Enacts the "Affordable NY act"; increases the STAR exemptions; adjusts personal income tax rates.
Provides that income taxes shall be adjusted to account for a cost of living adjustment for certain tax years.
Provides that income taxes shall be adjusted to account for a cost of living adjustment for certain tax years.
Enacts the "utility penalty adjustment"; adjusts utility penalties to account for inflation; increases such penalties and ties them to inflation after January 1, 2027.
Income tax, optional standard deduction increased, adjusted gross income range allowed for maximum dependent exemption increased
Establishes a personal income tax deduction for the interest paid on student loans by individual taxpayers having a federal adjusted income of between $65,000 and $125,000, and married taxpayers filing jointly having a federal adjusted income of between $130,000 and $250,000.
Increases the tax rate on corporate income.
Makes certain higher personal income tax rates permanent.
Provides for adjustment of the maximum income threshold for eligibility for the senior citizen rent increase exemption (SCRIE), disability rent increase exemption (DRIE), senior citizen homeowners' exemption (SCHE), and disabled homeowners' exemption (DHE) by any increase in the consumer price index (CPI).
Amends the alternative tax table benefit recapture; increases the rate of supplemental tax for high income taxpayers.