The Millionaire’s Tax to Fund NYCHA

NY State Senate Bill S4511A is sometimes called the millionaire’s tax to fund NYCHA. This bill amends tax law to increase tax rate on New York State residents with taxable incomes of one million dollars and use the revenue created by that tax to fund capital improvements to the New York City Housing Authority (NYCHA). The tax would be progressive, so a higher percentage the wealthier the individual, and is expected to generate $1 million or moreannually.

Posted on: August 23, 2019