New YorkVendors could claim up to $500 for timely sales tax returns
If enacted, the measure would let vendors who file and pay on time claim a sales tax credit of up to $500 per reporting period starting with tax years that begin in 2027.
What it does
Vendors who file and pay a sales tax return on time could claim a credit worth 5% of the taxes and fees reported, up to $500 per quarterly or longer period.
Argument forVendors who file and pay on time could receive a credit of up to $500 for each quarterly or longer reporting period.
Argument againstThe credit could leave less sales tax revenue available for public services when vendors file and pay qualifying returns on time.
More detail
Vendors could claim a credit equal to 5% of qualifying taxes and fees, up to $500 for each reporting period. The credit applies to each quarterly or longer reporting period. The return must be filed by its due date, and the taxes and fees must be reported and paid with it. Penalties and interest do not count toward the credit. If enacted, the measure would apply to tax years beginning on or after January 1, 2027.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 16REFERRED TO WAYS AND MEANSIntroduced
Taxes & Budget