New York legislators gave final approval to more than 70 separate tax law changes in the legislative session ended in June, according to The Business Council of New York State.
The changes were wide-ranging, if limited, the business council said, and touched on many areas in the 2012-13 budget, including tax credits for the installation of solar energy equipment and film productions, job creation credits and exempting military service flags from sales and use taxes.
- Hotel/Motel Occupancy Taxes were extended thru 12/31/14 for the city of Albany (S.6177) and thru 9/1/15 for the cities of New Rochelle (A.8555-A), Rye (A.8556-C) and White Plains (S.7510).
- Authorizes municipalities to provide up to 10-year property tax exemptions for property improvements meeting specified “green building” standards (S.1462-D). Chapter 188.
- Exempts food and beverage sold from vending machines for $1.50 or less from the sales/use tax (S3445-B).
The Business Council prepared a memo for its members reviewing many of the changes. Read it below.