NY A07504

Doubles the basic STAR property tax exemption from $30,000 to $60,000 beginning with the 2025-2026 school year

Increases the enhanced STAR exemption by requiring annual CPI-W adjustments to be multiplied by two, effectively doubling the inflation adjustment for seniors

Removes existing caps that limited annual STAR tax savings increases to 2% per year

Reduces personal income tax rates for married couples filing separately, with the lowest bracket dropping from 4% to 2% and middle brackets reduced by approximately 2 percentage points for taxable years beginning in 2025

Eliminates the higher tax brackets (9.65%, 10.30%, and 10.90%) that applied to incomes over $2,155,350, $5,000,000, and $25,000,000 respectively, capping the top rate at 8.82% for income over $1,500,000