| Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2026-2027 state fiscal year; sets forth a child and dependent care credit for taxable years beginning on or after January 1, 2026 (Part A); excludes certain tips earned up to twenty-five thousand dollars from New York adjusted gross income (Part B); retains the deductibility of certain charitable contributions (Part C); standardizes the definition of farmer for various tax credits (Part D); extends the current corporate tax rates (Part E); provides for exemptions from calculation of income in certain cases, provided such exemptions were not already applied in the calculation of income under federal provisions (Part F); relates to the treatment of certain deductions allowable under the internal revenue code in calculating New York city taxable income for corporations for taxable years beginning after December 31, 2024 (Part G); relates to the deadline for the pass-through entity tax and New York city pass-through entity tax election and the payments made relating to such tax election (Part H); extends provisions of law relating to the commercial security tax credit from January 1, 2026 until January 1, 2029 (Part I); enhances the New York city musical and theatrical production credit (Part J); defines the term "alternative nicotine products"; makes provisions relating to the possession for sale, sale, and taxation of alternative nicotine products in this state (Part K); relates to the taxation of vapor products imported into or manufactured in the state by a vapor products distributor; relates to the requirements of vapor products distributors and vapor products dealers and to the enforcement of such taxes on vapor products (Part L); extends the real estate transfer tax rate reduction for conveyances of real property to existing real estate investment funds (Part M); establishes a sales and use tax reregistration program, and a sales and use tax penalty and interest discount program (Part N); relates to establishing a sales tax exemption for the retail sale of electricity by means of commercial electric vehicle charging stations (Part O); extends the sales tax exemption for vending machines (Part P); extends the residential energy storage sales tax exemption for two years (Part Q); relates to the tax filing deadline for petroleum businesses that operate commercial vessels (Part R); extends the alternative fuels tax exemptions for five years (Part S); makes technical corrections to the STAR exemption and STAR credit programs (Part T); extends the assessment ceiling for local public utility mass real property to January 1, 2031 (Part U); relates to expanding the rent increase exemption for senior citizens and persons with disabilities; extends provisions of law relating to the rent increase exemption until 2028 (Part V); conforms pari-mutuel tax provisions and makes technical corrections (Part W); extends capital acquisition funds for the off-track betting corporation (Part X); makes permanent certain provisions of law relating 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, distributions of wagers, and the imposition of certain taxes related thereto (Part Y); extends certain seasonal employee licensing requirements for race dates assigned to Belmont Park at Saratoga Racetrack in 2026 (Part Z). |
