Relates to personal income taxes in the city of New York

Summary

The bill authorizes New York City, a city of over one million residents, to adopt a local personal‑income tax and a separate tax on lump‑sum distributions, using detailed rate schedules for different filing categories. It also creates a new tax on revenues from credit‑rating, reporting, and collection services, capped at 4.5%, with an exemption for collection work performed by licensed attorneys. The measures are intended to broaden the city’s revenue sources.

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