Senate BillIntroduced
S 8577: Enacts the "fair share act"; authorizes cities imposing city personal income taxes to adopt and amend local laws imposing an additional tax of two percent on the annual city taxable income of city residents, estates and trusts reporting any return in excess of one million dollars.
What S 8577 does, verified May 2, 2026
The "Fair Share Act" is a proposed law that would impose a new tax on residents of certain cities in New York State. The tax rate would be 2% of the annual city taxable income, with a threshold of $1 million. The tax would be administered by the Commissioner of the Department of Taxation and Finance. Local laws enacting this tax must be passed by July 31st of each year to be effective. A certified copy of the local law must be mailed to the Department within 15 days of its enactment.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS (2026-01-07)Alert me
Quick answers about S 8577
- What is the current status of S 8577?
- As of May 2, 2026, S 8577 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS".
- Did S 8577 pass?
- Not yet. S 8577 has been introduced and has not passed either house.
- Who wrote S 8577, and where is it now?
- S 8577 was authored by Sen. John Liu with 12 coauthors. Its committee of record is Senate Investigation & Government Operations.
Author and sponsors
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| Jan. 07, 2026 | REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS |
| Nov. 14, 2025 | REFERRED TO RULES |
Latest bill textIntroduced version, November 14, 2025 · 364 words
STATE OF NEW YORK ________________________________________________________________________ 8577 2025-2026 Regular Sessions IN SENATE November 14, 2025 ___________ Introduced by Sen. LIU -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to enacting the "fair share act" The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Short title. This act shall be known and may be cited as 2 the "fair share act". 3 § 2. The tax law is amended by adding a new section 1304-e to read as 4 follows: 5 § 1304-e. Fair share tax. (a) In addition to any other taxes author- 6 ized by this article, any city imposing such taxes is hereby authorized 7 and empowered to adopt and amend local laws imposing in any such city 8 for each taxable year beginning after two thousand twenty-six, an addi- 9 tional tax of two percent on the annual city taxable income of every 10 city resident, estate and trust reporting any return in excess of one 11 million dollars. 12 (b) A local law enacted pursuant to subsection (a) of this section 13 shall be applicable with respect to any taxable year only if it has been 14 enacted on or before July thirty-first of such year. A certified copy of 15 such local law shall be mailed by registered mail to the department at 16 its office in Albany within fifteen days of its enactment. However, the 17 department may allow additional time for such certified copy to be 18 mailed if it deems such action to be consistent with its duties under 19 this article. 20 (c) The additional tax imposed pursuant to the authority of this 21 section shall be administered, collected and distributed by the commis- 22 sioner in the same manner as the other taxes imposed pursuant to the 23 authority of this article. 24 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13475-01-5
Text of S 8577 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions