New YorkA 115612025-2026 Regular SessionHouseWALLET

Enacts into law necessary legislation including extensions and technical corrections

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

Tax credits for 1800 Park Avenue redevelopment

The site at 1800 Park Avenue (between E. 124th and E. 125th Streets) in East Harlem is a qualified brownfield site. Site prep and on-site groundwater cleanup credits apply for the tax year qualified property is placed in service and for five years after, if the property is in service before the 2031 tax year. The tangible property credit applies for the placement year and for ten years after, if placed in service before the 2031 tax year. The site can also claim the remediated brownfields credit for ten straight tax years starting when qualified property is placed in service, and that period must begin by the 2031 tax year. A developer who buys all or part of the site from a party with a certificate of completion by the 2031 tax year can qualify. The site must have a cleanup agreement entered before January 21, 2005 and a certificate of completion dated on or before October 24, 2016.

Lower remittances for nursing homes cutting agency staff

The state runs a demonstration from January 1, 2023 through June 30, 2027 to cut use of temporary staffing in residential health care facilities. If you reduce contracted resident-facing staffing per PBJ comparisons, your remittance to the State drops: 50% if baseline use was 50% or less and you cut by at least 30%, or 25% if you cut by at least 20% but under 30%. If your contracted-out use stays very low, most revenue is excluded from the remittance base: 10% or less in Q4 2023, 9% or less in 2024, and 8% or less in 2025–2027; Medicaid operating revenue still counts. PBJ comparisons are fixed: 2023 uses Q4 2022 vs Q4 2023; 2027 uses Q2 2026 vs Q2 2027; other years use prior-year average vs current-year average. To get any reduction, you must submit documents to the Commissioner with CPA verification based on PBJ data before payment.

NYC local taxes extended through 2029

The law extends several New York City local tax authorizations through December 31, 2029, instead of ending December 31, 2026. It also keeps certain sales and service taxes in place until November 30, 2029, instead of November 30, 2026. People and businesses in New York City continue to pay these local taxes through the new dates.

NYC income tax tables shift after 2029

New York City resident income tax rate schedules now apply to taxable years beginning after 2029. This shifts when different rate tables apply to your NYC return in future years.

Sponsors & Cosponsors

Sponsor

Carl Heastie
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 58 • No: 2

House vote • 6/4/2026

FLOOR Vote