Bills affecting Homeowner in New York (2026 session)

Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2026-2027 state fiscal year; sets forth a child and dependent care credit for taxable years beginning on or after January 1, 2026 (Part A); excludes up to twenty-five thousand dollars in qualified tips earned from New York adjusted gross income (Part B); retains the deductibility of certain charitable contributions (Part C); standardizes the definition of farmer for various tax credits (Part D); extends the current corporate tax rates (Part E); provides for exemptions from calculation of income in certain cases, provided such exemptions were not already applied in the calculation of income under federal provisions (Part F); relates to the treatment of certain deductions allowable under the internal revenue code in calculating New York city taxable income for corporations for taxable years beginning after December 31, 2024 (Part G); extends provisions of law relating to the commercial security tax credit from January 1, 2026 until January 1, 2029 (Part I); enhances the New York city musical and theatrical production credit (Part J); defines the term "alternative nicotine product"; makes provisions relating to the possession for sale, sale, and taxation of alternative nicotine products (Part K); extends the real estate transfer tax rate reduction for conveyances of real property to existing real estate investment funds (Part M); directs the commissioner of taxation and finance to establish a sales and use tax reregistration program and a sales and use tax penalty and interest discount program (Part N); extends the sales tax exemption for vending machines (Part P); extends the residential energy storage sales tax exemption for two years (Part Q); relates to the petroleum business tax filing deadline for commercial vessel operators (Part R); extends the alternative fuels tax exemptions (Part S); makes technical corrections to the STAR exemption and STAR credit programs (Part T); extends the assessment ceiling for local public utility mass real property to January 1, 2031; clarifies the powers of the state board of real property tax services (Part U); relates to rent exemptions and rent increase exemptions and property tax exemptions for certain persons; extends provisions of law relating thereto (Subpart A); provides notice to tenants regarding rent increase exemptions (Subpart B)(Part V); conforms pari-mutuel tax provisions; makes technical corrections (Part W); extends the utilization of funds in off-track betting corporations' capital acquisition funds (Part X); extends certain provisions of law relating to licenses for simulcast facilities, sums relating to track simulcast, simulcast of out-of-state thoroughbred races, simulcasting of races run by out-of-state harness tracks, distributions of wagers, and the imposition of certain taxes related thereto (Part Y); extends certain seasonal employee licensing requirements for additional race dates at Saratoga Racetrack for the year 2026 (Part Z); excludes certain distributions on federal elections for the purposes of calculating federal adjusted gross income (Part AA); relates to tax credits for donations to food pantries made by farmers (Part BB); relates to the sales tax exemption for meal donations; authorizes students to donate unused meal funds, meals or meal points to other students enrolled in such school, college or university who are facing food insecurity; extends the authorization of such sales tax exemption (Part CC); establishes additional qualifications for the board members of regional off-track betting corporations (Part DD); relates to the real property tax exemption for disabled veterans (Part EE); establishes a protecting our wallets energy rebate (POWER) credit (Part FF); relates to standardbred total carbon dioxide (TCO2) on-track drug testing (Part GG); authorizes a city having a population of one million or more to impose a surcharge on property that does not serve as a primary residence (Part HH); authorizes additional vendor fees to vendor tracks and video lottery gaming facilities; directs the gaming commission to conduct a study on video lottery terminal vendor fees and commercial casino tax rates (Part II); extends the duration of certain brownfield redevelopment and remediation tax credits with respect to certain sites (Part JJ).

Provides a real property tax exemption to agricultural lands that are used for certain purposes.

Repeals the provision of law that volunteer firefighters and ambulance workers who receive a real property tax exemption for service may not receive the income tax credit for such service.

Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2026 assessment roll.

Extends eligibility for the agricultural property tax credit to farmers having a leasehold interest of not fewer than five continuous years in qualified agricultural property.

Creates a veteran's home and land ownership loan program to provide loans to veterans to purchase homes or unimproved land suitable for building; requires such loans to be secured by a second mortgage.

Prohibits the governor, the legislature and state agencies from imposing residential housing zoning requirements on local governments without approval from the local government.

Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in such person's own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages; makes related provisions.

Enacts the "deed protection act" in relation to prohibiting a mortgage banker or mortgage loan servicer from commencing, maintaining, or proceeding with a foreclosure action on a mortgage loan where such mortgage banker or mortgage loan servicer knows or has reason to know that the mortgage securing such loan is dependent on a deed, conveyance, or other instrument affecting title to residential real property that was procured by fraud, forgery, or other unlawful means.

Requires the department of financial services to fulfill certain requirements to implement homeowner natural disaster preparedness, home safety and loss prevention courses.

Requires the state to reimburse municipalities for loss of real property tax revenue resulting from the establishment of community residential facilities for the disabled.

Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.

Establishes a real property tax freeze credit for taxpayers in certain eligible school districts.

Authorizes municipalities to establish a history, arts, and culture levy to support history, arts, and culture; exempts such levy from the real property tax levy limit.

Provides that the amount of a STAR real property tax savings may not be less than the amount of the STAR real property tax savings from the previous year.

Increases, at local option, real property tax exemptions for combat veterans who are 100% permanently disabled.

Grants real property tax exemption to disabled veterans regardless of whether they served during a "period of war".

Provides for free legal representation in certain mortgage foreclosure actions where the homeowner is financially unable to obtain counsel; requires notice of such availability.

Requires certain zoning changes that include the development of farmland or open spaces to be subject to approval under a referendum vote, approved by at least 60% of voters in the town, village, or city.

Relates to tax lien foreclosure; establishes senior, disabled, and veteran homeowner real property tax assistance program; establishes installment plans for certain real property taxes.