STATE OF NEW YORK
________________________________________________________________________
1559
2025-2026 Regular Sessions
IN SENATE
January 10, 2025
___________
Introduced by Sens. PALUMBO, BORRELLO, CANZONERI-FITZPATRICK, HELMING,
OBERACKER, RHOADS -- read twice and ordered printed, and when printed
to be committed to the Committee on Aging
AN ACT to amend the real property tax law, in relation to increasing the
base figure for the STAR exemption (Part A); and to amend the tax law,
in relation to adjusting certain rates for the imposition of personal
income tax (Part B)
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. This act enacts into law components of legislation relating
2 to the "Affordable NY act". Each component is wholly contained within a
3 Part identified as Parts A through B. The effective date for each
4 particular provision contained within such Part is set forth in the last
5 section of such Part. Any provision in any section contained within a
6 Part, including the effective date of the Part, which makes a reference
7 to a section "of this act", when used in connection with that particular
8 component, shall be deemed to mean and refer to the corresponding
9 section of the Part in which it is found. Section three of this act sets
10 forth the general effective date of this act.
11 PART A
12 Section 1. Subparagraph (vi) of paragraph (b) of subdivision 2 of
13 section 425 of the real property tax law, as added by section 1 of part
14 D-1 of chapter 57 of the laws of 2007, clause (A) as further amended by
15 subdivision (b) of section 1 of part W of chapter 56 of the laws of
16 2010, is amended to read as follows:
17 (vi) For the two thousand nine--two thousand ten school year [and
18 thereafter] through the two thousand twenty-five--two thousand twenty-
19 six school year:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04378-01-5
S. 1559 2
1 (A) The base figure for the enhanced STAR exemption shall equal the
2 prior year's base figure multiplied by the percentage increase in the
3 consumer price index for urban wage earners and clerical workers (CPI-W)
4 published by the United States department of labor, bureau of labor
5 statistics, for the third quarter of the calendar year preceding the
6 applicable school year, as compared to the third quarter of the prior
7 calendar year. If a base figure as so determined is not exactly equal to
8 a multiple of one hundred dollars, it shall be rounded to the nearest
9 multiple of one hundred dollars. It shall be the responsibility of the
10 commissioner to annually determine such base figures.
11 (B) The base figure for the basic STAR exemption shall be thirty thou-
12 sand dollars.
13 § 2. Paragraph (b) of subdivision 2 of section 425 of the real proper-
14 ty tax law is amended by adding a new subparagraph (vii) to read as
15 follows:
16 (vii) For the two thousand twenty-five--two thousand twenty-six school
17 year and thereafter:
18 (A) The base figure for the enhanced STAR exemption shall equal the
19 prior year's base figure multiplied by the percentage increase in the
20 consumer price index for urban wage earners and clerical workers (CPI-W)
21 published by the United States department of labor, bureau of labor
22 statistics, for the third quarter of the calendar year preceding the
23 applicable school year, as compared to the third quarter of the prior
24 calendar year, multiplied by two. If a base figure as so determined is
25 not exactly equal to a multiple of one hundred dollars, it shall be
26 rounded to the nearest multiple of one hundred dollars. It shall be the
27 responsibility of the commissioner to annually determine such base
28 figures.
29 (B) The base figure for the basic STAR exemption shall be sixty thou-
30 sand dollars.
31 § 3. Subparagraph (i) of paragraph (a) of subdivision 2 of section
32 1306-a of the real property tax law, as amended by section 1 of part LL
33 of chapter 59 of the laws of 2019, is amended to read as follows:
34 (i) The tax savings for each parcel receiving the exemption authorized
35 by section four hundred twenty-five of this chapter shall be computed by
36 subtracting the amount actually levied against the parcel from the
37 amount that would have been levied if not for the exemption[, provided
38 however, that for the two thousand eleven-two thousand twelve through
39 two thousand eighteen-two thousand nineteen school years, the tax
40 savings applicable to any "portion" (which as used herein shall mean
41 that part of an assessing unit located within a school district) shall
42 not exceed the tax savings applicable to that portion in the prior
43 school year multiplied by one hundred two percent, with the result
44 rounded to the nearest dollar; and provided further that beginning with
45 the two thousand nineteen-two thousand twenty school year: (A) for
46 purposes of the exemption authorized by section four hundred twenty-five
47 of this chapter, the tax savings applicable to any portion shall not
48 exceed the tax savings for the prior year, and (B) for purposes of the
49 credit authorized by subsection (eee) of section six hundred six of the
50 tax law, the tax savings applicable to any portion shall not exceed the
51 tax savings applicable to that portion in the prior school year multi-
52 plied by one hundred two percent, with the result rounded to the nearest
53 dollar]. The tax savings attributable to the basic and enhanced
54 exemptions shall be calculated separately. It shall be the responsibil-
55 ity of the commissioner to calculate tax savings limitations for
56 purposes of this subdivision.
