 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8577
 
                               2025-2026 Regular Sessions
 
                    IN SENATE
 
                                    November 14, 2025
                                       ___________
 
        Introduced  by  Sen.  LIU  --  read  twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to amend the tax law, in relation to  enacting  the  "fair  share
          act"
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "fair share act".
     3    §  2. The tax law is amended by adding a new section 1304-e to read as
     4  follows:
     5    § 1304-e. Fair share tax. (a) In addition to any other  taxes  author-
     6  ized  by this article, any city imposing such taxes is hereby authorized
     7  and empowered to adopt and amend local laws imposing in  any  such  city
     8  for  each taxable year beginning after two thousand twenty-six, an addi-
     9  tional tax of two percent on the annual city  taxable  income  of  every
    10  city  resident,  estate  and trust reporting any return in excess of one
    11  million dollars.
    12    (b) A local law enacted pursuant to subsection  (a)  of  this  section
    13  shall be applicable with respect to any taxable year only if it has been
    14  enacted on or before July thirty-first of such year. A certified copy of
    15  such  local  law shall be mailed by registered mail to the department at
    16  its office in Albany within fifteen days of its enactment. However,  the
    17  department  may  allow  additional  time  for  such certified copy to be
    18  mailed if it deems such action to be consistent with  its  duties  under
    19  this article.
    20    (c)  The  additional  tax  imposed  pursuant  to the authority of this
    21  section shall be administered, collected and distributed by the  commis-
    22  sioner  in  the  same  manner as the other taxes imposed pursuant to the
    23  authority of this article.
    24    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13475-01-5
Enacts the "fair share act"

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