Bill > A02234

This bill establishes the City of New York Education Fund, a special fund jointly managed by the mayor of New York City and the commissioner of taxation and finance. The fund will be created by imposing an additional one percent real property tax on all property classes within New York City, which has a population of one million or more. The collected funds will be used to support education programs, working in conjunction with existing city budget allocations for education. The bill stipulates that the money in this fund must be kept separate from other city funds and cannot be commingled with other financial resources. The new fund and tax will go into effect on the first of April following the bill's passage into law, with the explicit goal of providing additional financial support for educational initiatives in New York City.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2234