Relates to indexing personal income taxes to the cost of living adjustment; repealer

This bill (S 1556) adjusts New York State personal income tax thresholds to automatically rise with inflation starting in 2026. It requires the state tax commissioner to increase key tax amounts - like income tax brackets, standard deductions, and certain calculation thresholds - each year using the federal Chained Consumer Price Index (C-CPI-U). This change directly affects all New York residents who file personal income tax returns, preventing their tax burden from increasing solely due to inflation. The adjustments will be rounded to the nearest $50 increment and take effect immediately, though the first adjustment applies to the 2026 tax year.