New York S09043 amends the tax law to adjust income tax rates and standard deductions for a cost of living adjustment for certain tax years.

New York S09043 amends the tax law to adjust income tax rates and standard deductions for a cost of living adjustment for taxable years beginning after 2026 and before 2033. The bill specifies new tax rates and dollar amounts for various income brackets, ensuring these amounts are rounded to the nearest fifty dollars. Additionally, it mandates that the standard deduction be indexed by the cost of living adjustment for taxable years beginning on or after 2027. The cost of living adjustment is based on the percentage increase in the consumer price index.

New York S09043 amends the tax law to adjust income tax rates and standard deductions for a cost of living adjustment for certain tax years.

New York S09043 amends the tax law to adjust income tax rates and standard deductions for a cost of living adjustment for taxable years beginning after 2026 and before 2033. The bill specifies new tax rates and dollar amounts for various income brackets, ensuring these amounts are rounded to the nearest fifty dollars. Additionally, it mandates that the standard deduction be indexed by the cost of living adjustment for taxable years beginning on or after 2027. The cost of living adjustment is based on the percentage increase in the consumer price index.