NYC Council Introduction 1267

intro.nyc/1267-2025 2024-2025 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: April 24, 2025

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.