S. 1559 3
1 § 4. This act shall take effect immediately.
2 PART B
3 Section 1. Paragraph 1 of subsection (a) of section 601 of the tax
4 law, as amended by section 1 of part FF of chapter 59 of the laws of
5 2013, subparagraph (B) as added by section 1 of part R of chapter 59 of
6 the laws of 2017, clause (iii) of subparagraph (B) as amended by section
7 1 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of
8 subparagraph (B) as amended by section 1 of part A of chapter 59 of the
9 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended
10 by section 1 of subpart A of part A of chapter 59 of the laws of 2022,
11 is amended to read as follows:
12 (1) (A) For taxable years beginning after two thousand eleven and
13 before two thousand [eighteen] sixteen:
14 If the New York taxable income is: The tax is:
15 Not over $16,000 4% of taxable income
16 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over
17 $16,000
18 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over
19 $22,000
20 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over
21 $26,000
22 Over $40,000 but not over $150,000 $1,946 plus 6.45% of excess over
23 $40,000
24 Over $150,000 but not over $300,000 $9,041 plus 6.65% of excess over
25 $150,000
26 Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over
27 $300,000
28 Over $2,000,000 $135,466 plus 8.82% of excess over
29 $2,000,000
30 (B)(i) For taxable years beginning in two thousand eighteen the
31 following rates shall apply:
32 If the New York taxable income is: The tax is:
33 Not over $17,150 4% of the New York taxable
34 income
35 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
36 $17,150
37 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
38 $23,600
39 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over
40 $27,900
41 Over $43,000 but not over $161,550 $2,093 plus 6.33% of excess over
42 $43,000
43 Over $161,550 but not over $323,200 $9,597 plus 6.57% of excess over
44 $161,550
45 Over $323,200 but not over $2,155,350 $20,218 plus 6.85% of excess over
46 $323,200
47 Over $2,155,350 $145,720 plus 8.82% of excess over
48 $2,155,350
49 (ii) For taxable years beginning in two thousand nineteen the follow-
50 ing rates shall apply:
51 If the New York taxable income is: The tax is:
52 Not over $17,150 4% of the New York taxable
S. 1559 4
1 income
2 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
3 $17,150
4 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
5 $23,600
6 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over
7 $27,900
8 Over $43,000 but not over $161,550 $2,093 plus 6.21% of excess over
9 $43,000
10 Over $161,550 but not over $323,200 $9,455 plus 6.49% of excess over
11 $161,550
12 Over $323,200 but not over $2,155,350 $19,946 plus 6.85% of excess over
13 $323,200
14 Over $2,155,350 $145,448 plus 8.82% of excess over
15 $2,155,350
16 (iii) For taxable years beginning in two thousand twenty the following
17 rates shall apply:
18 If the New York taxable income is: The tax is:
19 Not over $17,150 4% of the New York taxable income
20 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
21 $17,150
22 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
23 $23,600
24 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over
25 $27,900
26 Over $43,000 but not over $161,550 $2,093 plus 6.09% of excess over
27 $43,000
28 Over $161,550 but not over $323,200 $9,313 plus 6.41% of excess over
29 $161,550
30 Over $323,200 but not over $19,674 plus 6.85% of excess
31 $2,155,350 over $323,200 [over]
32 Over $2,155,350 $145,177 plus 8.82% of excess over
33 $2,155,350
34 [(iv) For taxable years beginning in two thousand twenty-one the
35 following rates shall apply:
36 If the New York taxable income is: The tax is:
37 Not over $17,150 4% of the New York taxable income
38 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
39 $17,150
40 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
41 $23,600
42 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over
43 $27,900
44 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over
45 $43,000
46 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over
47 $161,550
48 Over $323,200 but not over $19,403 plus 6.85% of excess
49 $2,155,350 over $323,200
50 Over $2,155,350 but not over $144,905 plus 9.65% of excess over
51 $5,000,000 $2,155,350
52 Over $5,000,000 but not over $419,414 plus 10.30% of excess over
53 $25,000,000 $5,000,000
54 Over $25,000,000 $2,479,414 plus 10.90% of excess over
