Authorizes the city of New York to impose a personal income surcharge on high income residents to fund transit improvements

S 3623 authorizes New York City to impose a new 0.534% income surcharge on residents earning over $750,000 annually (or $1 million for joint filers), directly affecting high-income earners. The revenue must fund specific transit infrastructure projects, including subway, bus, and ADA-compliant system upgrades, as defined in the bill. The surcharge creates a dedicated fund separate from other city revenues, with strict rules requiring all money to finance capital projects only - not operating costs - and allowing bonds secured by this fund for future transit investments. The bill explicitly states it does not create new tax obligations beyond the specified thresholds and applies to taxable years beginning after 2024.