Int 0156-1998

Be it enacted by the Council as follows: Section 1. Chapter one of title eleven of the administrative code of the city of New York is hereby amended by adding a new section 11-124 to read as follows: �11-127 Comparative tax study. a. The department shall conduct an annual comparative study of tax systems in the twenty-five largest cities in the United States. The study shall be submitted to the mayor and the city council no later than the fifteenth day of January of each year, and shall refer to the most recent data compiled for the city of New York and all other cities listed. b. The study shall summarize all taxes imposed by each city listed, including, but not limited to, individual and corporate income taxes, real property taxes, sales and use taxes, automobile-related taxes and inheritance and estate taxes, and shall include data regarding rates, recent trends and estimated tax burdens for an individual and for a family of four by income level. Such estimated tax burdens shall indicate average total tax expenditures as well as average tax liability as a percentage of income. �2. This local law shall take effect immediately.