Bill > S00117

This bill establishes the "Close the Waitlist Fund" to address long-standing issues with senior services in New York State by creating a dedicated funding mechanism to eliminate waitlists for senior services. The legislation introduces a new 0.5% tax surcharge on taxable income over $10 million, with all revenue from this surcharge specifically allocated to the new fund. The fund will be managed by the state comptroller and the commissioner of taxation and finance, and will provide resources to the Office for the Aging to offer services to seniors who have been waiting to receive assistance. The bill acknowledges the changing demographics of the senior population and the need to modernize senior services, noting that many individuals have been on waitlists for decades or avoid being waitlisted due to concerns about not receiving help before their needs become critical. By creating this dedicated funding source, the bill aims to help seniors age in place, avoid institutionalization, and receive necessary support, with the expectation that investing in these services will ultimately save money by reducing more expensive forms of senior care. The tax surcharge and fund will take effect for tax years beginning on or after January 1, 2026.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S117