New YorkA 86762025-2026 Regular SessionHouseWALLET

Relates to relocation and employment assistance credits

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 1 costs, 2 mixed.

Annual Filing Rules for Relocating Businesses

Businesses receiving relocation credits must apply for certification every year throughout the credit period and show they still qualify. Applications must report eligible employment shares and average wages and benefits for the relocated workers counted toward the credit. The mayor can require online filing and certified statements. Certification documents are subject to criminal penalties for false statements.

Longer Relocation Credit Deadlines for Businesses

The law extends certification deadlines for certain existing New York City relocation credits from July 1, 2025, to July 1, 2028. Starting July 1, 2028, those certifications require an exception allowed by the applicable program's law. The extension covers eligible businesses and special eligible businesses. Special eligible businesses must relocate at least the lesser of 25% of their New York City base employment shares or 250 shares.

New Tax Credits for Relocating Businesses

The law authorizes New York City to adopt a local law offering qualifying businesses relocation tax credits. The credit pays $5,000 per eligible employment share each year, covering the relocation year and the next 10 taxable years. The tenth following year's credit is prorated using days in the relocation year and days shares are maintained that year. Businesses must have conducted substantial operations outside New York State for the 24 consecutive months before the relocation tax year. They cannot have maintained New York employment shares from January 1, 2025, through signing their lease or purchase contract. Moves must occur on or after July 1, 2025, and transfer at least one employee, partner, or sole proprietor from outside New York. The relocation date is that person's first workday at the eligible space. Businesses must use at least 10,000 square feet of nonresidential space wholly within New York City. Space wholly in Manhattan must have final occupancy certificates issued before January 1, 2000. Retail activity and hotel services do not qualify. Each business can claim only one relocation, but can add or replace eligible premises. Employment shares reflect weeks worked: weeks of at least 35 hours count fully, and weeks of 15–34 hours count halfway. Those totals are divided by the number of weeks in the tax year. Credit-eligible shares cannot exceed relocated shares, the business's approved limit, or eligible square footage divided by 175. Work before relocation does not count. Employees acquired through mergers or acquisitions after June 30, 2025, do not count. Initial approvals are capped at 500 shares per business and 3,000 across the program. The mayor or a designated agency certifies eligibility, handles applications first-come, first-served, and publishes whether the program cap is reached. Application fees are allowed. For initial certification on or after July 1, 2028, a premises contract and preliminary application must precede that date. A lease or purchase agreement must be entered into between the application date and three months afterward. Relocation must occur within 36 months after the preliminary application. Unused credits can carry forward for up to five following tax years, subject to the applicable tax rules. Refunds carry no interest. One tax track allows refunds for the relocation year and 10 following years; other tracks cover the relocation year and four following years. Refund and carryforward limits, and the order of applying this credit against other credits, depend on the tax track. Refunded amounts cannot also be carried forward beyond the allowed windows.

Sponsors & Cosponsors

Sponsor

Grace Lee
Democratic • House

Cosponsors

Andrew Hevesi
Democratic • House
Catalina Cruz
Democratic • House
Chantel Jackson
Democratic • House
Charles Fall
Democratic • House
Chris Burdick
Democratic • House
Dana Levenberg
Democratic • House
David Weprin
Democratic • House
Deborah Glick
Democratic • House
Edward Braunstein
Democratic • House
John Zaccaro Jr.
Democratic • House
Jordan Wright
Democratic • House
Keith Brown
Republican • House
Landon C. Dais
Democratic • House
Manny De Los Santos
Democratic • House
Maritza Davila
Democratic • House
Micah Lasher
Democratic • House
Michael Benedetto
Democratic • House
Nily Rozic
Democratic • House
Patrick Burke
Democratic • House
Rebecca Seawright
Democratic • House
Robert C. Carroll
Democratic • House
Rodneyse Bichotte Hermelyn
Democratic • House
Stacey Pheffer Amato
Democratic • House
Yudelka Tapia
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 183 • No: 23

Senate vote • 6/11/2025

FLOOR Vote

Yes: 40 • No: 19

House vote • 6/10/2025

Assembly floor vote

Yes: 143 • No: 4

Actions Timeline

SIGNED CHAP.171
6/26/2025House
DELIVERED TO GOVERNOR
6/26/2025House
RETURNED TO ASSEMBLY
6/11/2025Senate
PASSED SENATE
6/11/2025Senate
3RD READING CAL.1852
6/11/2025Senate
SUBSTITUTED FOR S8063A
6/11/2025Senate
REFERRED TO RULES
6/10/2025Senate
DELIVERED TO SENATE
6/10/2025House
PASSED ASSEMBLY
6/10/2025House
ORDERED TO THIRD READING RULES CAL.590
6/10/2025House
RULES REPORT CAL.590
6/10/2025House
REPORTED
6/10/2025House
REPORTED REFERRED TO RULES
6/9/2025House
REFERENCE CHANGED TO WAYS AND MEANS
6/8/2025House
REFERRED TO CITIES
5/28/2025House

Bill Text

Original
5/28/2025
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