Detailed Table of Contents
- Introduction
- Use of this report and data limitations
- Recent legislation that has affected tax expenditures
- Personal income tax: Tax expenditure estimates
- Description of tax
- Data sources
- Methodology
- Impact of the 2017 federal Tax Cuts and Jobs Act on New York personal income tax expenditures
- Federal exclusions from income
- Table 1: 2025 personal income tax expenditure estimates
- New York modifications
- New York itemized deductions and exemptions
- New York credits
- Corporate franchise tax: Tax expenditure estimates
- Description of tax
- Table 2: 2025 New York State Article 9-A tax expenditure estimates
- New York modifications to federal taxable income/effectively connected income
- New York modifications to entire net income
- Corporate exemptions
- Preferential tax rates
- Corporate franchise tax credits
- Cross-article credits
- Insurance tax: Tax expenditure estimates
- Description of tax
- Methodology
- Table 3: 2025 New York State insurance tax expenditure estimates
- New York modifications to federal taxable income
- Alternative bases
- Exclusions from premiums base tax
- Limitation on tax
- Corporate exemptions
- Preferential tax rates
- Credits
- Insurance tax credits
- Cross-article credits
- Corporation tax: Tax expenditure estimates
- Sales and use tax: Tax expenditure estimates
- Petroleum business tax: Tax expenditure estimates
- Real estate transfer tax: Tax expenditure estimates
- Cross-article tax credits
- Table 8: 2025 New York State cross-article tax credits estimates
- Investment tax credit and employment incentive credit
- Investment tax credit for the financial services industry
- Special additional mortgage recording tax credit
- Empire Zone, Qualified Empire Zone Enterprise, and zone equivalent area tax credits
- Farmers’ School tax credit
- Credit for employment of persons with disabilities
- Qualified emerging technology company credits
- Low-income housing credit
- Credit for purchase of an automated external defibrillator
- Green buildings credit
- Long-term care insurance credit
- Empire State film and commercial credits
- Security training tax credit
- Brownfields tax credits
- Biofuel production credit
- Land conservation easement credit
- Clean heating fuel credit
- Rehabilitation of historic properties credit
- Excelsior Jobs Program tax credits
- Credit for companies who provide transportation to individuals with disabilities
- Economic Transformation and Facility Redevelopment Program tax credit
- New York Youth Jobs Program tax credit
- Empire State Jobs Retention Program credit
- Alcoholic beverage production credit (formerly beer production credit)
- Alternative fuels and electric vehicle recharging property credit
- START-UP NY tax elimination credit
- Credit for the excise tax on telecommunication services paid by START-UP New York businesses
- Real property tax relief credit for manufacturing
- Hire a veteran credit
- Musical and theatrical production credit
- Workers with disabilities tax credit
- Employee Training Incentive Program
- Farm workforce retention credit
- Empire State apprenticeship tax credit
- Life sciences research and development tax credit
- Farm donations to food pantries credit
- Employer provided child care credit
- Recovery tax credit
- Restaurant return-to-work tax credit
- New York City musical and theatrical production tax credit
- Covid-19 capital costs tax credit
- Grade number 6 heating oil conversion tax credit
- Farm employer overtime credit
- Additional restaurant return-to-work tax credit
- Empire State digital gaming media production tax credit
- Child care creation and expansion credit
- Newspaper and Broadcast Media Jobs Program credit
- Commercial security tax credit
- 2025–26 Executive Budget tax expenditure proposals
- Table 9: 2025-26 Executive Budget proposals affecting tax expenditures
- Enact a one-time inflation refund
- Enhance the Empire State child credit for three years
- Establish the CATALIST NY Program
- Establish a tax credit for organ donation
- Simplify the STAR income definition
- Extend and amend the Excelsior Jobs Program
- Extend and enhance the Empire State film and post-production tax credits
- Amend the rehabilitation of historic properties tax credit
- Extend and double the low-income housing credits
- Make a technical change to the Newspaper and Broadcast Media Jobs Program
- Amend the Digital Gaming Media Production Credit Program
- Expand the credit for employment of persons with disabilities
- Extend the workers with disabilities tax credit for three years
- Extend the New York City musical and theatrical production credit for two years
- Extend the Empire State musical and theatrical production credit for four years
- Extend the hire a vet credit for three years
- Extend the clean heating fuel credit for three years
- Extend the alternative fuels and electric vehicle recharging property credit for three years
- Conservation easements exemption and land trust exemption from mansion tax
- Extend the sales tax vending machine exemption for one year
- Glossary
- Tables
- Table 1: 2025 personal income tax expenditure estimates
- Table 2: 2025 New York State Article 9-A tax expenditure estimates
- Table 3: 2025 New York State insurance tax expenditure estimates
- Table 4: 2025 New York State corporation and utilities (Article 9) tax expenditure estimates
- Table 5: 2025 New York State sales and use tax expenditure estimates
- Table 6: 2025 New York State petroleum business tax expenditure estimates
- Table 7: 2025 New York State real estate transfer tax expenditure estimates
- Table 8: 2025 New York State cross-article tax credits estimates
- Table 9: 2025-26 Executive Budget proposals affecting tax expenditures
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