New York A04672 amends the tax law to increase the excess real property tax credit for certain qualified taxpayers.

New York A04672 amends the tax law to adjust the excess real property tax credit for qualified taxpayers. The bill modifies the credit percentages based on the taxpayer's qualified gross income. For taxpayers with income up to $75,000, the credit is 20%. For those with income between $75,000 and $150,000, the credit is a sliding scale between 5% and 20%. For income between $150,000 and $350,000, the credit is a sliding scale between 6% and 15%. The changes apply to tax years beginning on or after January 1, 2026.

New York A04672 amends the tax law to increase the excess real property tax credit for certain qualified taxpayers.

New York A04672 amends the tax law to adjust the excess real property tax credit for qualified taxpayers. The bill modifies the credit percentages based on the taxpayer's qualified gross income. For taxpayers with income up to $75,000, the credit is 20%. For those with income between $75,000 and $150,000, the credit is a sliding scale between 5% and 20%. For income between $150,000 and $350,000, the credit is a sliding scale between 6% and 15%. The changes apply to tax years beginning on or after January 1, 2026.