S. 4801 Summary

• Increases the base figure for the basic STAR property tax exemption from $30,000 to $60,000 for the 2023-2024 school year and thereafter.

• Doubles the annual percentage increase calculation for enhanced STAR exemptions starting in 2023-2024 by multiplying the CPI-W adjustment by two.

• Eliminates tax savings limitations that previously capped year-to-year increases in STAR exemptions at 2% for certain school years.

• Reduces personal income tax rates for taxable years beginning in 2023, with rates ranging from 2% on income under $12,000 to 8.82% on income over $1,500,000 (down from prior higher rates).

• Takes effect immediately upon enactment.