Bill > S01559

This bill enacts the "Affordable NY Act" with two primary components: modifications to the STAR (School Tax Relief) property tax exemption program and adjustments to personal income tax rates. In Part A, the bill increases the base figure for both basic and enhanced STAR exemptions, with the enhanced STAR exemption base figure being doubled for the 2025-2026 school year and thereafter, rising from $30,000 to $60,000. For the basic STAR exemption, the base figure will increase from $30,000 to $60,000 in the same period. The bill also simplifies the calculation of these exemptions by using the Consumer Price Index for urban wage earners and clerical workers (CPI-W) to determine annual increases. In Part B, the bill revises the state's personal income tax brackets and rates, primarily focusing on taxable years from 2023 to 2027, with a significant overhaul of tax rates beginning in 2025. The most notable changes include lowering tax rates across most income brackets, with the lowest tax rate for some income ranges dropping from 4% to 2%, and adjusted dollar amounts for different income levels. These changes aim to provide tax relief for New York residents by reducing the tax burden across various income levels and adjusting property tax exemptions for homeowners.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/S1559