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S02059 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2059
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                    January 18, 2023
                                       ___________
 
        Introduced  by  Sens. JACKSON, BRESLIN, BRISPORT, BROUK, COMRIE, COONEY,
          GIANARIS, GOUNARDES, HOYLMAN-SIGAL, LIU, MAY,  MYRIE,  PARKER,  RAMOS,
          RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO -- 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  extending  the  top  state
          income  tax rate; and to repeal certain provisions of such law related
          thereto
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Clauses (vi) and (vii) of subparagraph (B) of paragraph 1
     2  of subsection (a) of section 601 of the tax law, as amended by section 1
     3  of subpart A of part A of chapter 59 of the laws of 2022, are amended to
     4  read as follows:
     5    (vi) For taxable years beginning in  two  thousand  twenty-three  [and
     6  before two thousand twenty-eight] 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 5.5% 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
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04661-01-3

        S. 2059                             2
 
     1  $25,000,000                           $5,000,000
     2  Over $25,000,000                      $2,478,263 plus 10.90% of excess
     3                                        over $25,000,000
 
     4    (vii)  For  taxable  years beginning after two thousand [twenty-seven]
     5  twenty-three 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] $500,000                 over $323,200
    18  [Over $2,155,350                      $143,754 plus  8.82% of excess
    19                                        over $2,155,350]
    20  Over $500,000 but not over $700,000   $30,363 plus 7.50% of
    21                                        excess over $500,000
    22  Over $700,000 but not over $900,000   $45,363 plus 8.00% of
    23                                        excess over $700,000
    24  Over $900,000 but not over            $61,363 plus 9.00% of excess
    25  $1,000,000                            over $900,000
    26  Over $1,000,000 but not over          $70,363 plus 10.00% of excess
    27  $2,000,000                            over $1,000,000
    28  Over $2,000,000 but not over          $170,363 plus 12.00% of
    29  $3,000,000                            excess over $2,000,000
    30  Over $3,000,000 but not over          $290,363 plus 14.00% of
    31  $4,000,000                            excess over $3,000,000
    32  Over $4,000,000 but not over          $430,363 plus 16.00% of
    33  $5,000,000                            excess over $4,000,000
    34  Over $5,000,000 but not over          $590,363 plus 18.00% of
    35  $10,000,000                           excess over $5,000,000
    36  Over $10,000,000 but not over         $1,490,363 plus 20.00% of
    37  $15,000,000                           excess over $10,000,000
    38  Over $15,000,000 but not over         $2,490,363 plus 22.00% of
    39  $20,000,000                           excess over $15,000,000
    40  Over $20,000,000                      $3,590,363 plus 24.00% of
    41                                        excess over $20,000,000
    42    § 2. Clauses (vi) and (vii) of subparagraph  (B)  of  paragraph  1  of
    43  subsection (b) of section 601 of the tax law, as amended by section 2 of
    44  subpart  A  of  part A of chapter 59 of the laws of 2022, are amended to
    45  read as follows:
    46    (vi) For taxable years beginning in  two  thousand  twenty-three  [and
    47  before two thousand twenty-eight] the following rates shall apply:
    48  If the New York taxable income is:    The tax is:
    49  Not over $12,800                      4% of the New York taxable income
    50  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    51                                        $12,800
    52  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    53                                        $17,650
    54  Over $20,900 but not over $107,650    $901 plus 5.5% of excess over

        S. 2059                             3
 
     1                                        $20,900
     2  Over $107,650 but not over $269,300   $5,672 plus 6.00% of excess over
     3                                        $107,650
     4  Over $269,300 but not over            $15,371 plus 6.85% of excess over
     5  $1,616,450                            $269,300
     6  Over $1,616,450 but not over          $107,651 plus 9.65% of excess over
     7  $5,000,000                            $1,616,450
     8  Over $5,000,000 but not over          $434,163 plus 10.30% of excess over
     9  $25,000,000                           $5,000,000
    10  Over $25,000,000                      $2,494,163 plus 10.90% of excess over
    11                                        $25,000,000
 
