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.
Summary
Bill S06019 seeks to repeal a specific provision in New York's tax law that currently prevents volunteer firefighters and ambulance workers from receiving an income tax credit if they are already benefiting from a real property tax exemption for their service. By removing this restriction, the bill aims to provide additional financial relief to these essential community service members, recognizing their contributions and encouraging volunteerism in emergency services. The bill is set to take effect immediately and will apply to taxable years beginning on or after January 1, 2026.
Impact
The repeal of this provision is expected to have a positive financial impact on volunteer firefighters and ambulance workers, allowing them to claim both the property tax exemption and the income tax credit simultaneously. This change could potentially increase the number of individuals willing to volunteer in these critical roles, thereby enhancing community emergency response capabilities. The bill modifies existing tax law, specifically section 606 of the tax law, which governs the treatment of these tax credits.
Sentiment
The general sentiment surrounding Bill S06019 appears to be supportive, particularly among advocacy groups for volunteer emergency service workers. Discussions indicate a recognition of the importance of incentivizing volunteerism and providing adequate financial support to those who serve their communities. However, there may be concerns regarding the fiscal implications of the repeal on state tax revenues, which could be a point of discussion among legislators.
Contention
Notable points of contention may arise from the potential impact on state revenue and whether the repeal could lead to increased financial burdens on the state budget. Some lawmakers may argue that while supporting volunteer firefighters and ambulance workers is crucial, the state must also consider the overall fiscal health and sustainability of tax incentives. There may be differing opinions on the balance between providing tax relief and maintaining adequate funding for state programs.
Same As
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.
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.
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.
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.
Extends the effectiveness of certain sections of law relating to real property tax exemptions for real property owned by volunteer firefighters and volunteer ambulance workers.
Extends the effectiveness of certain sections of law relating to real property tax exemptions for real property owned by volunteer firefighters and volunteer ambulance workers.
Provides that for taxable years beginning on and after January first, two thousand twenty-six, a resident taxpayer who serves as an active volunteer firefighter or as a volunteer ambulance worker shall be allowed a credit against the tax imposed equal to eight hundred dollars; provides for a real property tax exemption under certain circumstances to an enrolled member of an incorporated volunteer fire company, fire department or incorporated voluntary ambulance service residing in such city, village, town, school district, special district, fire district or county.
Provides that for taxable years beginning on and after January first, two thousand twenty-six, a resident taxpayer who serves as an active volunteer firefighter or as a volunteer ambulance worker shall be allowed a credit against the tax imposed equal to eight hundred dollars; provides for a real property tax exemption under certain circumstances to an enrolled member of an incorporated volunteer fire company, fire department or incorporated voluntary ambulance service residing in such city, village, town, school district, special district, fire district or county.
Provides a state income tax exemption for volunteer firefighters and volunteer ambulance workers who have qualifying service in the taxable year for which such exemption is sought.