Bill > A08953

This bill, known as the "Fair Share Act," authorizes cities in New York that already impose personal income taxes to adopt a local law adding a 2% additional tax on the annual city taxable income for residents, estates, and trusts that report a tax return exceeding one million dollars. The new tax would be applicable for taxable years beginning after 2026, and cities must enact the local law on or before July 31st of the respective tax year. Cities must also mail a certified copy of the local law to the state department within 15 days of enactment, though the department may allow additional time if deemed appropriate. The additional tax would be administered, collected, and distributed by the state commissioner in the same manner as existing city income taxes. The bill is designed to provide cities with an additional mechanism to generate revenue from high-income taxpayers, with built-in procedural guidelines to ensure proper implementation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8953