    12    (vii)  For  taxable  years beginning after two thousand [twenty-seven]
    13  twenty-three the 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             $512 plus 4.5% of excess over
    17  $17,650                               $12,800
    18  Over $17,650 but not over             $730 plus 5.25% of excess over
    19  $20,900                               $17,650
    20  Over $20,900 but not over             $901 plus 5.5% of excess over
    21  $107,650                              $20,900
    22  Over $107,650 but not over            $5,672 plus 6.00% of excess
    23  $269,300                              over $107,650
    24  Over $269,300 but not over            $15,371 plus 6.85% of excess
    25  [$1,616,450] $500,000                 over $269,300
    26  [Over $1,616,450]                     [$107,651 plus  8.82% of excess
    27                                        over $1,616,450]
    28  Over $500,000 but not over $700,000   $30,363 plus 7.50%
    29                                        of excess over $500,000
    30  Over $700,000 but not over $900,000   $45,363 plus 8.00% of
    31                                        excess over $700,000
    32  Over $900,000 but not over            $61,363 plus 9.00% of excess
    33  $1,000,000                            over $900,000
    34  Over $1,000,000 but not over          $70,363 plus 10.00% of excess
    35  $2,000,000                            over $1,000,000
    36  Over $2,000,000 but not over          $170,363 plus 12.00% of
    37  $3,000,000                            excess over $2,000,000
    38  Over $3,000,000 but not over          $290,363 plus 14.00% of
    39  $4,000,000                            excess over $3,000,000
    40  Over $4,000,000 but not over          $430,363 plus 16.00% of
    41  $5,000,000                            excess over $4,000,000
    42  Over $5,000,000 but not over          $590,363 plus 18.00% of
    43  $10,000,000                           excess over $5,000,000
    44  Over $10,000,000 but not over         $1,490,363 plus 20.00% of
    45  $15,000,000                           excess over $10,000,000
    46  Over $15,000,000 but not over         $2,490,363 plus 22.00% of
    47  $20,000,000                           excess over $15,000,000
    48  Over $20,000,000                      $3,590,363 plus 24.00% of
    49                                        excess over $20,000,000
    50    § 3. Clauses (vi) and (vii) of subparagraph  (B)  of  paragraph  1  of
    51  subsection (c) of section 601 of the tax law, as amended by section 3 of
    52  subpart  A  of  part A of chapter 59 of the laws of 2022, are amended to
    53  read as follows:
    54    (vi) For taxable years beginning in  two  thousand  twenty-three  [and
    55  before two thousand twenty-eight] the following rates shall apply:

        S. 2059                             4
 
     1  If the New York taxable income is:    The tax is:
     2  Not over $8,500                       4% of the New York taxable income
     3  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
     4                                        $8,500
     5  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
     6                                        $11,700
     7  Over $13,900 but not over $80,650     $600 plus 5.50% of excess over
     8                                        $13,900
     9  Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess over
    10                                        $80,650
    11  Over $215,400 but not over            $12,356 plus 6.85% of excess over
    12  $1,077,550                            $215,400
    13  Over $1,077,550 but not over          $71,413 plus 9.65% of excess over
    14  $5,000,000                            $1,077,550
    15  Over $5,000,000 but not over          $449,929 plus 10.30% of excess over
    16  $25,000,000                           $5,000,000
    17  Over $25,000,000                      $2,509,929 plus 10.90% of excess over
    18                                        $25,000,000
    19    (vii)  For  taxable  years beginning after two thousand [twenty-seven]
    20  twenty-three the following rates shall apply:
    21  If the New York taxable income is:    The tax is:
    22  Not over $8,500                       4% of the New York taxable income
    23  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    24                                        $8,500
    25  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    26                                        $11,700
    27  Over $13,900 but not over $80,650     $600 plus 5.50% of excess over
    28                                        $13,900
    29  Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess
    30                                        over $80,650
    31  Over $215,400 but not over            $12,356 plus 6.85% of excess
    32  [$1,077,550] $450,000                 over $215,400
    33  [Over $1,077,550                      $71,413 plus 8.82% of excess
    34                                        over $1,077,550]
    35  Over $450,000 but not over $600,000   $26,938 plus 7.50%
    36                                        of excess over $450,000
    37  Over $600,000 but not over $700,000   $38,188 plus 8.00% of
    38                                        excess over $600,000
    39  Over $700,000 but not over $800,000   $46,188 plus 8.50% of
    40                                        excess over $700,000
    41  Over $800,000 but not over $900,000   $54,688 plus 9.00% of
    42                                        excess over $800,000
    43  Over $900,000 but not over            $63,688 plus 10.00% of excess
    44  $1,000,000                            over $900,000
    45  Over $1,000,000 but not over          $73,188 plus 11.00% of excess
    46  $2,000,000                            over $1,000,000
    47  Over $2,000,000 but not over          $183,188 plus 12.00% of
    48  $3,000,000                            excess over $2,000,000
    49  Over $3,000,000 but not over          $303,188 plus 14.00% of
    50  $4,000,000                            excess over $3,000,000
    51  Over $4,000,000 but not over          $443,188 plus 16.00% of
    52  $5,000,000                            excess over $4,000,000
    53  Over $5,000,000 but not over          $543,188 plus 18.00% of
    54  $10,000,000                           excess over $5,000,000
    55  Over $10,000,000 but not over         $1,443,188 plus 20.00% of
    56  $15,000,000                           excess over $10,000,000

