Extends the top state income tax rate to 10.32% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate.
STATE OF NEW YORK
________________________________________________________________________
10364
IN ASSEMBLY
April 29, 2020
___________
Introduced by M. of A. SIMOTAS -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to extending the top state
income tax rate
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph
2 (B) of paragraph 1 of subsection (a) of section 601 of the tax law,
3 clauses (iv), (v), (vi) and (vii) as amended by section 1 of part P of
4 chapter 59 of the laws of 2019, and clause (viii) as added by section 1
5 of part R of chapter 59 of the laws of 2017, are amended to read as
6 follows:
7 (iv) For taxable years beginning in two thousand twenty-one the
8 following rates shall apply:
9 If the New York taxable income is: The tax is:
10 Not over $17,150 4% of the New York taxable income
11 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
12 $17,150
13 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
14 $23,600
15 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over
16 $27,900
17 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over
18 $43,000
19 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over
20 $161,550
21 Over $323,200 but not over $19,403 plus 6.85% of excess
22 $2,155,350 over $323,200
23 Over $2,155,350 but not over$144,905 plus 8.82% of excess over
24 $5,000,000$2,155,350
25 Over $5,000,000 but not over$395,803 plus 9.32% of excess over
26 $10,000,000$5,000,000
27 Over $10,000,000 but not over$861,803 plus 9.82% of excess over
28 $100,000,000$10,000,000
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15559-03-0
A. 10364 2
1 Over [$2,155,350 $144,905 plus 8.82% of excess over
2 $2,155,350]
3 $100,000,000$9,699,803 plus 10.32% of excess
4 over $100,000,000
5 (v) For taxable years beginning in two thousand twenty-two the follow-
6 ing 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 5.85% of excess over
14 $27,900
15 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over
16 $161,550
17 Over $323,200 but not over $19,124 plus
18 $2,155,350 6.85% of excess over $323,200
19 Over $2,155,350 but not over$144,626 plus 8.82% of excess over
20 $5,000,000$2,155,350
21 Over $5,000,000 but not over$395,524 plus 9.32% of excess over
22 $10,000,000$5,000,000
23 Over $10,000,000 but not over$861,524 plus 9.82% of excess over
24 $100,000,000$10,000,000
25 Over [$2,155,350 $144,626 plus 8.82% of excess over
26 $2,155,350]
27 $100,000,000$9,699,524 plus 10.32% of
28 excess over $100,000,000
29 (vi) For taxable years beginning in two thousand twenty-three the
30 following rates shall apply:
31 If the New York taxable income is: The tax is:
32 Not over $17,150 4% of the New York taxable income
33 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
34 $17,150
35 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
36 $23,600
37 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over
38 $27,900
39 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over
40 $161,550
41 Over $323,200 but not over $18,834 plus 6.85% of
42 $2,155,350 excess over $323,200
43 Over $2,155,350 but not over$144,336 plus 8.82% of excess over
44 $5,000,000$2,155,350
45 Over $5,000,000 but not over$395,234 plus 9.32% of excess over
46 $10,000,000$5,000,000
47 Over $10,000,000 but not over$861,234 plus 9.82% of excess over
48 $100,000,000$10,000,000
49 Over [$2,155,350 $144,336 plus 8.82% of excess over
50 $2,155,350]
51 $100,000,000$9,699,234 plus 10.32% of excess
52 over $100,000,000
53 (vii) For taxable years beginning in two thousand twenty-four the
54 following rates shall apply:
A. 10364 3
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 5.61% of excess over
8 $27,900
9 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over
10 $161,550
11 Over $323,200 but not over $18,544 plus 6.85% of
12 $2,155,350 excess over $323,200
13 Over $2,155,350 but not over$144,047 plus 8.82% of excess over
14 $5,000,000$2,155,350
15 Over $5,000,000 but not over$394,945 plus 9.32% of excess over
16 $10,000,000$5,000,000
17 Over $10,000,000 but not over$860,945 plus 9.82% of excess over
18 $100,000,000$10,000,000
19 Over [$2,155,350 $144,047 plus 8.82% of excess over
20 $2,155,350]
21 $100,000,000$9,698,945 plus 10.32% of excess
22 over $100,000,000
23 (viii) For taxable years beginning after two thousand twenty-four the
24 following rates shall apply:
25 If the New York taxable income is: The tax is:
26 Not over $17,150 4% of the New York taxable income
27 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
28 $17,150
29 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
30 $23,600
31 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
32 $27,900
33 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over
34 $161,550
35 Over $323,200 but not over $18,252 plus 6.85% of excess
36 $2,155,350 over $323,200
37 Over $2,155,350 but not over$143,754 plus 8.82% of excess over
38 $5,000,000$2,155,350
39 Over $5,000,000 but not over$394,652 plus 9.32% of excess over
40 $10,000,000$5,000,000
