New York S 1556: Relates to indexing personal income taxes to the cost of living adjustment; repealer

Bill Text

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S01556 Summary:

BILL NOS01556 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORPALUMBO

&nbsp

COSPNSRBORRELLO, GRIFFO, HELMING, OBERACKER, STEC

&nbsp

MLTSPNSR

&nbsp

Rpld & add §601-a, Tax L

&nbsp

Indexes personal income taxes to the cost of living adjustment beginning in 2026.

Go to top S01556 Actions:

BILL NOS01556 

&nbsp

01/10/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS01556 Committee&nbspVotes:

Go to topS01556 Floor&nbspVotes:

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

Go to topS01556 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1556

 2025-2026 Regular Sessions

 IN SENATE

 January 10, 2025
 ___________

 Introduced by Sens. PALUMBO, BORRELLO, GRIFFO, HELMING, OBERACKER, STEC
 -- read twice and ordered printed, and when printed to be committed to
 the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to indexing taxes to inflation;
 and to repeal certain provisions of such law relating thereto

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

 1 Section 1. Section 601-a of the tax law is REPEALED and a new section
 2 601-a is added to read as follows:
 3 § 601-a. Cost of living adjustment. (a) For tax year two thousand
 4 twenty-six and thereafter, the commissioner, no later than September
 5 first preceding the end of the previous tax year, shall multiply the
 6 amounts specified in subsection (b) of this section by one plus the cost
 7 of living adjustment described in subsection (c) of this section.
 8 (b) The following amounts shall be indexed by the cost of living
 9 adjustment:
 10 (1) The dollar amounts in the tax tables set forth in paragraph one of
 11 subsection (a), paragraph one of subsection (b) and paragraph one of
 12 subsection (c) of section six hundred one of this part.
 13 (2) The dollar amount in the numerator of the fractions in subsection
 14 (d) of section six hundred one of this part that is not fifty thousand
 15 dollars.
 16 (3) The New York standard deduction of a resident individual in
 17 section six hundred fourteen of this article.
 18 (c) The cost of living adjustment shall be calculated in the same
 19 manner as determined by the secretary of the United States treasury for
 20 purposes of section 1(f) of the United States Internal Revenue Code of
 21 1954, as amended. For purposes of this section, the consumer price index
 22 means the Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
 23 published by the United States department of labor, bureau of labor
 24 statistics.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04416-01-5

 S. 1556 2

 1 (d) If the product of the amounts in subsection (b) and subsection (c)
 2 of this section is not a multiple of fifty dollars, such increase shall
 3 be rounded to the next lowest multiple of fifty dollars.
 4 § 2. This act shall take effect immediately.

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