Bill Summary: A10418

• Authorizes counties, cities, and school districts to impose sales and compensating use taxes at rates up to four percent, with allowable rates of 0.5%, 1%, 1.5%, 2%, 2.5%, 3%, 3.25%, 3.5%, 3.75%, or 4%

• Grants specific counties and New York City the authority to impose additional tax rates exceeding four percent in quarter-percent increments for the period December 1, 2009 through November 30, 2011, including Nassau and Herkimer counties at up to 0.25% above four percent and Erie and Oneida counties at up to 0.75% above four percent

• Establishes "prior right" rules allowing counties and cities within those counties to preempt each other's taxes up to designated rate thresholds, while prohibiting preemption of rates exceeding three percent for certain designated counties and cities listed in subdivision (E)

• Requires specific allocation and distribution of net collections from additional tax rates to municipalities, school districts, and county purposes for counties including Oneida, Steuben, Suffolk, Erie, Oswego, and others, with different allocation percentages for each jurisdiction

• Effective December 1, 2010, allowing immediate adoption of local laws to implement the authorized tax rates