New York S 8577: Relates to requiring certain fees be deposited into the mental illness anti-stigma fund

Bill Text

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S08577 Summary:

BILL NOS08577 

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SAME ASSAME AS A08953

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SPONSORLIU

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COSPNSRBRISPORT, CLEARE, GIANARIS, GONZALEZ, JACKSON, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS,
 SEPULVEDA, SERRANO, STAVISKY

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MLTSPNSR

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Add §1304-e, Tax L

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Enacts the "fair share act"; authorizes cities imposing city personal income taxes to adopt and amend local laws imposing an additional tax of two percent on the annual city taxable income of city residents, estates and trusts reporting any return in excess of one million dollars.

Go to top S08577 Actions:

BILL NOS08577 

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11/14/2025REFERRED TO RULES

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS08577 Committee&nbspVotes:

Go to topS08577 Floor&nbspVotes:

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

Go to topS08577 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8577

 2025-2026 Regular Sessions

 IN SENATE

 November 14, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to enacting the "fair share
 act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "fair share act".
 3 § 2. The tax law is amended by adding a new section 1304-e to read as
 4 follows:
 5 § 1304-e. Fair share tax. (a) In addition to any other taxes author-
 6 ized by this article, any city imposing such taxes is hereby authorized
 7 and empowered to adopt and amend local laws imposing in any such city
 8 for each taxable year beginning after two thousand twenty-six, an addi-
 9 tional tax of two percent on the annual city taxable income of every
 10 city resident, estate and trust reporting any return in excess of one
 11 million dollars.
 12 (b) A local law enacted pursuant to subsection (a) of this section
 13 shall be applicable with respect to any taxable year only if it has been
 14 enacted on or before July thirty-first of such year. A certified copy of
 15 such local law shall be mailed by registered mail to the department at
 16 its office in Albany within fifteen days of its enactment. However, the
 17 department may allow additional time for such certified copy to be
 18 mailed if it deems such action to be consistent with its duties under
 19 this article.
 20 (c) The additional tax imposed pursuant to the authority of this
 21 section shall be administered, collected and distributed by the commis-
 22 sioner in the same manner as the other taxes imposed pursuant to the
 23 authority of this article.
 24 § 3. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13475-01-5

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