Bill Summary: A02747

• Increases the basic STAR property tax exemption from $30,000 to $60,000 and doubles the CPI-W adjustment multiplier for the enhanced STAR exemption beginning with the 2023-2024 school year.

• Removes prior limitations on STAR tax savings growth that capped annual increases at 2% for certain school years, allowing savings to grow based on the enhanced exemption amounts.

• Reduces personal income tax rates for taxable year 2023 across all income brackets, with the largest cuts for middle-income earners (rates reduced by approximately 1-2 percentage points).

• Establishes separate tax rate schedules for married filing jointly, single filers, and head of household status, each with adjusted brackets and reduced rates effective for 2023 and thereafter.