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.
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.
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.
Adjusts the calculation of the empire state child credit to provide for a one thousand dollar credit per qualifying child who is less than four years of age and a five hundred dollar credit per qualifying child who is four years of age or older for certain qualifying taxpayers.