Local law · Int 0499-2026
Requiring the commissioner of finance to study and make recommendations relating to the feasibility of implementing a lifetime income tax exemption
Official titleShow
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
The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.
New York City Council
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.
Summary from NYC Council (Legistar). How we handle summaries
From the NYC Council's legislative record (Legistar) and official rosters. This record was last updated Aug 1, 2026. About our data
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Where it stands
Assigned to a committee for review.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Committee on Finance
Cosponsors
Farah N. Louis, Phil Wong and 1 other
Cosponsors in the order the New York City Council lists them.
- Democratic2
- Republican1
This bill has cosponsors from more than one party.
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Full history
- Jan 29, 2026
Introduced
This Introduction was Introduced by Council
NYC Council
- Jan 29, 2026
Referred to committee
This Introduction was Referred to Comm by Council to the Committee on Finance
NYC Council