        S. 2059                             5
 
     1  Over $15,000,000 but not over         $2,443,188 plus 22.00% of
     2  $20,000,000                           excess over $15,000,000
     3  Over $20,000,000                      $3,543,188 plus 24.00% of
     4                                        excess over $20,000,000
     5    §  4.  Subparagraphs    (D),  (E),  (F), (G) and (H) of paragraph 1 of
     6  subsection (d-1) of section 601 of the tax law, subparagraphs  (D),  (E)
     7  and  (H)  as amended and subparagraphs (F) and (G) as added by section 4
     8  of part A of chapter 59 of the laws of 2021, are  amended  and  six  new
     9  subparagraphs  (I),  (J),  (K),  (L),  (M)  and (N) are added to read as
    10  follows:
    11    (D) The tax table benefit is the difference between (i) the amount  of
    12  taxable income set forth in the tax table in paragraph one of subsection
    13  (a)  of  this  section not subject to the [8.82] 7.5 percent rate of tax
    14  for the taxable year multiplied by such rate and (ii) the dollar denomi-
    15  nated tax for such amount of taxable income set forth in the  tax  table
    16  applicable  to  the  taxable  year in paragraph one of subsection (a) of
    17  this section less the sum of the tax  table  benefits  in  subparagraphs
    18  (A),  (B)  and (C) of this paragraph. The fraction for this subparagraph
    19  is computed as follows: the numerator is the lesser  of  fifty  thousand
    20  dollars  or the excess of New York adjusted gross income for the taxable
    21  year over [two million] five hundred thousand dollars and the  denomina-
    22  tor  is  fifty  thousand  dollars. This subparagraph shall apply only to
    23  taxable years beginning on or after January first, two  thousand  twelve
    24  and  before  January  first,  two thousand twenty-one [and for tax years
    25  beginning on or after January first, two thousand twenty-eight].
    26    (E) The tax table benefit is the difference between (i) the amount  of
    27  taxable income set forth in the tax table in paragraph one of subsection
    28  (a)  of this section not subject to the [9.65] 8 percent rate of tax for
    29  the taxable year multiplied by such rate and (ii) the dollar denominated
    30  tax for such amount of taxable income set forth in the tax table  appli-
    31  cable  to  the  taxable  year in paragraph one of subsection (a) of this
    32  section less the sum of the tax table  benefits  in  subparagraphs  (A),
    33  (B), [and] (C), and (D) of this paragraph. The fraction for this subpar-
    34  agraph  is  computed  as  follows:  the numerator is the lesser of fifty
    35  thousand dollars or excess of New York adjusted  gross  income  for  the
    36  taxable  year  over [two million] seven hundred thousand dollars and the
    37  denominator is fifty thousand dollars.  This  subparagraph  shall  apply
    38  only to the taxable years beginning on or after January first, two thou-
    39  sand twenty-one [and before January first, two thousand twenty-eight].
    40    (F)  The tax table benefit is the difference between (i) the amount of
    41  taxable income set forth in the tax table in paragraph one of subsection
    42  (a) of this section not subject to the [10.30] 9 percent rate of tax for
    43  the taxable year multiplied by such rate and (ii) the dollar denominated
    44  tax for such amount of taxable income set forth in the tax table  appli-
    45  cable  to  the  taxable  year in paragraph one of subsection (a) of this
    46  section less the sum of the tax table  benefits  in  subparagraphs  (A),
    47  (B),  (C)  and (E) of this paragraph. The fraction for this subparagraph
    48  is computed as follows: the numerator is the lesser  of  fifty  thousand
    49  dollars or excess of New York adjusted gross income for the taxable year
    50  over [five million] nine hundred thousand dollars and the denominator is
    51  fifty thousand dollars.  This subparagraph shall apply only to the taxa-
    52  ble  years  beginning on or after January first, two thousand twenty-one
    53  [and before January first, two thousand twenty-eight].
    54    (G) The tax table benefit is the difference between (i) the amount  of
    55  taxable income set forth in the tax table in paragraph one of subsection
    56  (a)  of  this  section not subject to the [10.90] 10 percent rate of tax

