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A08809 Summary:

BILL NOA08809A
 
SAME ASNo Same As
 
SPONSORBudget
 
COSPNSR
 
MLTSPNSR
 
Amd Various Laws, generally
 
Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2024-2025 state fiscal year; extends the itemized deduction limit on individuals with income over ten million dollars (Part A); extends certain provisions of the tax law relating to certain transactions and related information and relating to the voluntary compliance initiative (Part B); makes technical corrections to the metropolitan commuter transportation mobility tax (Part C); relates to the restriction upon issuing notices for a tax year that is the subject of a pending petition filed with the division of tax appeals (Part D); creates the commercial security tax credit program (Part E); extends the effectiveness of certain provisions establishing standards for electronic tax administration (Part F); repeals provisions relating to the expiration of the segregated sales tax account (Part G); relates to the filing of amended tax returns (Part H); relates to exempting certain tangible personal property and services from sales and use tax (Part I); extends the sales tax exemption for certain sales made through vending machines (Part J); provides for regulation of short-term residential rentals of private dwellings in certain municipalities (Part K); relates to the tax imposed on certain adult-use cannabis products (Part L); relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund and the Capital region off-track betting corporation's capital acquisition funds (Part O); extends the authorization for simulcasting of certain racing through the end of June, 2025 (Part P); extends requirements related to the New York Jockey Injury Compensation Fund, Inc. (Part Q); establishes a Cornell racehorse safety program (Part R); relates to the corporate franchise tax rate (Part S); increases the personal income tax rate for certain income levels (Part T); establishes phase out rates for the earned income tax credit (Part U); relates to earned income tax credit eligibility requirements (Part V); relates to the supplemental child tax credit (Part W); adjusts the homeowner tax rebate credit for STAR recipients (Part X); exempts certain fire extinguishers, fire alarms and carbon monoxide alarms from sales and compensating use taxes when purchased for retail use during the month of October (Part Y); exempts basic school supplies from sales tax during the 15 day period prior to Labor Day (Part Z); relates to creating an exemption from the tax on retail sales for oral care products (Part AA); establishes sales tax exemptions for residential and commercial energy storage systems equipment (Part BB); creates a work opportunity tax credit (Part CC).
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