Bill > A10738

This bill amends New York's tax law to adjust income tax rates and dollar amounts for certain tax years, beginning in 2027, by incorporating a cost of living adjustment (COLA). The COLA, as defined in Section 601-a of the tax law, is calculated based on the average monthly consumer price index. This adjustment will be applied to the dollar amounts within the tax tables for various income brackets, as well as to the New York standard deduction amounts for different filing statuses (unmarried individuals, married couples filing jointly, heads of household, married individuals filing separately, and dependents). The bill specifies that for tax years beginning on or after 2027, any resulting increase from the COLA will be rounded up to the next highest multiple of fifty dollars, a change from the previous rounding down to the next lowest multiple.