41 Over $10,000,000 but not over$860,652 plus 9.82% of excess over
42 $100,000,000$10,000,000
43 Over $100,000,000$9,698,652 plus 10.32% of excess
44 over $100,000,000
45 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
46 paragraph 1 of subsection (b) of section 601 of the tax law, clauses
47 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter
48 59 of the laws of 2019, and clause (viii) as added by section 2 of part
49 R of chapter 59 of the laws of 2017, are amended to read as follows:
50 (iv) For taxable years beginning in two thousand twenty-one the
51 following rates shall apply:
52 If the New York taxable income is: The tax is:
53 Not over $12,800 4% of the New York taxable income
54 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
55 $12,800
56 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
A. 10364 4
1 $17,650
2 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over
3 $20,900
4 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over
5 $32,200
6 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over
7 $107,650
8 Over $269,300 but not over $16,304 plus 6.85% of
9 $1,616,450 excess over $269,300
10 Over $1,616,450 but not over$108,584 plus 8.82% of excess over
11 $5,000,000$1,616,450
12 Over $5,000,000 but not over$407,013 plus 9.32% of excess over
13 $10,000,000$5,000,000
14 Over $10,000,000 but not over$873,013 plus 9.82% of excess over
15 $100,000,000$10,000,000
16 Over [$1,616,450 $108,584 plus 8.82% of excess over
17 $1,616,450]
18 $100,000,000$9,711,013 plus 10.32% of excess
19 over $100,000,000
20 (v) For taxable years beginning in two thousand twenty-two the follow-
21 ing rates shall apply:
22 If the New York taxable income is: The tax is:
23 Not over $12,800 4% of the New York taxable income
24 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
25 $12,800
26 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
27 $17,650
28 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over
29 $20,900
30 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over
31 $107,650
32 Over $269,300 but not over $16,079 plus 6.85% of excess
33 $1,616,450 over $269,300
34 Over $1,616,450 but not over$108,359 plus 8.82% of excess over
35 $5,000,000$1,616,450
36 Over $5,000,000 but not over$406,788 plus 9.32% of excess over
37 $10,000,000$5,000,000
38 Over $10,000,000 but not over$872,788 plus 9.82% of excess over
39 $100,000,000$10,000,000
40 Over [$1,616,450 $108,359 plus 8.82% of excess over
41 $1,616,450]
42 $100,000,000$9,710,788 plus 10.32% of excess
43 over $100,000,000
44 (vi) For taxable years beginning in two thousand twenty-three the
45 following rates shall apply:
46 If the New York taxable income is: The tax is:
47 Not over $12,800 4% of the New York taxable income
48 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
49 $12,800
50 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
51 $17,650
52 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over
53 $20,900
54 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over
A. 10364 5
1 $107,650
2 Over $269,300 but not over $15,845 plus 6.85% of excess
3 $1,616,450 over $269,300
4 Over $1,616,450 but not over$108,125 plus 8.82% of excess over
5 $5,000,000$1,616,450
6 Over $5,000,000 but not over$406,544 plus 9.32% of excess over
7 $10,000,000$5,000,000
8 Over $10,000,000 but not over$872,544 plus 9.82% of excess over
9 $100,000,000$10,000,000
10 Over [$1,616,450 $108,125 plus 8.82% of excess over
11 $1,616,450]
12 $100,000,000$9,710,544 plus 10.32% of excess
13 over $100,000,000
14 (vii) For taxable years beginning in two thousand twenty-four the
15 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 5.61% of excess over
23 $20,900
24 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over
25 $107,650
26 Over $269,300 but not over $15,612 plus 6.85% of excess
27 $1,616,450 over $269,300
28 Over $1,616,450 but not over$107,892 plus 8.82% of excess over
29 $5,000,000$1,616,450
30 Over $5,000,000 but not over$406,321 plus 9.32% of excess over
31 $10,000,000$5,000,000
32 Over $10,000,000 but not over$872,321 plus 9.82% of excess over
33 $100,000,000$10,000,000
34 Over [$1,616,450 $107,892 plus 8.82% of excess over
35 $1,616,450]
36 $100,000,000$9,710,321 plus 10.32% of excess
37 over $100,000,000
38 (viii) For taxable years beginning after two thousand twenty-four the
39 following rates shall apply:
40 If the New York taxable income is: The tax is:
41 Not over $12,800 4% of the New York taxable income
42 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
43 $12,800
44 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
45 $17,650
46 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
47 $20,900
48 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
49 $107,650
50 Over $269,300 but not over $15,371 plus 6.85% of excess
51 $1,616,450 over $269,300
52 Over $1,616,450 but not over$107,651 plus 8.82% of excess over
53 $5,000,000$1,616,450
54 Over $5,000,000 but not over$406,080 plus 9.32% of excess over
55 $10,000,000$5,000,000
56 Over $10,000,000 but not over$872,080 plus 9.82% of excess over
A. 10364 6
1 $100,000,000$10,000,000
2 Over $100,000,000$9,710,080 plus 10.32% of excess
