STATE OF NEW YORK
________________________________________________________________________
7365
IN SENATE
January 22, 2020
___________
Introduced by Sens. JORDAN, ORTT -- read twice and ordered printed, and
when printed to be committed to the Committee on Budget and Revenue
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 (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 $144,905 plus 8.82% of excess over
24 $2,155,350
25 (v) For taxable years beginning in two thousand twenty-two the follow-
26 ing rates shall apply:]
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14837-01-0
S. 7365 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 5.85% of excess over
8 $27,900
9 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over
10 $161,550
11 Over $323,200 but not over $2,155,350 $19,124 plus
12 6.85% of excess over $323,200
13 Over $2,155,350 $144,626 plus 8.82% of excess over
14 $2,155,350
15 [(vi)] (v) For taxable years beginning in two thousand [twenty-three]
16 twenty-two the following rates shall apply:
17 If the New York taxable income is: The tax is:
18 Not over $17,150 4% of the New York taxable income
19 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
20 $17,150
21 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
22 $23,600
23 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over
24 $27,900
25 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over
26 $161,550
27 Over $323,200 but not over $18,834 plus 6.85% of
28 $2,155,350 excess over $323,200
29 Over $2,155,350 $144,336 plus 8.82% of excess over
30 $2,155,350
31 [(vii)] (vi) For taxable years beginning in two thousand [twenty-four]
32 twenty-three the following rates shall apply:
33 If the New York taxable income is: The tax is:
34 Not over $17,150 4% of the New York taxable 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 $161,550 $1,202 plus 5.61% of excess over
40 $27,900
41 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over
42 $161,550
43 Over $323,200 but not over $18,544 plus 6.85% of
44 $2,155,350 excess over $323,200
45 Over $2,155,350 $144,047 plus 8.82% of excess over
46 $2,155,350
47 [(viii)] (vii) For taxable years beginning after two thousand [twen-
48 ty-four] twenty-three the following rates shall apply:
49 If the New York taxable income is: The tax is:
50 Not over $17,150 4% of the New York taxable income
51 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
52 $17,150
53 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
54 $23,600
55 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
S. 7365 3
1 $27,900
2 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over
3 $161,550
4 Over $323,200 $18,252 plus 6.85% of excess over
5 $323,200
6 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
7 paragraph 1 of subsection (b) of section 601 of the tax law, clauses
8 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter
9 59 of the laws of 2019 and clause (viii) as added by section 2 of part R
10 of chapter 59 of the laws of 2017, are amended to read as follows:
11 (iv) For taxable years beginning in two thousand twenty-one the
12 following 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
16 $12,800
17 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
18 $17,650
19 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over
20 $20,900
21 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over
22 $32,200
23 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over
24 $107,650
25 Over $269,300 but not over $16,304 plus 6.85% of
26 $1,616,450 excess over $269,300
27 Over $1,616,450 $108,584 plus 8.82% of excess over
28 $1,616,450
29 (v) For taxable years beginning in two thousand twenty-two the follow-
30 ing 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 5.85% of excess over
38 $20,900
39 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over
40 $107,650
41 Over $269,300 but not over $16,079 plus 6.85% of excess
42 $1,616,450 over $269,300
43 Over $1,616,450 $108,359 plus 8.82% of excess over
44 $1,616,450
45 [(vi)] (v) For taxable years beginning in two thousand [twenty-three]
46 twenty-two the 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
54 $20,900
55 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over
S. 7365 4
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 $108,125 plus 8.82% of excess over
5 $1,616,450
6 [(vii)] (vi) For taxable years beginning in two thousand [twenty-four]
7 twenty-three the following rates shall apply:
8 If the New York taxable income is: The tax is:
9 Not over $12,800 4% of the New York taxable income
10 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
11 $12,800
12 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
13 $17,650
14 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over
15 $20,900
16 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over
17 $107,650
18 Over $269,300 but not over $15,612 plus 6.85% of excess
19 $1,616,450 over $269,300
20 Over $1,616,450 $107,892 plus 8.82% of excess over
21 $1,616,450
22 [(viii)] (vii) For taxable years beginning after two thousand [twen-
23 ty-four] twenty-three the following rates shall apply:
24 If the New York taxable income is: The tax is:
25 Not over $12,800 4% of the New York taxable income
26 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
27 $12,800
28 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
29 $17,650
30 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
31 $20,900
32 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
33 $107,650
34 Over $269,300 $15,371 plus 6.85% of excess over
35 $269,300
36 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
37 paragraph 1 of subsection (c) of section 601 of the tax law, clauses
38 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter
39 59 of the laws of 2019 and clause (viii) as added by section 3 of part R
40 of chapter 59 of the laws of 2017, are amended to read as follows:
41 (iv) For taxable years beginning in two thousand twenty-one the
42 following rates shall apply:
43 [If the New York taxable income is: The tax is:
44 Not over $8,500 4% of the New York taxable income
45 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
46 $8,500
47 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
48 $11,700
49 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over
50 $13,900
51 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over
52 $21,400
53 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over
54 $80,650
55 Over $215,400 but not over $13,109 plus 6.85% of excess
S. 7365 5
1 $1,077,550 over $215,400
2 Over $1,077,550 $72,166 plus 8.82% of excess over
3 $1,077,550
4 (v) For taxable years beginning in two thousand twenty-two the follow-
5 ing rates shall apply:]
6 If the New York taxable income is: The tax is:
7 Not over $8,500 4% of the New York taxable income
8 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
9 $8,500
10 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
11 $11,700
12 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over
13 $13,900
14 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over
15 $80,650
16 Over $215,400 but not over $12,926 plus 6.85% of excess
17 $1,077,550 over $215,400
18 Over $1,077,550 $71,984 plus 8.82% of excess over
19 $1,077,550
20 [(vi)] (v) For taxable years beginning in two thousand [twenty-three]
21 twenty-two the 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 5.73% of excess over
29 $13,900
30 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over
31 $80,650
32 Over $215,400 but not over $12,738 plus 6.85% of excess
33 $1,077,550 over $215,400
34 Over $1,077,550 $71,796 plus 8.82% of excess over
35 $1,077,550
36 [(vii)] (vi) For taxable years beginning in two thousand [twenty-four]
37 twenty-three 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 5.61% of excess over
45 $13,900
46 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over
47 $80,650
48 Over $215,400 but not over $12,550 plus 6.85% of excess
49 $1,077,550 over $215,400
50 Over $1,077,550 $71,608 plus 8.82% of excess over
51 $1,077,550
52 [(viii)] (vii) For taxable years beginning after two thousand [twen-
53 ty-four] twenty-three the 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. 7365 6
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 $12,356 plus 6.85% of excess over
9 $215,400
10 § 4. This act shall take effect immediately.