Bill > A01481

This bill establishes a new "Close the Waitlist Fund" to address the long-standing issue of seniors waiting for essential services by implementing a targeted tax surcharge. Specifically, the bill creates a special fund within the state comptroller's office that will be funded by a 0.5% tax surcharge on taxable income above $10 million, which will be exclusively used to provide senior services to individuals currently on waiting lists. The legislation recognizes that the current senior services system, largely unchanged since the Older Americans Act of 1965, has not kept pace with the rapidly growing and changing senior population, particularly those 80 and older. By generating revenue through this tax surcharge, the bill aims to help seniors receive critical services like home care, meals, preventative medical services, transportation, and caregiver assistance, with the underlying philosophy that investing in these services can ultimately save money by allowing seniors to age in place and avoid more costly institutional care. The tax surcharge will take effect for tax years beginning on or after January 1, 2026, and all revenue generated will be directly deposited into the new Close the Waitlist Fund to be administered by the Office for the Aging.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1481