        S. 2059                             6
 
     1  for the taxable year multiplied by such rate and (ii) the dollar denomi-
     2  nated tax for such amount of taxable income set forth in the  tax  table
     3  applicable  to  the  taxable  year in paragraph one of subsection (a) of
     4  this  section  less  the  sum of the tax table benefits in subparagraphs
     5  (A), (B), (C), (E) and (F) of this  paragraph.  The  fraction  for  this
     6  subparagraph  is  computed  as  follows:  the numerator is the lesser of
     7  fifty thousand dollars or excess of New York adjusted gross  income  for
     8  the  taxable year over [twenty-five] one million dollars and the denomi-
     9  nator is fifty thousand dollars. This subparagraph shall apply  only  to
    10  the  taxable  years  beginning  on  or after January first, two thousand
    11  twenty-one [and before January first, two thousand twenty-eight].
    12    (H) The tax table benefit is the difference between (i) the amount  of
    13  taxable income set forth in the tax table in paragraph one of subsection
    14  (a)  of  this  section not subject to the 12 percent rate of tax for the
    15  taxable year multiplied by such rate and (ii) the dollar denominated tax
    16  for such amount of taxable income set forth in the tax table  applicable
    17  to  the  taxable year in paragraph one of subsection (a) of this section
    18  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    19  (D), (E), (F), and (G) of this paragraph. The fraction for this subpara-
    20  graph is computed as follows: the numerator is the lesser of fifty thou-
    21  sand dollars or excess of New York adjusted gross income for the taxable
    22  year  over  two  million  dollars  and the denominator is fifty thousand
    23  dollars.
    24    (I) The tax table benefit is the difference between (i) the amount  of
    25  taxable income set forth in the tax table in paragraph one of subsection
    26  (a)  of  this  section not subject to the 14 percent rate of tax for the
    27  taxable year multiplied by such rate and (ii) the dollar denominated tax
    28  for such amount of taxable income set forth in the tax table  applicable
    29  to  the  taxable year in paragraph one of subsection (a) of this section
    30  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    31  (D),  (E),  (F),  (G),  and (H) of this paragraph. The fraction for this
    32  subparagraph is computed as follows: the  numerator  is  the  lesser  of
    33  fifty  thousand  dollars or excess of New York adjusted gross income for
    34  the taxable year over three million dollars and the denominator is fifty
    35  thousand dollars.
    36    (J) The tax table benefit is the difference between (i) the amount  of
    37  taxable income set forth in the tax table in paragraph one of subsection
    38  (a)  of  this  section not subject to the 16 percent rate of tax for the
    39  taxable year multiplied by such rate and (ii) the dollar denominated tax
    40  for such amount of taxable income set forth in the tax table  applicable
    41  to  the  taxable year in paragraph one of subsection (a) of this section
    42  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    43  (D),  (E),  (F),  (G),  (H), and (I) of this paragraph. The fraction for
    44  this subparagraph is computed as follows: the numerator is the lesser of
    45  fifty thousand dollars or excess of New York adjusted gross  income  for
    46  the  taxable year over four million dollars and the denominator is fifty
    47  thousand dollars.
    48    (K) The tax table benefit is the difference between (i) the amount  of
    49  taxable income set forth in the tax table in paragraph one of subsection
    50  (a)  of  this  section not subject to the 18 percent rate of tax for the
    51  taxable year multiplied by such rate and (ii) the dollar denominated tax
    52  for such amount of taxable income set forth in the tax table  applicable
    53  to  the  taxable year in paragraph one of subsection (a) of this section
    54  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    55  (D),  (E),  (F),  (G), (H), (I), and (J) of this paragraph. The fraction
    56  for this subparagraph is computed as follows: the numerator is the less-

        S. 2059                             7
 
     1  er of fifty thousand dollars or excess of New York adjusted gross income
     2  for the taxable year over five million dollars and  the  denominator  is
     3  fifty thousand dollars.
     4    (L)  The tax table benefit is the difference between (i) the amount of
     5  taxable income set forth in the tax table in paragraph one of subsection
     6  (a) of this section not subject to the 20 percent rate of  tax  for  the
     7  taxable year multiplied by such rate and (ii) the dollar denominated tax
     8  for  such amount of taxable income set forth in the tax table applicable
     9  to the taxable year in paragraph one of subsection (a) of  this  section
    10  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    11  (D), (E), (F), (G), (H), (I), (J), and (K) of this paragraph. The  frac-
    12  tion  for this subparagraph is computed as follows: the numerator is the
    13  lesser of fifty thousand dollars or excess of New  York  adjusted  gross
    14  income for the taxable year over ten million dollars and the denominator
    15  is fifty thousand dollars.
    16    (M)  The tax table benefit is the difference between (i) the amount of
    17  taxable income set forth in the tax table in paragraph one of subsection
    18  (a) of this section not subject to the 22 percent rate of  tax  for  the
    19  taxable year multiplied by such rate and (ii) the dollar denominated tax
    20  for  such amount of taxable income set forth in the tax table applicable
    21  to the taxable year in paragraph one of subsection (a) of  this  section
    22  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    23  (D), (E), (F), (G), (H), (I), (J), (K), and (L) of this  paragraph.  The
    24  fraction  for this subparagraph is computed as follows: the numerator is
    25  the lesser of fifty thousand dollars or  excess  of  New  York  adjusted
    26  gross  income  for the taxable year over fifteen million dollars and the
    27  denominator is fifty thousand dollars.
    28    (N) The tax table benefit is the difference between (i) the amount  of
    29  taxable income set forth in the tax table in paragraph one of subsection
    30  (a)  of  this  section not subject to the 24 percent rate of tax for the
    31  taxable year multiplied by such rate and (ii) the dollar denominated tax
    32  for such amount of taxable income set forth in the tax table  applicable
    33  to  the  taxable year in paragraph one of subsection (a) of this section
    34  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    35  (D),  (E), (F), (G), (H), (I), (J), (K), (L), and (M) of this paragraph.
    36  The fraction for this subparagraph is computed as follows: the numerator
    37  is the lesser of fifty thousand dollars or excess of New  York  adjusted
    38  gross  income  for  the taxable year over twenty million dollars and the
    39  denominator is fifty thousand dollars.
    40    (O) Provided, however, the total tax prior to the application  of  any
    41  tax  credits  shall  not exceed the highest rate of tax set forth in the
    42  tax tables in subsection (a) of this section multiplied by  the  taxpay-
    43  er's taxable income.
    44    §  5.  Subparagraphs  (C),  (D),  (E),  (F)  and (G) of paragraph 2 of
    45  subsection (d-1) of section 601 of the tax law, subparagraphs  (C),  (D)
    46  and  (G)  as amended and subparagraphs (E) and (F) as added by section 5
    47  of part A of chapter 59 of the laws of 2021, are  amended  and  six  new
    48  subparagraphs  (H),  (I),  (J),  (K),  (L)  and (M) are added to read as
    49  follows:
    50    (C) The tax table benefit is the difference between (i) the amount  of
    51  taxable income set forth in the tax table in paragraph one of subsection
    52  (b)  of  this  section not subject to the [8.82] 7.5 percent rate of tax
    53  for the taxable year multiplied by such rate and (ii) the dollar denomi-
    54  nated tax for such amount of taxable income set forth in the  tax  table
    55  applicable  to  the  taxable  year in paragraph one of subsection (b) of
    56  this section less the sum of the tax table benefits in subparagraphs (A)

