STATE OF NEW YORK
________________________________________________________________________
8862
IN ASSEMBLY
January 19, 2022
___________
Introduced by M. of A. DURSO -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to accelerating the phase-in of
certain tax cuts
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph
2 (B) of paragraph 1 of subsection (a) of section 601 of the tax law,
3 clauses (v), (vi), (vii), and (viii) as amended and clause (ix) as added
4 by section 1 of part A of chapter 59 of the laws of 2021, are amended to
5 read as follows:
6 (v) [For taxable years beginning in two thousand twenty-two the
7 following rates shall apply:
8 If the New York taxable income is: The tax is:
9 Not over $17,150 4% of the New York taxable income
10 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
11 $17,150
12 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
13 $23,600
14 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over
15 $27,900
16 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over
17 $161,550
18 Over $323,200 but not over $19,124 plus
19 $2,155,350 6.85% of excess over $323,200
20 Over $2,155,350 but not over $144,626 plus 9.65% of excess over
21 $5,000,000 $2,155,350
22 Over $5,000,000 but not over $419,135 plus 10.30% of excess over
23 $25,000,000 $5,000,000
24 Over $25,000,000 $2,479,135 plus 10.90% of excess over
25 $25,000,000
26 (vi) For taxable years beginning in two thousand twenty-three the
27 following rates shall apply:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14243-01-2
A. 8862 2
1 If the New York taxable income is: The tax is:
2 Not over $17,150 4% of the New York taxable income
3 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
4 $17,150
5 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
6 $23,600
7 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over
8 $27,900
9 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over
10 $161,550
11 Over $323,200 but not over $18,834 plus 6.85% of
12 $2,155,350 excess over $323,200
13 Over $2,155,350 but not over $144,336 plus 9.65% of excess over
14 $5,000,000 $2,155,350
15 Over $5,000,000 but not over $418,845 plus 10.30% of excess over
16 $25,000,000 $5,000,000
17 Over $25,000,000 $2,478,845 plus 10.90% of excess over
18 $25,000,000
19 (vii) For taxable years beginning in two thousand twenty-four the
20 following rates shall apply:
21 If the New York taxable income is: The tax is:
22 Not over $17,150 4% of the New York taxable income
23 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
24 $17,150
25 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
26 $23,600
27 Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over
28 $27,900
29 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over
30 $161,550
31 Over $323,200 but not over $18,544 plus 6.85% of excess over
32 $2,155,350 $323,200
33 Over $2,155,350 but not over $144,047 plus 9.65% of excess over
34 $5,000,000 $2,155,350
35 Over $5,000,000 but not over $418,555 plus 10.30% of excess over
36 $25,000,000 $5,000,000
37 Over $25,000,000 $2,478,555 plus 10.90% of excess over
38 $25,000,000
39 (viii)] For taxable years beginning after two thousand [twenty-four]
40 twenty-one and before two thousand twenty-eight the following rates
41 shall apply:
42 If the New York taxable income is: The tax is:
43 Not over $17,150 4% of the New York taxable income
44 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
45 $17,150
46 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
47 $23,600
48 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
49 $27,900
50 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over
51 $161,550
52 Over $323,200 but not over $18,252 plus 6.85% of excess over
53 $2,155,350 $323,200
54 Over $2,155,350 but not over $143,754 plus 9.65% of excess over
55 $5,000,000 $2,155,350
56 Over $5,000,000 but not over $418,263 plus 10.30% of excess over
A. 8862 3
1 $25,000,000 $5,000,000
2 Over $25,000,000 $2,478,263 plus 10.90% of excess over
3 $25,000,000
4 [(ix)] (vi) For taxable years beginning after two thousand twenty-
5 seven the following rates shall apply:
6 If the New York taxable income is: The tax is:
7 Not over $17,150 4% of the New York taxable income
8 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
9 $17,150
10 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