55 $25,000,000
S. 1559 5
1 (v) For taxable years beginning in two thousand twenty-two the follow-
2 ing 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 5.85% of excess over
10 $27,900
11 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over
12 $161,550
13 Over $323,200 but not over $19,124 plus
14 $2,155,350 6.85% of excess over $323,200
15 Over $2,155,350 but not over $144,626 plus 9.65% of excess over
16 $5,000,000 $2,155,350
17 Over $5,000,000 but not over $419,135 plus 10.30% of excess over
18 $25,000,000 $5,000,000
19 Over $25,000,000 $2,479,135 plus 10.90% of excess over
20 $25,000,000
21 (vi) For taxable years beginning in two thousand twenty-three and
22 before two thousand twenty-eight the following rates shall apply:
23 If the New York taxable income is: The tax is:
24 Not over $17,150 4% of the New York taxable income
25 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
26 $17,150
27 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
28 $23,600
29 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
30 $27,900
31 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over
32 $161,550
33 Over $323,200 but not over $18,252 plus 6.85% of excess over
34 $2,155,350 $323,200
35 Over $2,155,350 but not over $143,754 plus 9.65% of excess over
36 $5,000,000 $2,155,350
37 Over $5,000,000 but not over $418,263 plus 10.30% of excess over
38 $25,000,000 $5,000,000
39 Over $25,000,000 $2,478,263 plus 10.90% of excess over
40 $25,000,000
41 (vii) For taxable years beginning after two thousand twenty-seven the
42 following rates shall apply:
43 If the New York taxable income is: The tax is:
44 Not over $17,150 4% of the New York taxable income
45 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
46 $17,150
47 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
48 $23,600
49 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
50 $27,900
51 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess
52 over $161,550
53 Over $323,200 but not over $18,252 plus 6.85% of excess
54 $2,155,350 over $323,200
55 Over $2,155,350 $143,754 plus 8.82% of excess
S. 1559 6
1 over $2,155,350]
2 § 2. Paragraph 1 of subsection (b) of section 601 of the tax law, as
3 amended by section 2 of part FF of chapter 59 of the laws of 2013,
4 subparagraph (B) as added by section 2 of part R of chapter 59 of the
5 laws of 2017, clause (iii) of subparagraph (B) as amended by section 2
6 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of
7 subparagraph (B) as amended by section 2 of part A of chapter 59 of the
8 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended
9 by section 2 of subpart A of part A of chapter 59 of the laws of 2022,
10 is amended to read as follows:
11 (1) (A) For taxable years beginning after two thousand eleven and
12 before two thousand [eighteen] sixteen:
13 If the New York taxable income is: The tax is:
14 Not over $12,000 4% of taxable income
15 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over
16 $12,000
17 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over
18 $16,500
19 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over
20 $19,500
21 Over $30,000 but not over $100,000 $1,460 plus 6.45% of excess over
22 $30,000
23 Over $100,000 but not over $250,000 $5,975 plus 6.65% of excess over
24 $100,000
25 Over $250,000 but not over $1,500,000 $15,950 plus 6.85% of excess over
26 $250,000
27 Over $1,500,000 $101,575 plus 8.82% of excess over
28 $1,500,000
29 (B)(i) For taxable years beginning in two thousand eighteen the
30 following rates shall apply:
31 If the New York taxable income is: The tax is:
32 Not over $12,800 4% of the New York taxable income
33 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800
34 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
35 $17,650
36 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900
37 Over $32,200 but not over $107,650 $1,568 plus 6.33% of excess over
38 $32,200
39 Over $107,650 but not over $269,300 $6,344 plus 6.57% of excess over
40 $107,650
41 Over $269,300 but not over $1,616,450 $16,964 plus 6.85% of excess over
42 $269,300
43 Over $1,616,450 $109,244 plus 8.82% of excess over
44 $1,616,450
45 (ii) For taxable years beginning in two thousand nineteen the follow-
46 ing rates shall apply:
47 If the New York taxable income is: The tax is:
48 Not over $12,800 4% of the New York taxable income
49 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800
50 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
