New York bill S01556 proposes to index personal income taxes to the cost of living adjustment starting in 2026.

Bill S01556 amends the tax law to index personal income taxes to the cost of living adjustment beginning in 2026. This adjustment will be calculated using the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) published by the U.S. Department of Labor, Bureau of Labor Statistics. The indexed amounts include tax table dollar amounts, the numerator of certain fractions, and the New York standard deduction. The bill repeals existing provisions and takes effect immediately.

New York bill S01556 proposes to index personal income taxes to the cost of living adjustment starting in 2026.

Bill S01556 amends the tax law to index personal income taxes to the cost of living adjustment beginning in 2026. This adjustment will be calculated using the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) published by the U.S. Department of Labor, Bureau of Labor Statistics. The indexed amounts include tax table dollar amounts, the numerator of certain fractions, and the New York standard deduction. The bill repeals existing provisions and takes effect immediately.