11 $23,600
12 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
13 $27,900
14 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess
15 over $161,550
16 Over $323,200 but not over $18,252 plus 6.85% of excess
17 $2,155,350 over $323,200
18 Over $2,155,350 $143,754 plus 8.82% of excess
19 over $2,155,350
20 § 2. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph (B) of
21 paragraph 1 of subsection (b) of section 601 of the tax law, clauses
22 (v), (vi), (vii), and (viii) as amended and clause (ix) as added by
23 section 2 of part A of chapter 59 of the laws of 2021, are amended to
24 read as follows:
25 (v) [For taxable years beginning in two thousand twenty-two the
26 following rates shall apply:
27 If the New York taxable income is: The tax is:
28 Not over $12,800 4% of the New York taxable income
29 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
30 $12,800
31 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
32 $17,650
33 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over
34 $20,900
35 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over
36 $107,650
37 Over $269,300 but not over $16,079 plus 6.85% of excess
38 $1,616,450 over $269,300
39 Over $1,616,450 but not over $108,359 plus 9.65% of excess over
40 $5,000,000 $1,616,450
41 Over $5,000,000 but not over $434,871 plus 10.30% of excess over
42 $25,000,000 $5,000,000
43 Over $25,000,000 $2,494,871 plus 10.90% of excess over
44 $25,000,000
45 (vi) For taxable years beginning in two thousand twenty-three the
46 following 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
50 $12,800
51 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
52 $17,650
53 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over
A. 8862 4
1 $20,900
2 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over
3 $107,650
4 Over $269,300 but not over $15,845 plus 6.85% of excess
5 $1,616,450 over $269,300
6 Over $1,616,450 but not over $108,125 plus 9.65% of excess over
7 $5,000,000 $1,616,450
8 Over $5,000,000 but not over $434,638 plus 10.30% of excess over
9 $25,000,000 $5,000,000
10 Over $25,000,000 $2,494,638 plus 10.90% of excess over
11 $25,000,000
12 (vii) For taxable years beginning in two thousand twenty-four the
13 following rates shall apply:
14 If the New York taxable income is: The tax is:
15 Not over $12,800 4% of the New York taxable income
16 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
17 $12,800
18 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
19 $17,650
20 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over
21 $20,900
22 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over
23 $107,650
24 Over $269,300 but not over $15,612 plus 6.85% of excess
25 $1,616,450 over $269,300
26 Over $1,616,450 but not over $107,892 plus 9.65% of excess over
27 $5,000,000 $1,616,450
28 Over $5,000,000 but not over $434,404 plus 10.30% of excess over
29 $25,000,000 $5,000,000
30 Over $25,000,000 $2,494,404 plus 10.90% of excess over
31 $25,000,000
32 (viii)] For taxable years beginning after two thousand [twenty-four]
33 twenty-one and before two thousand twenty-eight the following rates
34 shall apply:
35 If the New York taxable income is: The tax is:
36 Not over $12,800 4% of the New York taxable income
37 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
38 $12,800
39 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
40 $17,650
41 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
42 $20,900
43 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
44 $107,650
45 Over $269,300 but not over $15,371 plus 6.85% of excess over
46 $1,616,450 $269,300
47 Over $1,616,450 but not over $107,651 plus 9.65% of excess over
48 $5,000,000 $1,616,450
49 Over $5,000,000 but not over $434,163 plus 10.30% of excess over
50 $25,000,000 $5,000,000
51 Over $25,000,000 $2,494,163 plus 10.90% of excess over
52 $25,000,000
53 [(ix)] (vi) For taxable years beginning after two thousand twenty-sev-
54 en the following rates shall apply:
A. 8862 5
1 If the New York taxable income is: The tax is:
2 Not over $12,800 4% of the New York taxable income
3 Over $12,800 but not over $512 plus 4.5% of excess over
4 $17,650 $12,800
5 Over $17,650 but not over $730 plus 5.25% of excess over
6 $20,900 $17,650
7 Over $20,900 but not over $901 plus 5.5% of excess over
8 $107,650 $20,900
9 Over $107,650 but not over $5,672 plus 6.00% of excess
