STATE OF NEW YORK
________________________________________________________________________
5435
2025-2026 Regular Sessions
IN ASSEMBLY
February 14, 2025
___________
Introduced by M. of A. SOLAGES -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to top personal income tax
rates
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1
2 of subsection (a) of section 601 of the tax law, as amended by section 1
3 of subpart A of part A of chapter 59 of the laws of 2022, are amended to
4 read as follows:
5 (vi) For taxable years beginning in two thousand twenty-three [and
6 before two thousand twenty-eight] the following rates shall apply:
7 If the New York taxable income is: The tax is:
8 Not over $17,150 4% of the New York taxable income
9 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
10 $17,150
11 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
12 $23,600
13 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
14 $27,900
15 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over
16 $161,550
17 Over $323,200 but not over $18,252 plus 6.85% of excess over
18 $2,155,350 $323,200
19 Over $2,155,350 but not over $143,754 plus 9.65% of excess over
20 $5,000,000 $2,155,350
21 Over $5,000,000 but not over $418,263 plus 10.30% of excess over
22 $25,000,000 $5,000,000
23 Over $25,000,000 $2,478,263 plus 10.90% of excess
24 over $25,000,000
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08512-01-5
A. 5435 2
1 (vii) For taxable years beginning after two thousand [twenty-seven]
2 twenty-five the following rates shall apply:
3 If the New York taxable income is: The tax is:
4 Not over $17,150 4% of the New York taxable income
5 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
6 $17,150
7 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
8 $23,600
9 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
10 $27,900
11 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess
12 over $161,550
13 Over $323,200 but not over $18,252 plus 6.85% of excess
14 $2,155,350 over $323,200
15 Over $2,155,350 but not over $143,754 plus [8.82]
16 $5,000,0009.65% of the excess over
17 $2,155,350
18 Over $5,000,000 but not over$418,263 plus 10.80% of excess
19 $25,000,000over $5,000,000
20 Over $25,000,000$2,578,263 plus 11.40% of excess
21 over $25,000,000
22 § 2. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of
23 subsection (b) of section 601 of the tax law, as amended by section 2 of
24 subpart A of part A of chapter 59 of the laws of 2022, are amended to
25 read as follows:
26 (vi) For taxable years beginning in two thousand twenty-three [and
27 before two thousand twenty-eight] the following rates shall apply:
28 If the New York taxable income is: The tax is:
29 Not over $12,800 4% of the New York taxable income
30 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
31 $12,800
32 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
33 $17,650
34 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
35 $20,900
36 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
37 $107,650
38 Over $269,300 but not over $15,371 plus 6.85% of excess over
39 $1,616,450 $269,300
40 Over $1,616,450 but not over $107,651 plus 9.65% of excess over
41 $5,000,000 $1,616,450
42 Over $5,000,000 but not over $434,163 plus 10.30% of excess over
43 $25,000,000 $5,000,000
44 Over $25,000,000 $2,494,163 plus 10.90% of excess over
45 $25,000,000
46 (vii) For taxable years beginning after two thousand [twenty-seven]
47 twenty-five the following rates shall apply:
48 If the New York taxable income is: The tax is:
49 Not over $12,800 4% of the New York taxable income
50 Over $12,800 but not over $512 plus 4.5% of excess over
51 $17,650 $12,800
52 Over $17,650 but not over $730 plus 5.25% of excess over
53 $20,900 $17,650
54 Over $20,900 but not over $901 plus 5.5% of excess over
55 $107,650 $20,900
A. 5435 3
1 Over $107,650 but not over $5,672 plus 6.00% of excess
2 $269,300 over $107,650
3 Over $269,300 but not over $15,371 plus 6.85% of excess
4 $1,616,450 over $269,300
5 Over $1,616,450 but not over $107,651 plus [8.82%]
6 $5,000,0009.65% of excess over
7 $1,616,450
8 Over $5,000,000 but not over$434,163 plus 10.80% of excess
9 $25,000,000over $25,000,000
10 Over $25,000,000$2,594,163 plus 11.40% of
11 excess over $25,000,000
12 § 3. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of
13 subsection (c) of section 601 of the tax law, as amended by section 3 of
14 subpart A of part A of chapter 59 of the laws of 2022, are amended to
15 read as follows:
16 (vi) For taxable years beginning in two thousand twenty-three [and
17 before two thousand twenty-eight] the following rates shall apply:
18 If the New York taxable income is: The tax is:
19 Not over $8,500 4% of the New York taxable income
20 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
21 $8,500
22 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
23 $11,700
24 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
25 $13,900
26 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over
27 $80,650
28 Over $215,400 but not over $12,356 plus 6.85% of excess over
29 $1,077,550 $215,400
30 Over $1,077,550 but not over $71,413 plus 9.65% of excess over
31 $5,000,000 $1,077,550
32 Over $5,000,000 but not over $449,929 plus 10.30% of excess over
33 $25,000,000 $5,000,000
34 Over $25,000,000 $2,509,929 plus 10.90% of excess over
35 $25,000,000
36 (vii) For taxable years beginning after two thousand [twenty-seven]
37 twenty-five the following rates shall apply:
38 If the New York taxable income is: The tax is:
39 Not over $8,500 4% of the New York taxable income
40 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
41 $8,500
42 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
43 $11,700
44 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
45 $13,900
46 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess
47 over $80,650
48 Over $215,400 but not over $12,356 plus 6.85% of excess
49 $1,077,550 over $215,400
50 Over $1,077,550 but not over $71,413 plus [8.82%]
51 $5,000,0009.65% of excess over
52 $1,077,550
53 Over $5,000,000 but not over$449,929 plus 10.80% of excess
54 $25,000,000over $25,000,000
55 Over $25,000,000$2,609,929 plus 11.40% of excess
56 over $25,000,000
A. 5435 4
1 § 4. Subparagraph (B) of paragraph 1 of subsection (d-4) of section
2 601 of the tax law, as added by section 3 of subpart B of part A of
3 chapter 59 of the laws of 2022, is amended to read as follows:
4 (B) If New York adjusted gross income is greater than twenty-five
5 million dollars, the supplemental tax due shall equal the difference
6 between the product of [10.90] 11.40 percent and New York taxable income
7 and the tax table computation on the New York taxable income set forth
8 in paragraph one of subsection (a) of this section.
9 § 5. Subparagraph (B) of paragraph 2 of subsection (d-4) of section
10 601 of the tax law, as added by section 3 of subpart B of part A of
11 chapter 59 of the laws of 2022, is amended to read as follows:
12 (B) If New York adjusted gross income is greater than twenty-five
13 million dollars, the supplemental tax due shall equal the difference
14 between the product of [10.90] 11.40 percent and New York taxable income
15 and the tax table computation on the New York taxable income set forth
16 in paragraph one of subsection (b) of this section.
17 § 6. Subparagraph (B) of paragraph 3 of subsection (d-4) of section
18 601 of the tax law, as added by section 3 of subpart B of part A of
19 chapter 59 of the laws of 2022, is amended to read as follows:
20 (B) If New York adjusted gross income is greater than twenty-five
21 million dollars, the supplemental tax due shall equal the difference
22 between the product of [10.90] 11.40 percent and New York taxable income
23 and the tax table computation on the New York taxable income set forth
24 in paragraph one of subsection (c) of this section.
25 § 7. This act shall take effect immediately.
