A 7504 New York Assembly · 2025 Regular Session

Enacts the "Affordable NY act"

This bill, the "Affordable NY Act," increases property tax relief for homeowners and adjusts New York's personal income tax rates. It directly affects homeowners who qualify for the STAR (School Tax Relief) program by doubling the base exemption amount for enhanced STAR from $30,000 to $60,000 (effective 2025-2026) and linking future increases to the Consumer Price Index. For income taxes, it revises tax brackets, lowering rates for middle-income earners (e.g., reducing the top rate for income over $161,550 from 6.57% to 6.49% in 2019). The changes take effect immediately for some provisions and for others starting in 2025. These adjustments aim to reduce tax burdens for qualifying homeowners and middle-income taxpayers.
Bill status in committee 1 of 4 stages cleared
Introduction
Mar 2025
Committee Review
Floor Vote
Governor
Introduced Mar 28, 2025 Last action Jan 7, 2026
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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
2
Jan 7, 2026
Committee
REFERRED TO REAL PROPERTY TAXATION
lower
Mar 28, 2025
Committee
REFERRED TO REAL PROPERTY TAXATION
lower
1 primary · 6 co-sponsors

Sponsors