Provides that income taxes shall be adjusted to account for a cost of living adjustment

This bill establishes a cost of living adjustment mechanism for New York state income taxes, ensuring that tax brackets and rates remain aligned with inflation over time. It directly affects New York state taxpayers by automatically updating the specific dollar thresholds and tax rates used to calculate income tax liability. The law applies to taxable years beginning after 2026 and before 2033, with provisions for future adjustments starting after 2032. All tax thresholds and rates specified in the bill will be periodically modified based on the official cost of living adjustment formula, preventing tax brackets from eroding purchasing power due to inflation.