Finance Committee approves tax and funding items
At a glance
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The Committee on Finance approved a resolution to change which organizations receive expense budget funding and advanced a local law to reduce a city personal income tax credit tied to unincorporated business tax paid by certain residents.
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What this means
The committee moved forward two finance-related items. One would change the designated organizations eligible to receive money from the city’s expense budget, and the other would lower a tax credit for some residents who pay a share of unincorporated business tax through partnerships or proprietorships. Both items were approved by committee and can continue in the Council process.
Key decisions
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- Approved T2026-2224, a resolution changing the designation of certain organizations to receive expense budget funding.
- Approved T2026-2214, a local law reducing a city personal income tax credit related to unincorporated business tax payments, by a 13-2 vote.
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Meeting information
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Committee on Finance
VOTE*
Agenda
- Resolution approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget
- A Local Law to amend the administrative code of the city of New York, in relation to decreasing the credit against the city personal income tax on residents for such residents’ share of city unincorporated business tax paid by partnerships in which such residents are partners or businesses of which such residents are proprietors
- AND SUCH OTHER BUSINESS AS MAY BE NECESSARY
- Roll Call
- Resolution approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget
- A Local Law to amend the administrative code of the city of New York, in relation to decreasing the credit against the city personal income tax on residents for such residents’ share of city unincorporated business tax paid by partnerships in which such residents are partners or businesses of which such residents are proprietors
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