Imposes a two percent sales tax on luxury items in New York, excluding certain vehicles and jewelry.

The bill introduces an additional two percent sales tax on specific luxury items in New York, effective June 1, 2025. This tax applies to retail sales of motor vehicles priced over $70,000 (excluding commercial and electric vehicles), jewelry over $5,000, and articles of clothing, footwear, handbags, luggage, umbrellas, wallets, or watches sold for over $1,000. The revenue generated from this tax will be distributed equally between the State University of New York and the City University of New York.

Imposes a two percent sales tax on luxury items in New York, excluding certain vehicles and jewelry.

The bill introduces an additional two percent sales tax on specific luxury items in New York, effective June 1, 2025. This tax applies to retail sales of motor vehicles priced over $70,000 (excluding commercial and electric vehicles), jewelry over $5,000, and articles of clothing, footwear, handbags, luggage, umbrellas, wallets, or watches sold for over $1,000. The revenue generated from this tax will be distributed equally between the State University of New York and the City University of New York.