        S. 2059                             8
 
     1  and (B) of  this  paragraph.  The  fraction  for  this  subparagraph  is
     2  computed  as  follows:  the  numerator  is  the lesser of fifty thousand
     3  dollars or the excess of New York adjusted gross income for the  taxable
     4  year  over [one million] five hundred thousand dollars and the denomina-
     5  tor is fifty thousand dollars. This subparagraph  shall  apply  only  to
     6  taxable  years  beginning on or after January first, two thousand twelve
     7  and before January first, two thousand twenty-one  [and  for  tax  years
     8  beginning on or after January first, two thousand twenty-eight].
     9    (D)  The tax table benefit is the difference between (i) the amount of
    10  taxable income set forth in the tax table in paragraph one of subsection
    11  (a) of this section not subject to the [9.65] 8 percent rate of tax  for
    12  the taxable year multiplied by such rate and (ii) the dollar denominated
    13  tax  for such amount of taxable income set forth in the tax table appli-
    14  cable to the taxable year in paragraph one of  subsection  (a)  of  this
    15  section  less  the  sum  of  the tax table benefits in subparagraphs (A)
    16  [and], (B) and (C) of this paragraph. The fraction for this subparagraph
    17  is computed as follows: the numerator is the lesser  of  fifty  thousand
    18  dollars or excess of New York adjusted gross income for the taxable year
    19  over [one million five] seven hundred thousand dollars and the denomina-
    20  tor is fifty thousand dollars. This subparagraph shall apply only to the
    21  taxable  years beginning on or after January first, two thousand twenty-
    22  one [and before January first, two thousand twenty-eight].
    23    (E) The tax table benefit is the difference between (i) the amount  of
    24  taxable income set forth in the tax table in paragraph one of subsection
    25  (a) of this section not subject to the [10.30] 9 percent rate of tax for
    26  the taxable year multiplied by such rate and (ii) the dollar denominated
    27  tax  for such amount of taxable income set forth in the tax table appli-
    28  cable to the taxable year in paragraph one of  subsection  (a)  of  this
    29  section  less  the  sum  of the tax table benefits in subparagraphs (A),
    30  (B), (C) and (D) of this paragraph. The fraction for  this  subparagraph
    31  is  computed  as  follows: the numerator is the lesser of fifty thousand
    32  dollars or excess of New York adjusted gross income for the taxable year
    33  over [five million] nine hundred thousand dollars and the denominator is
    34  fifty thousand dollars. This subparagraph shall apply only to the  taxa-
    35  ble  years  beginning on or after January first, two thousand twenty-one
    36  [and before January first, two thousand twenty-eight].
    37    (F) The tax table benefit is the difference between (i) the amount  of
    38  taxable income set forth in the tax table in paragraph one of subsection
    39  (a)  of  this  section not subject to the [10.90] 10 percent rate of tax
    40  for the taxable year multiplied by such rate and (ii) the dollar denomi-
    41  nated tax for such amount of taxable income set forth in the  tax  table
    42  applicable  to  the  taxable  year in paragraph one of subsection (a) of
    43  this section less the sum of the tax  table  benefits  in  subparagraphs
    44  (A),  (B),  (C),  (D)  and  (E) of this paragraph. The fraction for this
    45  subparagraph is computed as follows: the  numerator  is  the  lesser  of
    46  fifty  thousand  dollars or excess of New York adjusted gross income for
    47  the taxable year over [twenty-five] one million dollars and the  denomi-
    48  nator  is  fifty thousand dollars. This subparagraph shall apply only to
    49  the taxable years beginning on or  after  January  first,  two  thousand
    50  twenty-one [and before January first, two thousand twenty-eight].
    51    (G)  The tax table benefit is the difference between (i) the amount of
    52  taxable income set forth in the tax table in paragraph one of subsection
    53  (a) of this section not subject to the 12 percent rate of  tax  for  the
    54  taxable year multiplied by such rate and (ii) the dollar denominated tax
    55  for  such amount of taxable income set forth in the tax table applicable
    56  to the taxable year in paragraph one of subsection (a) of  this  section

