Bill > S03623

This bill authorizes the city of New York to impose a personal income tax surcharge on high-income residents to fund transit infrastructure improvements. The surcharge would apply to residents with city taxable income over $1,000,000 for married couples filing jointly, over $750,000 for heads of household, and over $500,000 for single individuals and estates/trusts, with a tax rate of 0.534% on the income above those thresholds. The revenues from this surcharge would be deposited into a dedicated fund managed by the Metropolitan Transportation Authority (MTA) and used exclusively for transit infrastructure projects, such as subway cars, tracks, signals, stations, and Americans with Disabilities Act improvements. The bill specifies that these funds can be used to pay for capital projects, issue bonds for infrastructure improvements, and must supplement rather than replace existing funding sources. The tax surcharge would take effect for taxable years beginning after 2024, and the bill includes provisions to ensure the funds are used specifically for transit improvements while protecting bondholders' interests and preventing the state from reducing existing funding commitments to the MTA.

Transportation and Infrastructure

https://www.nysenate.gov/legislation/bills/2025/S3623