Bill > A00829

This bill amends the New York state tax law to exclude unemployment compensation from state income tax calculations, beginning with the taxable year starting January 1, 2025. Specifically, the legislation adds a new provision to section 612 of the tax law that allows taxpayers to fully exempt any unemployment compensation they receive from their state income tax computation. Unemployment compensation typically refers to financial benefits provided by the government to individuals who have lost their jobs through no fault of their own, and this bill aims to reduce the tax burden on those receiving such benefits. By removing these payments from the income tax calculation, the bill will effectively lower the taxable income for individuals who have received unemployment benefits, potentially providing financial relief to those who have experienced job loss.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A829