New York State Legislative Changes

New York – Sales & Use Taxes

Tax exemption for New York alcohol tastings.

L.2017 , A6945 (c. 418), effective 03/01/2018, provides an exemption from sales and use tax for tastings (beer, cider, or liquor) held by a licensed brewery, cider producer, farm cidery, distillery or farm distillery. The bill was enacted to create uniformity across the alcohol industry where only wineries were also permitted a sales tax exemption for tastings the wineries charged a fee for.

New York- Personal Income Tax

Discharged student loan deduction.

L.2017, S4491 (c.456), effective 12/13/2017, grants a personal income tax deduction for the amount of a student loan that is discharged due to the death or a permanent and total disability of the borrower. The law applies to the 2017 tax year and to subsequent taxable years.

New York- Personal Income Tax

Deduction for first time home buyers’ deposits into savings account.

L.2017, A5616 (c. 472), applicable to taxable years commencing on or after 01/01/2018, establishes the New York state first home savings program, which authorizes first time home buyers to establish savings accounts to purchase a home; and provides a personal income tax deduction of up to $5,000 ($10,000 if married and filing jointly), for deposits into a New York State First Home Savings account.