Bill > S08631

This bill, effective for taxable years beginning on or after January 1, 2025, requires that certain deductions previously allowed under the federal Internal Revenue Code (IRC) related to specific types of property and domestic research or experimental expenditures must now be added back to a taxpayer's federal adjusted gross income when calculating their state tax liability. This means that while these deductions might be taken for federal tax purposes, they will not be recognized for state tax purposes, effectively increasing the state taxable income for businesses and individuals who claim them. Specifically, it addresses deductions for qualified production property, research and experimental expenditures (both foreign and domestic), and certain property eligible for Section 179 deductions, essentially reversing the tax benefit of these deductions at the state level by requiring them to be added back to income.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S8631