Imposes an additional tax on income attributable to long-term capital gain

This bill imposes an additional tax on New York residents' long-term investment profits, specifically targeting income from capital gains, dividends, and other low-taxed investments. It applies to higher earners: individuals with taxable income over $400,000 (or $500,000 for married couples filing jointly) face a 7.5% tax on capital gains above those thresholds, with a higher 15% rate kicking in above $800,000 (or $1 million for couples). The tax phases in gradually over the first $50,000 or $100,000 of income exceeding the thresholds. It functions as an add-on to existing income tax, not a replacement, and will be administered by New York’s tax department.