Enacts the "Affordable NY act"; increases STAR exemptions; adjusts personal income tax rates.
The bill enacts the "Affordable NY act" by increasing the base figure for the STAR exemption to thirty thousand dollars. It also adjusts personal income tax rates for various income brackets, effective from the 2025-2026 school year and beyond. The tax savings for the basic STAR exemption will be calculated separately from the enhanced STAR exemption.
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