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Assembly Bill A8953

2025-2026 Legislative Session

Enacts the "fair share act"

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Current Bill Status - In Assembly Committee

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2025-A8953 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §1304-e, Tax L

2025-A8953 (ACTIVE) - Summary

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.

2025-A8953 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8953
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               July 16, 2025
                                ___________
 
 Introduced  by M. of A. FORREST -- read once and referred to the Commit-
   tee on Ways and Means
 
 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:

   Section 1. Short title. This act shall be known and may  be  cited  as
 the "fair share act".
   §  2. The tax law is amended by adding a new section 1304-e to read as
 follows:
   § 1304-E. FAIR SHARE TAX. (A) IN ADDITION TO ANY OTHER  TAXES  AUTHOR-
 IZED  BY THIS ARTICLE, ANY CITY IMPOSING SUCH TAXES IS HEREBY AUTHORIZED
 AND EMPOWERED TO ADOPT AND AMEND LOCAL LAWS IMPOSING IN  ANY  SUCH  CITY
 FOR  EACH TAXABLE YEAR BEGINNING AFTER TWO THOUSAND TWENTY-SIX, AN ADDI-
 TIONAL TAX OF TWO PERCENT ON THE ANNUAL CITY  TAXABLE  INCOME  OF  EVERY
 CITY  RESIDENT,  ESTATE  AND TRUST REPORTING ANY RETURN IN EXCESS OF ONE
 MILLION DOLLARS.
   (B) A LOCAL LAW ENACTED PURSUANT TO SUBSECTION  (A)  OF  THIS  SECTION
 SHALL BE APPLICABLE WITH RESPECT TO ANY TAXABLE YEAR ONLY IF IT HAS BEEN
 ENACTED ON OR BEFORE JULY THIRTY-FIRST OF SUCH YEAR. A CERTIFIED COPY OF
 SUCH  LOCAL  LAW SHALL BE MAILED BY REGISTERED MAIL TO THE DEPARTMENT AT
 ITS OFFICE IN ALBANY WITHIN FIFTEEN DAYS OF ITS ENACTMENT. HOWEVER,  THE
 DEPARTMENT  MAY  ALLOW  ADDITIONAL  TIME  FOR  SUCH CERTIFIED COPY TO BE
 MAILED IF IT DEEMS SUCH ACTION TO BE CONSISTENT WITH  ITS  DUTIES  UNDER
 THIS ARTICLE.
   (C)  THE  ADDITIONAL  TAX  IMPOSED  PURSUANT  TO THE AUTHORITY OF THIS
 SECTION SHALL BE ADMINISTERED, COLLECTED AND DISTRIBUTED BY THE  COMMIS-
 SIONER  IN  THE  SAME  MANNER AS THE OTHER TAXES IMPOSED PURSUANT TO THE
 AUTHORITY OF THIS ARTICLE.
   § 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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