NY S09500

Imposes a quarterly excise tax on covered taxpayers equal to 25% of the amount by which their current average annual profits exceed their average annual profits from 2015-2019.

Applies to all New York businesses incorporated in the state and subject to article 9, 9-A, or 13-A tax during each calendar quarter from the effective date through December 31, 2024.

Creates the "Protect New Yorkers from Surges Fund" to receive and distribute windfall profits tax revenues, with funds used to provide rebates to eligible New York residents.

Provides income tax credits and advance refunds to eligible individuals with reduced benefits for those with adjusted gross income exceeding $80,000-$160,000 depending on filing status.

Allows municipalities to impose an identical local excise tax on covered taxpayers if they notify the commissioner by certified mail before the applicable period begins.