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NY S08577
Bill
Status
Introduced
11/14/2025
Primary Sponsor
John Liu
Click for details
AI Summary
- Authorizes cities that impose personal income taxes to enact an additional 2% tax on annual city taxable income exceeding $1 million for residents, estates, and trusts
- Applies to taxable years beginning after 2026
- Requires cities to enact the local law by July 31st of the applicable tax year for it to take effect that year
- Mandates cities send a certified copy of the local law to the state tax department within 15 days of enactment
- Tax would be administered, collected, and distributed by the state tax commissioner alongside existing city income taxes
Legislative Description
Enacts the "fair share act"; authorizes cities imposing city personal income taxes to adopt and amend local laws imposing an additional tax of two percent on the annual city taxable income of city residents, estates and trusts reporting any return in excess of one million dollars.
Last Action
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
1/7/2026
Committee Referrals
Investigations and Government Operations1/7/2026
Rules11/14/2025
Full Bill Text
No bill text available