A Local Law in relation to requiring the commissioner of finance to study and make recommendations relating to the feasibility of implementing a lifetime income tax exemption

Summary

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.

Official summary of legislation · NYC Council