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New York Governor Signs 2025-2026 Budget That Includes Business Tax Hikes

Withum

While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers. Including a payroll tax hike and new rules related to partnership audits. Below is a summary of some of the more important tax changes. million annually through 2032.

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Renewable energy tax credits: Geothermal, solar, biomass, wind power, and more

ThomsonReuters

You must claim the credit for the tax year when the property is installed, not merely purchased. Residential Clean Energy Tax Credit If you invest in renewable energy (i.e., This credit equals 30% of the  costs of new, qualified clean energy property  for your home installed anytime from 2022 through 2032.

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Understanding energy efficient tax credits

ThomsonReuters

Building products tax credits For homes and apartments acquired on or after January 1, 2023, the tax credit for home builders is specifically tied to certification to an eligible version of the relevant ENERGY STAR program requirements for single-family, manufactured, and multifamily homes, and the tax credit has been extended through 2032.

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