Ulster County can establish a property tax offset by imposing a resident income tax surcharge, subject to local law adoption.

The bill authorizes Ulster County to create a property tax offset through a resident income tax surcharge. This surcharge applies to county residents with excess state tax above certain thresholds. The Ulster County Legislature must adopt a local law to impose the surcharge, which is set at 18.75% of the excess state tax. The bill outlines rules for determining who is subject to the surcharge, including county residents, part-year residents, and estates and trusts. It also specifies that the surcharge does not apply to nonresidents, partnerships, limited liability companies, and corporations.

Ulster County can establish a property tax offset by imposing a resident income tax surcharge, subject to local law adoption.

The bill authorizes Ulster County to create a property tax offset through a resident income tax surcharge. This surcharge applies to county residents with excess state tax above certain thresholds. The Ulster County Legislature must adopt a local law to impose the surcharge, which is set at 18.75% of the excess state tax. The bill outlines rules for determining who is subject to the surcharge, including county residents, part-year residents, and estates and trusts. It also specifies that the surcharge does not apply to nonresidents, partnerships, limited liability companies, and corporations.