The bill cleared the Assembly last week and is poised for a vote in the Senate before the end of session on June 19.
"The pink tax is a form of institutionalized discrimination that continuously hits women’s wallets from the cradle to the grave," Assemblywoman Nily Rozic, D-Queens, the bill's sponsor, said in a statement.
Sen. Shelly Mayer, D-Yonkers, Westchester County, is the Senate sponsor.
The bill "would eliminate the undue financial burden placed on women when purchasing products that though targeted to women, perform the same function as men's products," according to a memo attached to the bill.
A study by the New York City Department of Consumer Affairs found women paid 7% more for similar products than men, including clothing, razor blades and even girl toys.
"Though there may be legitimate drivers behind some portion of the price discrepancies unearthed in this study, these higher prices are mostly unavoidable for women," the study said.
If passed, retailers would be prohibited from charging higher prices for "substantially similar" products, including those with the same brand and functional components.
Items that share 90% or more materials would also be required to have the same price, according to the bill.