Bill > A10273

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 for state tax purposes. This means that taxpayers can no longer claim these deductions when calculating their state income tax if they previously claimed them on their federal return. Specifically, it addresses deductions for qualified production property, research and experimental expenditures (both current and those incurred before 2025), and certain section 179 property deductions, effectively reversing the federal tax treatment for these items at the state level.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A10273