Bill > S06635

This bill imposes an additional two percent sales tax on specific high-value retail items starting June 1, 2025, including motor vehicles priced over $70,000 (with exceptions for commercial and electric vehicles), jewelry over $5,000, and clothing, accessories, and personal items like handbags, luggage, umbrellas, wallets, and watches sold for over $1,000. The new tax would be levied on top of existing sales tax rates and would generate revenue specifically for New York's public university systems: fifty percent of the collected taxes would be credited to the State University of New York (SUNY) and the other fifty percent to the City University of New York (CUNY). By targeting luxury and high-end purchases, the bill aims to create a new revenue stream for higher education institutions without broadly increasing tax burdens on most consumers. The tax would apply to the total sale price of these items exceeding the specified thresholds and would take effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S6635