Bill > A07504

This bill enacts the "Affordable NY Act" and makes changes to two main areas: property tax STAR exemptions and personal income tax rates. In Part A, the bill modifies the STAR (School Tax Relief) exemption by adjusting the base figures for both enhanced and basic exemptions. For the enhanced STAR exemption, the base figure will continue to be calculated using the Consumer Price Index (CPI-W) through the 2025-2026 school year, and starting in the 2025-2026 school year, the base figure will be calculated using the CPI-W multiplied by two. The basic STAR exemption base figure will increase from $30,000 to $60,000. In Part B, the bill adjusts personal income tax rates for different income brackets across multiple tax years, with significant changes proposed for the 2025 tax year. These changes include lowering tax rates across various income brackets, particularly for lower and middle-income taxpayers, with the lowest tax rate being reduced from 4% to 2% for the lowest income bracket. The bill will take effect immediately, with specific parts of the law having their own effective dates as outlined in the respective sections.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7504