Grants a combat veteran tax credit for entrepreneurs to provide a five hundred dollar tax credit to combat veteran entrepreneurs who create a business in New York state.
Relates to creating a separate tax on inheritance income, creating a separate tax on gift income, the computation of the estate tax, and creating a gift tax.
Relates to increasing the volunteer firefighters' and ambulance workers' credit; increases the amount of the credit from $200 to $500 for single filers and from $400 to $1,000 for spouses filing jointly.
Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.
Establishes a tax credit for certain volunteers at 501(c)(3) organizations or organizations affiliated with NY Cares or NY Service who provide at least twenty-five hours of service during the year.
Eliminates provisions of law that require the payment and subsequent refund of the ten cent diesel excise tax and sales tax on diesel motor fuel when sold to operators of commercial fishing vessels for use in the operation of such vessels.
Establishes a clinical preceptorship personal income tax credit for certain health care professionals who provide preceptor instruction to students studying to be a health care professional.
Provides for a phased decrease of excise taxes and sales taxes and petroleum business taxes on diesel motor fuel and motor fuel when the average price of motor fuel in the state exceeds $2.25 per gallon; authorizes cities having a population of one million or more and counties to adopt local laws limiting taxes on diesel motor fuel and motor fuel.
Establishes a home heating tax credit for qualified taxpayers with an income of $125,000 or less for single filers, or with a combined income of $250,000 or less for joint filers.