NY S01559

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

Increases the annual adjustment for the enhanced STAR exemption by multiplying the CPI-W inflation factor by two, effectively doubling the rate of increase for senior homeowners

Removes caps on STAR tax savings that previously limited annual increases to 2% or froze savings at prior year levels

Reduces personal income tax rates across all brackets by approximately 2 percentage points for taxable years beginning in 2025 (e.g., lowest bracket drops from 4% to 2%, middle brackets from roughly 6% to 4%)

Eliminates the higher tax brackets (9.65%, 10.30%, and 10.90%) for incomes over $2.155 million that were enacted in 2021-2022, returning to a top rate of 8.82% for income over $1.5 million