Bill > A01751

This bill amends New York State tax law to exclude up to $10,200 of unemployment compensation benefits from state income tax for each taxable year beginning on or after January 1, 2024. Unemployment compensation refers to benefits paid to individuals who have lost their jobs through no fault of their own, typically provided by state unemployment insurance programs. By creating this tax exemption, the bill aims to provide financial relief to residents who have received unemployment benefits, effectively reducing their state tax burden by allowing them to exclude a significant portion of these benefits from their taxable income. The bill would take effect immediately upon passage, meaning eligible taxpayers can benefit from this exemption starting with the 2024 tax year.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1751