New YorkA 86762025-2026 Regular SessionHouseWALLET

Relates to relocation and employment assistance credits

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Bill Overview

Analyzed Economic Effects

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

Early refunds and carryovers for credit

You can use the credit in the move year and up to 10 later years while you keep the covered jobs. If the credit is bigger than your tax in the move year and the next four years, the extra is refunded without interest and cannot carry forward. In other years, any extra credit carries forward up to five years. The tenth year amount is prorated by days. This credit is taken before many other credits.

NYC move credit: $5,000 per job

The law creates a New York City relocation tax credit. You get $5,000 each year for every eligible employment share at the new site. You can claim it in the move year and up to 10 more years, beginning July 1, 2025. Your space must be nonresidential in NYC with at least 10,000 square feet; Manhattan sites need a final certificate of occupancy issued before January 1, 2000. You must move at least one worker from outside New York State. Retail and hotel moves do not qualify. You must get initial and yearly certifications from the mayor.

Cap of 500 jobs per business

A business can get at most 500 approved employment shares. The citywide program stops approvals after 3,000 total shares. The mayor approves in order of application and posts when the cap is reached.

More time to apply, stricter after 2028

Businesses can get initial certifications until July 1, 2028. For certifications issued on or after that date, you must have bought or leased the space and filed a preliminary application before July 1, 2028. You must sign a lease or purchase contract within three months of that filing and complete the move within 36 months.

Yearly filings and mayor rules

The mayor sets rules for the program and may require e-filing. If you claim the credit, you must file a certification each year to show you still qualify. You must report the average wages and benefits for the moved employees.

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: 40 • No: 19

House vote • 6/11/2025

FLOOR Vote