S. 1559 7
1 $17,650
2 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900
3 Over $32,200 but not over $107,650 $1,568 plus 6.21% of excess over
4 $32,200
5 Over $107,650 but not over $269,300 $6,253 plus 6.49% of excess over
6 $107,650
7 Over $269,300 but not over $1,616,450 $16,744 plus 6.85% of excess over
8 $269,300
9 Over $1,616,450 $109,024 plus 8.82% of excess over
10 $1,616,450
11 (iii) For taxable years beginning in two thousand twenty the following
12 rates shall apply:
13 If the New York taxable income is: The tax is:
14 Not over $12,800 4% of the New York taxable income
15 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800
16 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
17 $17,650
18 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900
19 Over $32,200 but not over $107,650 $1,568 plus 6.09% of excess over
20 $32,200
21 Over $107,650 but not over $269,300 $6,162 plus 6.41% of excess over
22 $107,650
23 Over $269,300 but not over $16,524 plus 6.85% of
24 $1,616,450 excess over $269,300
25 Over $1,616,450 $108,804 plus 8.82% of excess over
26 $1,616,450
27 [(iv) For taxable years beginning in two thousand twenty-one the
28 following rates shall apply:
29 If the New York taxable income is: The tax is:
30 Not over $12,800 4% of the New York taxable income
31 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
32 $12,800
33 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
34 $17,650
35 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over
36 $20,900
37 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over
38 $32,200
39 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over
40 $107,650
41 Over $269,300 but not over $16,304 plus 6.85% of excess over
42 $1,616,450 $269,300
43 Over $1,616,450 but not over $108,584 plus 9.65% of excess over
44 $5,000,000 $1,616,450
45 Over $5,000,000 but not over $435,097 plus 10.30% of excess over
46 $25,000,000 $5,000,000
47 Over $25,000,000 $2,495,097 plus 10.90% of excess over
48 $25,000,000
49 (v) For taxable years beginning in two thousand twenty-two the follow-
50 ing rates shall apply:
51 If the New York taxable income is: The tax is:
52 Not over $12,800 4% of the New York taxable income
53 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
54 $12,800
55 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
S. 1559 8
1 $17,650
2 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over
3 $20,900
4 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over
5 $107,650
6 Over $269,300 but not over $16,079 plus 6.85% of excess
7 $1,616,450 over $269,300
8 Over $1,616,450 but not over $108,359 plus 9.65% of excess over
9 $5,000,000 $1,616,450
10 Over $5,000,000 but not over $434,871 plus 10.30% of excess over
11 $25,000,000 $5,000,000
12 Over $25,000,000 $2,494,871 plus 10.90% of excess over
13 $25,000,000
14 (vi) For taxable years beginning in two thousand twenty-three and
15 before two thousand twenty-eight the following rates shall apply:
16 If the New York taxable income is: The tax is:
17 Not over $12,800 4% of the New York taxable income
18 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
19 $12,800
20 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
21 $17,650
22 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
23 $20,900
24 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
25 $107,650
26 Over $269,300 but not over $15,371 plus 6.85% of excess over
27 $1,616,450 $269,300
28 Over $1,616,450 but not over $107,651 plus 9.65% of excess over
29 $5,000,000 $1,616,450
30 Over $5,000,000 but not over $434,163 plus 10.30% of excess over
31 $25,000,000 $5,000,000
32 Over $25,000,000 $2,494,163 plus 10.90% of excess over
33 $25,000,000
34 (vii) For taxable years beginning after two thousand twenty-seven the
35 following rates shall apply:
36 If the New York taxable income is: The tax is:
37 Not over $12,800 4% of the New York taxable income
38 Over $12,800 but not over $512 plus 4.5% of excess over
39 $17,650 $12,800
40 Over $17,650 but not over $730 plus 5.25% of excess over
41 $20,900 $17,650
42 Over $20,900 but not over $901 plus 5.5% of excess over
43 $107,650 $20,900
44 Over $107,650 but not over $5,672 plus 6.00% of excess
45 $269,300 over $107,650
46 Over $269,300 but not over $15,371 plus 6.85% of excess
47 $1,616,450 over $269,300
48 Over $1,616,450 $107,651 plus 8.82% of excess
49 over $1,616,450]
50 (C) For taxable years beginning in two thousand twenty-five, the
51 following brackets and dollar amounts shall apply:
S. 1559 9
1 If the New York taxable income is:The tax is:
2 Not over $12,0002% of taxable income
3 Over $12,000 but not over $16,500$240 plus 2.5% of excess over
4 $12,000
5 Over $16,500 but not over $19,500$353 plus 3.25% of excess over
6 $16,500
7 Over $19,500 but not over $30,000$451 plus 3.90% of excess over
8 $19,500
9 Over $30,000 but not over $100,000$861 plus 4.45% of excess over
10 $30,000
11 Over $100,000 but not over $250,000$3,976 plus 4.65% of excess over
12 $100,000
13 Over $250,000 but not over$10,951 plus 6.85% of excess over
14 $1,500,000$250,000
15 Over $1,500,000$96,576 plus 8.82% of excess over
16 $1,500,000
17 § 3. Paragraph 1 of subsection (c) of section 601 of the tax law, as
18 amended by section 3 of part FF of chapter 59 of the laws of 2013,
19 subparagraph (B) as added by section 3 of part R of chapter 59 of the
20 laws of 2017, clause (iii) of subparagraph (B) as amended by section 3
21 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of
22 subparagraph (B) as amended by section 3 of part A of chapter 59 of the
23 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended
24 by section 3 of subpart A of part A of chapter 59 of the laws of 2022,
25 is amended to read as follows:
26 (1) (A) For taxable years beginning after two thousand eleven and
27 before two thousand [eighteen] sixteen:
28 If the New York taxable income is: The tax is:
29 Not over $8,000 4% of taxable income
30 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over
31 $8,000
32 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over
33 $11,000
34 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over
35 $13,000
36 Over $20,000 but not over $75,000 $973 plus 6.45% of excess over
37 $20,000
38 Over $75,000 but not over $200,000 $4,521 plus 6.65% of excess over
39 $75,000
40 Over $200,000 but not over $1,000,000 $12,833 plus 6.85% of excess over
41 $200,000
42 Over $1,000,000 $67,633 plus 8.82% of excess over
43 $1,000,000
44 (B)(i) For taxable years beginning in two thousand eighteen the
45 following rates shall apply:
46 If the New York taxable income is: The tax is:
47 Not over $8,500 4% of the New York taxable income
48 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
49 $8,500
50 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
51 $11,700
52 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over
S. 1559 10
1 $13,900
2 Over $21,400 but not over $80,650 $1,042 plus 6.33% of excess over
3 $21,400
4 Over $80,650 but not over $215,400 $4,793 plus 6.57% of excess over
5 $80,650
6 Over $215,400 but not over $1,077,550 $13,646 plus 6.85% of excess over
7 $215,400
8 Over $1,077,550 $72,703 plus 8.82% of excess over
9 $1,077,550
10 (ii) For taxable years beginning in two thousand nineteen the follow-
11 ing rates shall apply:
12 If the New York taxable income is: The tax is:
13 Not over $8,500 4% of the New York taxable income
14 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
15 $8,500
16 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
17 $11,700
18 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over
19 $13,900
20 Over $21,400 but not over $80,650 $1,042 plus 6.21% of excess over
21 $21,400
22 Over $80,650 but not over $215,400 $4,721 plus 6.49% of excess over
23 $80,650
24 Over $215,400 but not over $1,077,550 $13,467 plus 6.85% of excess over
25 $215,400
26 Over $1,077,550 $72,524 plus 8.82% of excess over
27 $1,077,550
28 (iii) For taxable years beginning in two thousand twenty the following
29 rates shall apply:
30 If the New York taxable income is: The tax is:
31 Not over $8,500 4% of the New York taxable income
32 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
33 $8,500
34 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
35 $11,700
36 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over
37 $13,900
38 Over $21,400 but not over $80,650 $1,042 plus 6.09% of excess over
39 $21,400
40 Over $80,650 but not over $215,400 $4,650 plus 6.41% of excess over
41 $80,650
42 Over $215,400 but not over $13,288 plus 6.85% of excess
43 $1,077,550 over $215,400
44 Over $1,077,550 $72,345 plus 8.82% of excess over
45 $1,077,550
46 [(iv) For taxable years beginning in two thousand twenty-one the
47 following rates shall apply:
48 If the New York taxable income is: The tax is:
49 Not over $8,500 4% of the New York taxable income
50 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
51 $8,500
52 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