        S. 2059                             9

     1  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
     2  (D), (E) and (F) of this paragraph. The fraction for  this  subparagraph
     3  is  computed  as  follows: the numerator is the lesser of fifty thousand
     4  dollars or excess of New York adjusted gross income for the taxable year
     5  over two million dollars and the denominator is fifty thousand dollars.
     6    (H)  The tax table benefit is the difference between (i) the amount of
     7  taxable income set forth in the tax table in paragraph one of subsection
     8  (a) of this section not subject to the 14 percent rate of  tax  for  the
     9  taxable year multiplied by such rate and (ii) the dollar denominated tax
    10  for  such amount of taxable income set forth in the tax table applicable
    11  to the taxable year in paragraph one of subsection (a) of  this  section
    12  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    13  (D), (E), (F) and (G) of this paragraph. The fraction for this  subpara-
    14  graph is computed as follows: the numerator is the lesser of fifty thou-
    15  sand dollars or excess of New York adjusted gross income for the taxable
    16  year  over  three  million dollars and the denominator is fifty thousand
    17  dollars.
    18    (I) The tax table benefit is the difference between (i) the amount  of
    19  taxable income set forth in the tax table in paragraph one of subsection
    20  (a)  of  this  section not subject to the 16 percent rate of tax for the
    21  taxable year multiplied by such rate and (ii) the dollar denominated tax
    22  for such amount of taxable income set forth in the tax table  applicable
    23  to  the  taxable year in paragraph one of subsection (a) of this section
    24  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    25  (D),  (E),  (F),  (G)  and  (H) of this paragraph. The fraction for this
    26  subparagraph is computed as follows: the  numerator  is  the  lesser  of
    27  fifty  thousand  dollars or excess of New York adjusted gross income for
    28  the taxable year over four million dollars and the denominator is  fifty
    29  thousand dollars.
    30    (J)  The tax table benefit is the difference between (i) the amount of
    31  taxable income set forth in the tax table in paragraph one of subsection
    32  (a) of this section not subject to the 18 percent rate of  tax  for  the
    33  taxable year multiplied by such rate and (ii) the dollar denominated tax
    34  for  such amount of taxable income set forth in the tax table applicable
    35  to the taxable year in paragraph one of subsection (a) of  this  section
    36  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    37  (D), (E), (F), (G), (H) and (I) of this paragraph. The fraction for this
    38  subparagraph is computed as follows: the  numerator  is  the  lesser  of
    39  fifty  thousand  dollars or excess of New York adjusted gross income for
    40  the taxable year over five million dollars and the denominator is  fifty
    41  thousand dollars.
    42    (K)  The tax table benefit is the difference between (i) the amount of
    43  taxable income set forth in the tax table in paragraph one of subsection
    44  (a) of this section not subject to the 20 percent rate of  tax  for  the
    45  taxable year multiplied by such rate and (ii) the dollar denominated tax
    46  for  such amount of taxable income set forth in the tax table applicable
    47  to the taxable year in paragraph one of subsection (a) of  this  section
    48  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    49  (D), (E), (F), (G), (H), (I) and (J) of this paragraph. The fraction for
    50  this subparagraph is computed as follows: the numerator is the lesser of
    51  fifty thousand dollars or excess of New York adjusted gross  income  for
    52  the  taxable  year over ten million dollars and the denominator is fifty
    53  thousand dollars.
    54    (L) The tax table benefit is the difference between (i) the amount  of
    55  taxable income set forth in the tax table in paragraph one of subsection
    56  (a)  of  this  section not subject to the 22 percent rate of tax for the