10 $269,300 over $107,650
11 Over $269,300 but not over $15,371 plus 6.85% of excess
12 $1,616,450 over $269,300
13 Over $1,616,450 $107,651 plus 8.82% of excess
14 over $1,616,450
15 § 3. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph (B) of
16 paragraph 1 of subsection (c) of section 601 of the tax law, clauses
17 (v), (vi), (vii), and (viii) as amended and clause (ix) as added by
18 section 3 of part A of chapter 59 of the laws of 2021, are amended to
19 read as follows:
20 (v) [For taxable years beginning in two thousand twenty-two the
21 following rates shall apply:
22 If the New York taxable income is: The tax is:
23 Not over $8,500 4% of the New York taxable income
24 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
25 $8,500
26 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
27 $11,700
28 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over
29 $13,900
30 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over
31 $80,650
32 Over $215,400 but not over $12,926 plus 6.85% of excess
33 $1,077,550 over $215,400
34 Over $1,077,550 but not over $71,984 plus 9.65% of excess over
35 $5,000,000 $1,077,550
36 Over $5,000,000 but not over $450,500 plus 10.30% of excess over
37 $25,000,000 $5,000,000
38 Over $25,000,000 $2,510,500 plus 10.90% of excess over
39 $25,000,000
40 (vi) For taxable years beginning in two thousand twenty-three the
41 following rates shall apply:
42 If the New York taxable income is: The tax is:
43 Not over $8,500 4% of the New York taxable income
44 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
45 $8,500
46 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
47 $11,700
48 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over
49 $13,900
50 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over
51 $80,650
52 Over $215,400 but not over $12,738 plus 6.85% of excess
53 $1,077,550 over $215,400
54 Over $1,077,550 but not over $71,796 plus 9.65% of excess over
55 $5,000,000 $1,077,550
A. 8862 6
1 Over $5,000,000 but not over $450,312 plus 10.30% of excess over
2 $25,000,000 $5,000,000
3 Over $25,000,000 $2,510,312 plus 10.90% of excess over
4 $25,000,000
5 (vii) For taxable years beginning in two thousand twenty-four the
6 following rates shall apply:
7 If the New York taxable income is: The tax is:
8 Not over $8,500 4% of the New York taxable income
9 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
10 $8,500
11 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
12 $11,700
13 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over
14 $13,900
15 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over
16 $80,650
17 Over $215,400 but not over $12,550 plus 6.85% of excess
18 $1,077,550 over $215,400
19 Over $1,077,550 but not over $71,608 plus 9.65% of excess over
20 $5,000,000 $1,077,550
21 Over $5,000,000 but not over $450,124 plus 10.30% of excess over
22 $25,000,000 $5,000,000
23 Over $25,000,000 $2,510,124 plus 10.90% of excess over
24 $25,000,000
25 (viii)] For taxable years beginning after two thousand [twenty-four]
26 twenty-one and before two thousand twenty-eight the following rates
27 shall apply:
28 If the New York taxable income is: The tax is:
29 Not over $8,500 4% of the New York taxable income
30 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
31 $8,500
32 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
33 $11,700
34 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
35 $13,900
36 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over
37 $80,650
38 Over $215,400 but not over $12,356 plus 6.85% of excess over
39 $1,077,550 $215,400
40 Over $1,077,550 but not over $71,413 plus 9.65% of excess over
41 $5,000,000 $1,077,550
42 Over $5,000,000 but not over $449,929 plus 10.30% of excess over
43 $25,000,000 $5,000,000
44 Over $25,000,000 $2,509,929 plus 10.90% of excess over
45 $25,000,000
46 [(ix)] (vi) For taxable years beginning after two thousand twenty-sev-
47 en the 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 $80,650 $600 plus 5.50% of excess over
55 $13,900
56 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess
A. 8862 7
1 over $80,650
2 Over $215,400 but not over $12,356 plus 6.85% of excess
3 $1,077,550 over $215,400
4 Over $1,077,550 $71,413 plus 8.82% of excess
5 over $1,077,550
6 § 4. This act shall take effect immediately.