53 $11,700
54 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over
55 $13,900
56 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over
S. 1559 11
1 $21,400
2 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over
3 $80,650
4 Over $215,400 but not over $13,109 plus 6.85% of excess
5 $1,077,550 over $215,400
6 Over $1,077,550 but not over $72,166 plus 9.65% of excess over
7 $5,000,000 $1,077,550
8 Over $5,000,000 but not over $450,683 plus 10.30% of excess over
9 $25,000,000 $5,000,000
10 Over $25,000,000 $2,510,683 plus 10.90% of excess over
11 $25,000,000
12 (v) For taxable years beginning in two thousand twenty-two the follow-
13 ing rates shall apply:
14 If the New York taxable income is: The tax is:
15 Not over $8,500 4% of the New York taxable income
16 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
17 $8,500
18 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
19 $11,700
20 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over
21 $13,900
22 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over
23 $80,650
24 Over $215,400 but not over $12,926 plus 6.85% of excess
25 $1,077,550 over $215,400
26 Over $1,077,550 but not over $71,984 plus 9.65% of excess over
27 $5,000,000 $1,077,550
28 Over $5,000,000 but not over $450,500 plus 10.30% of excess over
29 $25,000,000 $5,000,000
30 Over $25,000,000 $2,510,500 plus 10.90% of excess over
31 $25,000,000
32 (vi) For taxable years beginning in two thousand twenty-three and
33 before two thousand twenty-eight the following rates shall apply:
34 If the New York taxable income is: The tax is:
35 Not over $8,500 4% of the New York taxable income
36 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
37 $8,500
38 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
39 $11,700
40 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
41 $13,900
42 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over
43 $80,650
44 Over $215,400 but not over $12,356 plus 6.85% of excess over
45 $1,077,550 $215,400
46 Over $1,077,550 but not over $71,413 plus 9.65% of excess over
47 $5,000,000 $1,077,550
48 Over $5,000,000 but not over $449,929 plus 10.30% of excess over
49 $25,000,000 $5,000,000
50 Over $25,000,000 $2,509,929 plus 10.90% of excess over
51 $25,000,000
52 (vii) For taxable years beginning after two thousand twenty-seven the
53 following rates shall apply:
54 If the New York taxable income is: The tax is:
55 Not over $8,500 4% of the New York taxable income
56 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
S. 1559 12
1 $8,500
2 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
3 $11,700
4 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
5 $13,900
6 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess
7 over $80,650
8 Over $215,400 but not over $12,356 plus 6.85% of excess
9 $1,077,550 over $215,400
10 Over $1,077,550 $71,413 plus 8.82% of excess
11 over $1,077,550]
12 (C) For taxable years beginning in two thousand twenty-five, the
13 following brackets and dollar amounts shall apply:
14 If the New York taxable income is:The tax is:
15 Not over $8,0002% of taxable income
16 Over $8,000 but not over $11,000$160 plus 2.5% of excess over
17 $8,000
18 Over $11,000 but not over $13,000$235 plus 3.25% of excess over
19 $11,000
20 Over $13,000 but not over $20,000$300 plus 3.90% of excess over
21 $13,000
22 Over $20,000 but not over $75,000$573 plus 4.45% of excess over
23 $20,000
24 Over $75,000 but not over $200,000$3,021 plus 4.65% of excess over
25 $75,000
26 Over $200,000 to $1,000,000$8,834 plus 6.85% of excess over
27 $200,000
28 § 4. This act shall take effect immediately.
29 § 2. Severability clause. If any clause, sentence, paragraph, subdivi-
30 sion, section or part of this act shall be adjudged by a court of compo-
31 nent jurisdiction to be invalid, such judgment shall not affect, impair
32 or invalidate the remainder thereof, but shall be confined in its opera-
33 tion to the clause, sentence, paragraph, subdivision, section or part
34 thereof directly involved in the controversy in which such judgment
35 shall have been rendered. It is hereby declared to be the intent of the
36 legislature that this act would have been enacted even if such invalid
37 provisions had not been included herein.
38 § 3. This act shall take effect immediately provided, however, that
39 the applicable effective date of Parts A through B of this act shall be
40 as specifically set forth in the last section of such Parts.
