Bill Title: 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 three years (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); relates to the tax credit for the rehabilitation of historic properties; allows a transferee of a taxpayer to be allowed such 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 establishing the CATALIST NY program (Part G); 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 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); repeals certain provisions of law relating to certain reporting requirements of industrial development agencies (Part P); relates to the timing of estimated tax payments by a partnership or S corporation that makes the annual election to be taxed pursuant to article twenty-four-A or twenty-four-B of the tax law (Part Q); 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); 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 beginning in the 2025 tax year (Part W); authorizes credits for relocation and employment assistance and making available relocation assistance credits per employees; sets forth the amount of such credit; defines terms; makes related provisions (Part X); 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); simplifies the parimutuel tax rate system; repeals provisions relating thereto (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; 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); 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); 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).

Spectrum: Committee Bill

Status: (Introduced) 2025-01-22 - referred to ways and means [A03009 Detail]

Text: Latest bill text (Introduced) [HTML]

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