Mayor Eric Adams on Wednesday unveiled a proposal to reduce or eliminate the New York City personal income tax for some low-income families.

Dubbed “Axe the Tax for the Working Class,” the plan would abolish the tax for filers with dependents living at or below 150% of the federal poverty line, Adams said at a news conference. It would also gradually phase out the tax for filers within $5,000 of that threshold.

“People are struggling from everything from child care to buying groceries to buying school supplies. So many areas, the struggle continues,” Adams said. “We can’t bring down the cost of bread, but we can give you some bread so that you can pay for the bills and necessities that you have.”

The maximum annual family income at 150% of the federal poverty level is $31,503 for one adult and one child; $36,824 for one adult and two children; $36,789 for two adults and one child; and $46,350 for two adults and two children, City Hall said in a news release.

Adams said he will push for the proposal to be included in the Fiscal Year 2026 New York state budget, and that if passed, it could go into effect in time for the 2025 tax filing season.

The plan would eliminate the tax for more than 429,000 New Yorkers and reduce it for more than 150,000, returning more than $63 million to city residents, he added.

First Deputy Mayor Maria Torres-Springer said the proposal would bolster the pocketbooks of some of the hardest-working New Yorkers.

“Rents and everyday costs have risen, but what we have been so focused on since the start of this administration is making sure that we’re not just wringing our hands about these challenges, but we’re really using every tool that we have in order to combat this challenge,” she said.

Adams said New York state Sen. Leroy Comrie and New York state Assemblymember Rodneyse Bichotte Hermelyn plan to introduce the proposal during the upcoming legislative session.