Bill > S08577

This bill, known as the "fair share act", authorizes cities that currently impose personal income taxes to adopt a new local law that adds a 2% tax on the annual city taxable income for residents, estates, and trusts reporting tax returns exceeding one million dollars. The additional tax would be applicable starting in the taxable year after 2026, and cities must enact the local law by July 31st of the relevant tax year. To implement the tax, cities must send a certified copy of the local law to the state department within 15 days of enactment, though the department may allow flexibility in this timeline. The new 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, and it would take effect immediately upon passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8577