Page 11 - This Year in Albany 2025

REVENUE
Extends the state income tax surcharge on high
earners for five years.
Reduces income taxes for joint filers making up
to $323,200 annually, benefiting 77% of New
Yorkers.
Increases the Child Tax Credit to $1,000 per
child under age four and $500 per child aged
four to 16.
This enhanced credit is available to families
making up to $110,000 per year and
individuals making up to $75,000 per year.
Provides $2 billion in funding to issue inflation
refund checks to New Yorkers making less than
$300,000 per year.
OTHER ISSUES
Allows the state to use up to $8 billion in rainy
day funds to return the Unemployment
Insurance (UI) Trust Fund to solvency.
This will save employers approximately
$300 per employee.
It will also allow the maximum UI benefit to
be increased from $504 to $869 per week
beginning October 1, 2025.
Allows striking workers to collect
unemployment insurance benefits after a two-
week waiting period. Previously, striking
workers were required to have a three-week
waiting period before unemployment insurance
benefits could begin.
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