        S. 2059                            10
 
     1  taxable year multiplied by such rate and (ii) the dollar denominated tax
     2  for such amount of taxable income set forth in the tax table  applicable
     3  to  the  taxable year in paragraph one of subsection (a) of this section
     4  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
     5  (D), (E), (F), (G), (H), (I), (J) and (K) of this paragraph.  The  frac-
     6  tion  for this subparagraph is computed as follows: the numerator is the
     7  lesser of fifty thousand dollars or excess of New  York  adjusted  gross
     8  income for the taxable year over fifteen million dollars and the denomi-
     9  nator is fifty thousand dollars.
    10    (M)  The tax table benefit is the difference between (i) the amount of
    11  taxable income set forth in the tax table in paragraph one of subsection
    12  (a) of this section not subject to the 24 percent rate of  tax  for  the
    13  taxable year multiplied by such rate and (ii) the dollar denominated tax
    14  for  such amount of taxable income set forth in the tax table applicable
    15  to the taxable year in paragraph one of subsection (a) of  this  section
    16  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    17  (D), (E), (F), (G), (H), (I), (J), (K) and (L) of  this  paragraph.  The
    18  fraction  for this subparagraph is computed as follows: the numerator is
    19  the lesser of fifty thousand dollars or  excess  of  New  York  adjusted
    20  gross  income  for  the taxable year over twenty million dollars and the
    21  denominator is fifty thousand dollars.
    22    (N) Provided, however, the total tax prior to the application  of  any
    23  tax  credits  shall  not exceed the highest rate of tax set forth in the
    24  tax tables in subsection (b) of this section multiplied by  the  taxpay-
    25  er's taxable income.
    26    §  6.  Subparagraphs  (C),  (D),  (E),  (F)  and (G) of paragraph 3 of
    27  subsection (d-1) of section 601 of the tax law, subparagraphs  (C),  (D)
    28  and  (G)  as amended and subparagraphs (E) and (F) as added by section 6
    29  of part A of chapter 59 of the laws of 2021, are amended and  eight  new
    30  subparagraphs  (H),  (I),  (J),  (K), (L), (M), (N) and (O) are added to
    31  read as follows:
    32    (C) The tax table benefit is the difference between (i) the amount  of
    33  taxable income set forth in the tax table in paragraph one of subsection
    34  (c)  of  this  section not subject to the [8.82] 7.5 percent rate of tax
    35  for the taxable year multiplied by such rate and (ii) the dollar denomi-
    36  nated tax for such amount of taxable income set forth in the  tax  table
    37  applicable  to  the  taxable  year in paragraph one of subsection (c) of
    38  this section less the sum of the tax table benefits in subparagraphs (A)
    39  and (B) of  this  paragraph.  The  fraction  for  this  subparagraph  is
    40  computed  as  follows:  the  numerator  is  the lesser of fifty thousand
    41  dollars or the excess of New York adjusted gross income for the  taxable
    42  year  over  [one  million]  four  hundred fifty thousand dollars and the
    43  denominator is fifty thousand dollars.  This  subparagraph  shall  apply
    44  only  to taxable years beginning on or after January first, two thousand
    45  twelve [and before January first, two thousand twenty-one  and  for  tax
    46  years beginning on or after January first, two thousand twenty-eight].
    47    (D)  The tax table benefit is the difference between (i) the amount of
    48  taxable income set forth in the tax table in paragraph one of subsection
    49  (a) of this section not subject to the [9.65] 8 percent rate of tax  for
    50  the taxable year multiplied by such rate and (ii) the dollar denominated
    51  tax  for such amount of taxable income set forth in the tax table appli-
    52  cable to the taxable year in paragraph one of  subsection  (a)  of  this
    53  section  less  the  sum  of  the tax table benefits in subparagraphs (A)
    54  [and], (B) and (C) of this paragraph. The fraction for this subparagraph
    55  is computed as follows: the numerator is the lesser  of  fifty  thousand
    56  dollars or excess of New York adjusted gross income for the taxable year

        S. 2059                            11
 
     1  over [one million five] six hundred thousand dollars and the denominator
     2  is  fifty  thousand  dollars.  This subparagraph shall apply only to the
     3  taxable years beginning on or after January first, two thousand  twenty-
     4  one [and before January first, two thousand twenty-eight].
     5    (E)  The tax table benefit is the difference between (i) the amount of
     6  taxable income set forth in the tax table in paragraph one of subsection
     7  (a) of this section not subject to the [10.30] 8.5 percent rate  of  tax
     8  for the taxable year multiplied by such rate and (ii) the dollar denomi-
     9  nated  tax  for such amount of taxable income set forth in the tax table
    10  applicable to the taxable year in paragraph one  of  subsection  (a)  of
    11  this  section  less  the  sum of the tax table benefits in subparagraphs
    12  (A), (B), (C) and (D) of this paragraph. The fraction for this  subpara-
    13  graph is computed as follows: the numerator is the lesser of fifty thou-
    14  sand dollars or excess of New York adjusted gross income for the taxable
    15  year  over [five million] seven hundred thousand dollars and the denomi-
    16  nator is fifty thousand dollars. This subparagraph shall apply  only  to
    17  the  taxable  years  beginning  on  or after January first, two thousand
    18  twenty-one [and before January first, two thousand twenty-eight].
    19    (F) The tax table benefit is the difference between (i) the amount  of
    20  taxable income set forth in the tax table in paragraph one of subsection
    21  (a) of this section not subject to the [10.90] 9 percent rate of tax for
    22  the taxable year multiplied by such rate and (ii) the dollar denominated
    23  tax  for such amount of taxable income set forth in the tax table appli-
    24  cable to the taxable year in paragraph one of  subsection  (a)  of  this
    25  section  less  the  sum  of the tax table benefits in subparagraphs (A),
    26  (B), (D) and (E) of this paragraph. The fraction for  this  subparagraph
    27  is  computed  as  follows: the numerator is the lesser of fifty thousand
    28  dollars or excess of New York adjusted gross income for the taxable year
    29  over [twenty-five million] eight hundred thousand dollars and the denom-
    30  inator is fifty thousand dollars. This subparagraph shall apply only  to
    31  the  taxable  years  beginning  on  or after January first, two thousand
    32  twenty-one [and before January first, two thousand twenty-eight].
    33    (G)  The tax table benefit is the difference between (i) the amount of
    34  taxable income set forth in the tax table in paragraph one of subsection
    35  (a) of this section not subject to the 10 percent rate of  tax  for  the
    36  taxable year multiplied by such rate and (ii) the dollar denominated tax
    37  for  such amount of taxable income set forth in the tax table applicable
    38  to the taxable year in paragraph one of subsection (a) of  this  section
    39  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    40  (D), (E) and (F)  of this paragraph. The fraction for this  subparagraph
    41  is  computed  as  follows: the numerator is the lesser of fifty thousand
    42  dollars or excess of New York adjusted gross income for the taxable year
    43  over nine hundred thousand dollars and the denominator is fifty thousand
    44  dollars.
    45    (H) The tax table benefit is the difference between (i) the amount  of
    46  taxable income set forth in the tax table in paragraph one of subsection
    47  (a)  of  this  section not subject to the 11 percent rate of tax for the
    48  taxable year multiplied by such rate and (ii) the dollar denominated tax
    49  for such amount of taxable income set forth in the tax table  applicable
    50  to  the  taxable year in paragraph one of subsection (a) of this section
    51  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    52  (D),  (E), (F) and (G) of this paragraph. The fraction for this subpara-
    53  graph is computed as follows: the numerator is the lesser of fifty thou-
    54  sand dollars or excess of New York adjusted gross income for the taxable
    55  year over one million dollars and  the  denominator  is  fifty  thousand
    56  dollars.

