A 3009Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2025-2026 state fiscal year

Latest change summary

+49395 / −35296 words · LargeConfidence: high

This bill version removes numerous provisions related to the CATALIST NY program (Companies Attracting Talent to Advance Leading Innovations and Scale Technologies) and associated relocation tax incentives. The changes eliminate the entire CATALIST NY framework that provided tax benefits to early-stage innovation businesses and incubators, including all eligibility criteria, certification processes, and employee-level tax benefits for up to eight net new jobs over five years capped at 4,500 employees annually. The bill also removes multiple relocation assistance credits worth $5,000 per eligible employee for businesses moving to eligible premises in cities with populations over one million, along with the associated overpayment refund provisions and eligibility requirements such as 24-month out-of-state operational history. Additionally, the bill deletes the long-term tax rate schedule that was set to take effect for taxable years beginning after 2032, removes various definitions supporting these programs (including 'loan-out company,' 'linear scalar,' 'Mayor,' 'part-time work week,' 'relocate,' and 'retail activity'), and strips out structural elements such as effective date provisions and subpart designations. These deletions collectively dismantle incentive programs targeting business attraction and growth in New York while removing future tax rate structures.