Bill > S06532

This bill indexes personal income taxes to the cost of living adjustment beginning in 2024. Starting in 2024, the commissioner will multiply the amounts specified in the tax law, such as the tax table dollar amounts and the New York standard deduction, by the cost of living adjustment as determined by the US Treasury. The cost of living adjustment will be based on the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) published by the US Department of Labor. The adjusted amounts will be rounded to the next lowest multiple of $50. The bill also repeals the existing section 601-a of the tax law and replaces it with this new indexing provision.