Ulster county authorized to establish a property tax offset by means of a resident income tax surcharge.

This bill authorizes Ulster county to establish a property tax offset by means of a resident income tax surcharge. It requires the Ulster county legislature to adopt a local law prior to imposing such surcharge. The surcharge shall be imposed at the fixed rate of eighteen and seventy-five hundredths percent of excess state tax. The surcharge shall apply only to taxable years beginning on or after the effective date of the local law. The surcharge shall not reduce, offset or otherwise affect a taxpayer's liability for any tax imposed under article twenty-two of this chapter.

Ulster county authorized to establish a property tax offset by means of a resident income tax surcharge.

This bill authorizes Ulster county to establish a property tax offset by means of a resident income tax surcharge. It requires the Ulster county legislature to adopt a local law prior to imposing such surcharge. The surcharge shall be imposed at the fixed rate of eighteen and seventy-five hundredths percent of excess state tax. The surcharge shall apply only to taxable years beginning on or after the effective date of the local law. The surcharge shall not reduce, offset or otherwise affect a taxpayer's liability for any tax imposed under article twenty-two of this chapter.