Establishes the New York state foreign dependent children tax inclusion act authorizing a tax deduction for support provided to children outside of the United States; defines "dependent children"; provides an exemption of $1,000 for each foreign dependent child.
Provides that for taxable years beginning on and after January first, two thousand twenty-four, a resident taxpayer who serves as an active volunteer firefighter or as a volunteer ambulance worker shall be allowed a credit against the tax imposed equal to eight hundred dollars; provides for a real property tax exemption under certain circumstances to an enrolled member of an incorporated volunteer fire company, fire department or incorporated voluntary ambulance service residing in such city, village, town, school district, special district, fire district or county.
Creates deduction from franchise tax and personal income tax for costs of acquiring or improving child care facility operated for profit; creates deduction from corporation tax, franchise tax, personal income tax and tax on banks for costs of acquiring or improving a child care facility operated primarily for children of taxpayer's employees.
Provides for funding for the consolidated local street and highway improvement program and the COVID-19 pandemic small business recovery grant program from a percentage of online sales taxes.
Establishes the New York small business relief fund to provide grants to small businesses who have suffered economic hardship as a result of the COVID-19 pandemic; provides for a tax write-off for gifts made to such fund.
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.
Establishes a small business tax credit for certain efforts taken to improve such small business's facility in an effort to reduce the spread of infectious diseases.