3 over $100,000,000
4 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
5 paragraph 1 of subsection (c) of section 601 of the tax law, clauses
6 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter
7 59 of the laws of 2019, and clause (viii) as added by section 3 of part
8 R of chapter 59 of the laws of 2017, are amended to read as follows:
9 (iv) For taxable years beginning in two thousand twenty-one the
10 following rates shall apply:
11 If the New York taxable income is: The tax is:
12 Not over $8,500 4% of the New York taxable income
13 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
14 $8,500
15 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
16 $11,700
17 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over
18 $13,900
19 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over
20 $21,400
21 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over
22 $80,650
23 Over $215,400 but not over $13,109 plus 6.85% of excess
24 $1,077,550 over $215,400
25 Over $1,077,550 but not over$72,166 plus 8.82% of excess over
26 $5,000,000$1,077,550
27 Over $5,000,000 but not over$418,126 plus 9.32% of excess over
28 $10,000,000$5,000,000
29 Over $10,000,000 but not over$884,126 plus 9.82% of excess over
30 $100,000,000$10,000,000
31 Over [$1,077,550 $72,166 plus 8.82% of excess over
32 $1,077,550]
33 $100,000,000$9,722,126 plus 10.32% of excess
34 over $100,000,000
35 (v) For taxable years beginning in two thousand twenty-two the follow-
36 ing rates shall apply:
37 If the New York taxable income is: The tax is:
38 Not over $8,500 4% of the New York taxable income
39 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
40 $8,500
41 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
42 $11,700
43 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over
44 $13,900
45 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over
46 $80,650
47 Over $215,400 but not over $12,926 plus 6.85% of excess
48 $1,077,550 over $215,400
49 Over $1,077,550 but not over$71,984 plus 8.82% of excess over
50 $5,000,000$1,077,550
51 Over $5,000,000 but not over$ 417,944 plus 9.32% of excess over
52 $10,000,000$5,000,000
53 Over $10,000,000 but not over$883,994 plus 9.82% of excess over
54 $100,000,000$10,000,000
55 Over [$1,077,550 $71,984 plus 8.82% of excess over
56 $1,077,550]
A. 10364 7
1 $100,000,000$9,721,944 plus 10.32% of excess
2 over $100,000,000
3 (vi) For taxable years beginning in two thousand twenty-three the
4 following rates shall apply:
5 If the New York taxable income is: The tax is:
6 Not over $8,500 4% of the New York taxable income
7 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
8 $8,500
9 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
10 $11,700
11 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over
12 $13,900
13 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over
14 $80,650
15 Over $215,400 but not over $12,738 plus 6.85% of excess
16 $1,077,550 over $215,400
17 Over $1,077,550 but not over$71,796 plus 8.82% of excess over
18 $5,000,000$1,077,550
19 Over $5,000,000 but not over$417,756 plus 9.32% of excess over
20 $10,000,000$5,000,000
21 Over $10,000,000 but not over$883,756 plus 9.82% of excess over
22 $100,000,000$10,000,000
23 Over [$1,077,550 $71,796 plus 8.82% of excess over
24 $1,077,550]
25 $100,000,000$9,721,756 plus 10.32% of excess
26 over $100,000,000
27 (vii) For taxable years beginning in two thousand twenty-four the
28 following rates shall apply:
29 If the New York taxable income is: The tax is:
30 Not over $8,500 4% of the New York taxable income
31 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
32 $8,500
33 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
34 $11,700
35 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over
36 $13,900
37 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over
38 $80,650
39 Over $215,400 but not over $12,550 plus 6.85% of excess
40 $1,077,550 over $215,400
41 Over $1,077,550 but not over$71,608 plus 8.82% of excess over
42 $5,000,000$1,077,550
43 Over $5,000,000 but not over$417,568 plus 9.32% of excess over
44 $10,000,000$5,000,000
45 Over $10,000,000 but not over$883,568 plus 9.82% of excess over
46 $100,000,000$10,000,000
47 Over [$1,077,550 $71,608 plus 8.82% of excess over
48 $1,077,550]
49 $100,000,000$9,721,568 plus 10.32% of excess
50 over $100,000,000
51 (viii) For taxable years beginning after two thousand twenty-four the
52 following rates shall apply:
53 If the New York taxable income is: The tax is:
54 Not over $8,500 4% of the New York taxable income
55 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
A. 10364 8
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 over
7 $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 but not over$71,413 plus 8.82% of excess over
11 $5,000,000$1,077,550
12 Over $5,000,000 but not over$417,373 plus 9.32% of excess over
13 $10,000,000$5,000,000
14 Over $10,000,000 but not over$883,373 plus 9.82% of excess over
15 $100,000,000$10,000,000
16 Over $100,000,000$9,721,373 plus 10.32% of excess
17 over $100,000,000
18 § 4. This act shall take effect immediately.
