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Local law · Int 1267-2025

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.

Filed at end of sessionLatest action Dec 31, 2025

New York City Council

Sponsor

Nantasha M. Williams

Council Member, District 27 · Democratic

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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 Sep 7, 2026. About our data

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Where it stands

The session ended before it was voted on. It was not defeated; it simply ran out of time, which is what happens to most legislation. It would have to be reintroduced.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted
Filed at end of session

Committee

Committee on Finance

Cosponsors

Farah N. Louis, Chris Banks and 1 other

Cosponsors in the order the New York City Council lists them.

  • Democratic3

Shown in neutral colors by design; Agora is non-partisan.

Full history

  1. Dec 31, 2025

    Filed

    This Introduction was Filed (End of Session)

    NYC Council

  2. Apr 24, 2025

    Introduced

    This Introduction was Introduced by Council

    NYC Council

  3. Apr 24, 2025

    Referred to committee

    This Introduction was Referred to Comm by Council to the Committee on Finance

    NYC Council