NYC Council Introduction 499

intro.nyc/0499-2026 2026-2029 Legislative Session
Requiring the commissioner of finance to study and make recommendations relating to the feasibility of implementing a lifetime income tax exemption
Status: Committee Committee on Finance
Sponsored by Nantasha M. Williams
Introduced: January 29, 2026

This bill would require the Commissioner of Finance to conduct a study on the feasibility of implementing a lifetime income tax exemption, pursuant to which city income taxpayers would be exempt from city income tax up to the first $250,000 earned in their lifetime. After 6 months, the Commissioner would be required to issue a report of findings and recommendations regarding the feasibility of implementing a lifetime income tax exemption.