); requires publication of changes in withholding tables and interest rates (Part W); expands the definition of financial institution under the financial institution data match program (Part X); extends the assessment ceiling for local public utility mass real property; provides for the challenging of assessed value by owners of local public utility mass real property (Part Y); provides for good cause refunds for the STAR program (Subpart A); clarifies the applicable income tax year for the basic STAR credit (Subpart C); allows names of STAR credit recipients to be shared with assessors outside of New York state (Subpart D); allows decedent reports to be given to assessors (Subpart E)(Part Z); relates to the grievance process with respect to the valuation of solar and wind energy systems (Part AA); establishes a homeowner tax rebate credit (Part BB); relates to the utilization of funds in the Catskill and Capital regions off-track betting corporations' capital acquisition funds; makes such provisions permanent (Part DD); provides 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 simulcasting and the imposition of certain taxes (Part EE); establishes a tax credit for the purchase and installation of geothermal energy systems (Part FF); relates to exempting certain food and drink items sold in vending machines from certain sales tax provisions (Part GG); provides an abatement of real property taxes for the creation or expansion of childcare centers in certain buildings in a city having a population of one million or more (Part HH); establishes a child care credit against certain business income taxes (Part II); relates to the earned income tax credit (Part JJ); allows for business entities in the restaurant return-to-work tax credit program to claim an additional credit of five thousand dollars per each full-time equivalent net employee increase above ten, not to exceed twenty (Part KK); clarifies that certain work performed remotely due to COVID-19 qualifies for certain tax credit programs (Part LL); relates to pass-through entity tax for electing resident and standard S corporations (Subpart A); establishes a city pass-through entity tax for electing city partnership and city resident S corporations (Subpart B) (Part MM); provides a supplemental empire state child credit; allows for the issuance of payment of a supplemental earned income tax credit and a supplemental enhanced earned income credit to resident taxpayers who have met certain requirements (Part NN); relates to the creation of the empire state digital gaming media production credit (Part OO); provides a tax deduction for the amount of any federal deduction disallowed pursuant to section 280E of the internal revenue code related to the production and distribution of adult-use cannabis products (Part PP); relates to the New York Jockey Injury Compensation Fund, Inc. (Part QQ); suspends certain taxes related to motor fuel and Diesel motor fuel; authorizes localities to impose certain taxes on such fuels (Part RR).
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