New York S02023 creates a middle class circuit breaker tax credit and establishes a tax reform study commission.

New York S02023 amends the tax law to create a middle class circuit breaker tax credit. This credit allows a taxpayer a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax. The bill also establishes a tax reform study commission to provide the governor and the legislature with a long-run plan for reforming the state and local tax systems.

New York S02023 creates a middle class circuit breaker tax credit and establishes a tax reform study commission.

New York S02023 amends the tax law to create a middle class circuit breaker tax credit. This credit allows a taxpayer a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax. The bill also establishes a tax reform study commission to provide the governor and the legislature with a long-run plan for reforming the state and local tax systems.