Relates to the personal income tax rates; repealer

This bill proposes to gradually lower New York personal income tax rates for residents over a ten-year period starting in 2026. It directly affects married couples filing jointly, surviving spouses, and heads of households by adjusting the tax brackets and rates they pay based on their income. The legislation phases in higher income thresholds for the lowest tax bracket while simultaneously reducing the percentage tax applied to income between $500,000 and $2.155 million. Additionally, the bill removes specific rules regarding the recapture of certain tax benefits. These changes are designed to reduce the overall tax liability for eligible New York residents as the new rates take effect each year.