New York authorizes a personal income surcharge on high-income residents to fund transit improvements.

New York S03623 establishes a personal income tax surcharge on high-income residents to fund transit infrastructure improvements. The surcharge applies to certain city resident individuals, estates, and trusts with taxable incomes over $42,000. The surcharge rate varies based on income level, ranging from 65% to 15% of the excess income over specified thresholds. The surcharge funds are deposited into the New York City Dedicated Personal Income Tax Surcharge Fund, which supports capital projects meeting specific criteria.

New York authorizes a personal income surcharge on high-income residents to fund transit improvements.

New York S03623 establishes a personal income tax surcharge on high-income residents to fund transit infrastructure improvements. The surcharge applies to certain city resident individuals, estates, and trusts with taxable incomes over $42,000. The surcharge rate varies based on income level, ranging from 65% to 15% of the excess income over specified thresholds. The surcharge funds are deposited into the New York City Dedicated Personal Income Tax Surcharge Fund, which supports capital projects meeting specific criteria.