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Bill > S09043
NY S09043
NY S09043Provides that income taxes shall be adjusted to account for a cost of living adjustment for certain tax years.
summary
Introduced
01/27/2026
01/27/2026
In Committee
01/27/2026
01/27/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to providing a cost of living adjustment to income taxes
AI Summary
This bill amends New York's tax law to adjust income tax rates and standard deduction amounts for certain tax years, specifically for taxable years beginning after 2026, by incorporating a cost of living adjustment (COLA) as defined by the consumer price index. The COLA will be applied to the dollar amounts within the tax tables and to the standard deduction amounts for various filing statuses, ensuring that these figures are adjusted annually to account for inflation, with a specific provision for rounding these adjusted amounts to the nearest fifty dollars for tax years beginning on or after 2027.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/27/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S9043 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S09043&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S09043 |
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