STATE OF NEW YORK
________________________________________________________________________
1808--A
2021-2022 Regular Sessions
IN SENATE
January 15, 2021
___________
Introduced by Sens. JORDAN, AKSHAR, BORRELLO, BOYLE, GALLIVAN, HELMING,
O'MARA, ORTT, TEDISCO, WEIK -- read twice and ordered printed, and
when printed to be committed to the Committee on Budget and Revenue --
recommitted to the Committee on Budget and Revenue in accordance with
Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to accelerating the change in
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 (vii) and (viii) of subparagraph (B) of paragraph 1
2 of subsection (a) of section 601 of the tax law, as amended by section 1
3 of part A of chapter 59 of the laws of 2021, are amended to read as
4 follows:
5 (vii) For taxable years beginning in two thousand [twenty-four] twen-
6 ty-three 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 5.61% of excess over
14 $27,900
15 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over
16 $161,550
17 Over $323,200 but not over $18,544 plus 6.85% of excess over
18 $2,155,350 $323,200
19 Over $2,155,350 but not over $144,047 plus 9.65% of excess over
20 $5,000,000 $2,155,350
21 Over $5,000,000 but not over $418,555 plus 10.30% of excess over
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01673-02-2
S. 1808--A 2
1 $25,000,000 $5,000,000
2 Over $25,000,000 $2,478,555 plus 10.90% of excess over
3 $25,000,000
4 (viii) For taxable years beginning after two thousand [twenty-four]
5 twenty-three and before two thousand twenty-eight the following rates
6 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 over
24 $25,000,000
25 § 2. Clauses (vii) and (viii) of subparagraph (B) of paragraph 1 of
26 subsection (b) of section 601 of the tax law, as amended by section 2 of
27 part A of chapter 59 of the laws of 2021, are amended to read as
28 follows:
29 (vii) For taxable years beginning in two thousand [twenty-four] twen-
30 ty-three the 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
34 $12,800
35 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
36 $17,650
37 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over
38 $20,900
39 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over
40 $107,650
41 Over $269,300 but not over $15,612 plus 6.85% of excess
42 $1,616,450 over $269,300
43 Over $1,616,450 but not over $107,892 plus 9.65% of excess over
44 $5,000,000 $1,616,450
45 Over $5,000,000 but not over $434,404 plus 10.30% of excess over
46 $25,000,000 $5,000,000
47 Over $25,000,000 $2,494,404 plus 10.90% of excess over
48 $25,000,000
49 (viii) For taxable years beginning after two thousand [twenty-four]
50 twenty-three and before two thousand twenty-eight the following rates
51 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
S. 1808--A 3
1 $17,650
2 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
3 $20,900
4 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
5 $107,650
6 Over $269,300 but not over $15,371 plus 6.85% of excess over
7 $1,616,450 $269,300
8 Over $1,616,450 but not over $107,651 plus 9.65% of excess over
9 $5,000,000 $1,616,450
10 Over $5,000,000 but not over $434,163 plus 10.30% of excess over
11 $25,000,000 $5,000,000
12 Over $25,000,000 $2,494,163 plus 10.90% of excess over
13 $25,000,000
14 § 3. Clauses (vii) and (viii) of subparagraph (B) of paragraph 1 of
15 subsection (c) of section 601 of the tax law, as amended by section 3 of
16 part A of chapter 59 of the laws of 2021, are amended to read as
17 follows:
18 (vii) For taxable years beginning in two thousand [twenty-four] twen-
19 ty-three the following rates shall apply:
20 If the New York taxable income is: The tax is:
21 Not over $8,500 4% of the New York taxable income
22 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
23 $8,500
24 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
25 $11,700
26 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over
27 $13,900
28 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over
29 $80,650
30 Over $215,400 but not over $12,550 plus 6.85% of excess
31 $1,077,550 over $215,400
32 Over $1,077,550 but not over $71,608 plus 9.65% of excess over
33 $5,000,000 $1,077,550
34 Over $5,000,000 but not over $450,124 plus 10.30% of excess over
35 $25,000,000 $5,000,000
36 Over $25,000,000 $2,510,124 plus 10.90% of excess over
37 $25,000,000
38 (viii) For taxable years beginning after two thousand [twenty-four]
39 twenty-three and before two thousand twenty-eight the following rates
40 shall apply:
41 If the New York taxable income is: The tax is:
42 Not over $8,500 4% of the New York taxable income
43 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
44 $8,500
45 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
46 $11,700
47 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
48 $13,900
49 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over
50 $80,650
51 Over $215,400 but not over $12,356 plus 6.85% of excess over
52 $1,077,550 $215,400
53 Over $1,077,550 but not over $71,413 plus 9.65% of excess over
54 $5,000,000 $1,077,550
55 Over $5,000,000 but not over $449,929 plus 10.30% of excess over
S. 1808--A 4
1 $25,000,000 $5,000,000
2 Over $25,000,000 $2,509,929 plus 10.90% of excess over
3 $25,000,000
4 § 4. This act shall take effect immediately.