New York S 1662: Authorizes a childhood education surcharge on the personal income tax for cities having a population of one million or more persons

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S01662 Summary:

BILL NOS01662 

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SAME ASNo Same As

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SPONSORBAILEY

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COSPNSR

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MLTSPNSR

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Add §1304-E, Tax L

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Authorizes a childhood education surcharge on the personal income tax for cities having a population of one million or more persons.

Go to top S01662 Actions:

BILL NOS01662 

&nbsp

01/13/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS01662 Committee&nbspVotes:

Go to topS01662 Floor&nbspVotes:

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

Go to topS01662 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1662

 2025-2026 Regular Sessions

 IN SENATE

 January 13, 2025
 ___________

 Introduced by Sen. BAILEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to authorizing a childhood
 education surcharge on the personal income tax for cities having a
 population of one million or more persons; and providing for the
 repeal of such provisions upon expiration thereof

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

 1 Section 1. The tax law is amended by adding a new section 1304-E to
 2 read as follows:
 3 § 1304-E. Tax surcharge for early childhood education. (a) In addition
 4 to the taxes authorized by subsection (a) of section thirteen hundred
 5 one of this article, any city having a population of one million or more
 6 persons that imposes such taxes is hereby authorized and empowered to
 7 adopt and amend local laws imposing in any such city for all taxable
 8 years beginning on or after January first, two thousand twenty-six, a
 9 tax surcharge on the city taxable income of every city resident married
 10 individuals filing joint returns, resident married individuals filing
 11 separate returns, resident surviving spouses, resident heads of house-
 12 holds, resident unmarried individuals, and resident estates and trusts,
 13 at a rate of up to:
 14 If the city taxable income is: the tax surcharge is:

 15 Not over $500,000 0
 16 Over $500,000 4.3 % of city taxable income
 17 (b) A city imposing a tax surcharge pursuant to the authority of this
 18 section may, by local law, impose such surcharge at a rate that is less
 19 than the percentages set forth in subsection (a) of this section, and
 20 may impose such tax at more than one rate depending upon the filing

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04724-01-5

 S. 1662 2

 1 status and city taxable income of such city resident individual, estate,
 2 or trust.
 3 (c) A tax surcharge imposed pursuant to the authority of this section
 4 shall be administered, collected, and distributed by the commissioner in
 5 the same manner as the other taxes imposed pursuant to the authority of
 6 this article, and all of the provisions of this article, including
 7 section thirteen hundred ten of this article, shall apply to the tax
 8 surcharge authorized by this section; provided, however, that the
 9 provisions of section thirteen hundred thirteen of this article direct-
 10 ing payment of taxes to the New York city transitional finance authority
 11 shall not apply to any such surcharge.
 12 (d) Notwithstanding any provision of this section or of section thir-
 13 teen hundred thirteen of this article to the contrary, the total revenue
 14 from the tax surcharge imposed pursuant to the authority of this
 15 section, including interest and penalties, which the state comptroller
 16 is required to pay to the chief fiscal officer of the city imposing the
 17 tax surcharge for payment into the treasury of such city shall be cred-
 18 ited to the general fund of such city and shall be applied exclusively
 19 to or in aid or support of the early childhood education programs of
 20 such city.
 21 (e) A local law enacted pursuant to this section shall be applicable
 22 only if it has been enacted on or before December thirty-first, two
 23 thousand twenty-five. A certified copy of such local law shall be
 24 mailed by registered mail to the department at its office in Albany