New York S 3623: Authorizes the city of New York to impose a personal income surcharge on high income residents to fund transit improvements

Bill Text

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S03623 Summary:

BILL NOS03623 

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SAME ASNo Same As

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SPONSORGIANARIS

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COSPNSR

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MLTSPNSR

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Amd §2799-hh, add §1270-k, Pub Auth L; add §1304-E, amd §§1310 & 1313, Tax L; add §11-1704.2, amd §11-1706,
NYC Ad Cd

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Authorizes the city of New York to impose a personal income surcharge on high income residents to fund transit improvements.

Go to top S03623 Actions:

BILL NOS03623 

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01/29/2025REFERRED TO TRANSPORTATION

01/07/2026REFERRED TO TRANSPORTATION

Go to topS03623 Committee&nbspVotes:

Go to topS03623 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03623 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3623

 2025-2026 Regular Sessions

 IN SENATE

 January 29, 2025
 ___________

 Introduced by Sen. GIANARIS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Transportation

 AN ACT to amend the public authorities law, the tax law and the adminis-
 trative code of the city of New York, in relation to authorizing and
 imposing a tax surcharge on the personal income of certain high-income
 residents of such city in order to fund transit infrastructure
 improvements

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The public authorities law is amended by adding a new
 2 section 1270-k to read as follows:
 3 § 1270-k. New York city dedicated personal income tax surcharge fund.
 4 1. The authority shall establish a fund to be known as the "New York
 5 city dedicated personal income tax surcharge fund" which shall be kept
 6 separate from and shall not be commingled with any other moneys of the
 7 authority.
 8 2. There shall be deposited into the New York city dedicated personal
 9 income tax surcharge fund the moneys transferred to the metropolitan
 10 transportation authority from the New York city transitional finance
 11 authority pursuant to subsection (e) of section thirteen hundred four-E
 12 of the tax law, and any other provision of law directing or permitting
 13 the deposit of moneys in such fund, to be used exclusively for the
 14 financing of transit infrastructure improvements.
 15 3. Moneys in the New York city dedicated personal income tax surcharge
 16 fund (a) shall be used to fund capital projects that satisfy the follow-
 17 ing criteria: (i) defined as state of good repair, normal replacement,
 18 or an Americans with Disabilities Act related system improvement within
 19 the capital program of the authority; and (ii) included in any of the
 20 following categories within the capital program of the authority: New
 21 York city transit authority buses, subway cars, track, line equipment,
 22 line structures, signals and communications, traction power, shops and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08068-01-5

 S. 3623 2

 1 yards, depots, service vehicles, passenger station projects, as needed
 2 to comply with the Americans with Disabilities Act, Staten Island rail-
 3 way and authority bus company projects; and (b) may be (i) pledged by
 4 the authority as security for the payment of principal and interest on
 5 bonds issued after July first, two thousand twenty-five to finance capi-
 6 tal projects that meet the criteria identified in paragraph (a) of this
 7 subdivision, including bonds issued to refund such bonds and (ii) used
 8 for payment of principal and interest on such bonds, funding of reserves
 9 required in connection with such bonds, and the payment of costs of
 10 issuance related to such bonds. To the extent moneys in the New York
 11 city dedicated personal income tax surcharge fund have been pledged by
 12 the authority to secure the payment of principal and interest on bonds
 13 as herein provided, moneys deposited into the New York city dedicated
 14 personal income tax surcharge fund shall first be deposited into the New
 15 York city dedicated personal income tax surcharge fund to the extent
 16 necessary to make payments pursuant to paragraph (b) of this subdivi-
 17 sion. After making such payments, moneys deposited in the New York city
 18 dedicated personal income tax surch