        S. 2059                            12
 
     1    (I)  The tax table benefit is the difference between (i) the amount of
     2  taxable income set forth in the tax table in paragraph one of subsection
     3  (a) of this section not subject to the 12 percent rate of  tax  for  the
     4  taxable year multiplied by such rate and (ii) the dollar denominated tax
     5  for  such amount of taxable income set forth in the tax table applicable
     6  to the taxable year in paragraph one of subsection (a) of  this  section
     7  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
     8  (D), (E), (F), (G) and (H) of this  paragraph.  The  fraction  for  this
     9  subparagraph  is  computed  as  follows:  the numerator is the lesser of
    10  fifty thousand dollars or excess of New York adjusted gross  income  for
    11  the  taxable  year over two million dollars and the denominator is fifty
    12  thousand dollars.
    13    (J) The tax table benefit is the difference between (i) the amount  of
    14  taxable income set forth in the tax table in paragraph one of subsection
    15  (a)  of  this  section not subject to the 14 percent rate of tax for the
    16  taxable year multiplied by such rate and (ii) the dollar denominated tax
    17  for such amount of taxable income set forth in the tax table  applicable
    18  to  the  taxable year in paragraph one of subsection (a) of this section
    19  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    20  (D), (E), (F), (G), (H) and (I) of this paragraph. The fraction for this
    21  subparagraph  is  computed  as  follows:  the numerator is the lesser of
    22  fifty thousand dollars or excess of New York adjusted gross  income  for
    23  the taxable year over three million dollars and the denominator is fifty
    24  thousand dollars.
    25    (K)  The tax table benefit is the difference between (i) the amount of
    26  taxable income set forth in the tax table in paragraph one of subsection
    27  (a) of this section not subject to the 16 percent rate of  tax  for  the
    28  taxable year multiplied by such rate and (ii) the dollar denominated tax
    29  for  such amount of taxable income set forth in the tax table applicable
    30  to the taxable year in paragraph one of subsection (a) of  this  section
    31  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    32  (D), (E), (F), (G), (H), (I) and (J) of this paragraph. The fraction for
    33  this subparagraph is computed as follows: the numerator is the lesser of
    34  fifty thousand dollars or excess of New York adjusted gross  income  for
    35  the  taxable year over four million dollars and the denominator is fifty
    36  thousand dollars.
    37    (L) The tax table benefit is the difference between (i) the amount  of
    38  taxable income set forth in the tax table in paragraph one of subsection
    39  (a)  of  this  section not subject to the 18 percent rate of tax for the
    40  taxable year multiplied by such rate and (ii) the dollar denominated tax
    41  for such amount of taxable income set forth in the tax table  applicable
    42  to  the  taxable year in paragraph one of subsection (a) of this section
    43  less the sum of the tax table benefits in subparagraphs (A),  (B),  (C),
    44  (D),  (E),  (F), (G), (H), (I), (J) and (K) of this paragraph. The frac-
    45  tion for this subparagraph is computed as follows: the numerator is  the
    46  lesser  of  fifty  thousand dollars or excess of New York adjusted gross
    47  income for the taxable year over five million dollars and the  denomina-
    48  tor is fifty thousand dollars.
    49    (M)  The tax table benefit is the difference between (i) the amount of
    50  taxable income set forth in the tax table in paragraph one of subsection
    51  (a) of this section not subject to the 20 percent rate of  tax  for  the
    52  taxable year multiplied by such rate and (ii) the dollar denominated tax
    53  for  such amount of taxable income set forth in the tax table applicable
    54  to the taxable year in paragraph one of subsection (a) of  this  section
    55  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    56  (D), (E), (F), (G), (H), (I), (J), (K) and (L) of  this  paragraph.  The

        S. 2059                            13

     1  fraction  for this subparagraph is computed as follows: the numerator is
     2  the lesser of fifty thousand dollars or  excess  of  New  York  adjusted
     3  gross  income  for  the  taxable  year  over ten million dollars and the
     4  denominator is fifty thousand dollars.
     5    (N)  The tax table benefit is the difference between (i) the amount of
     6  taxable income set forth in the tax table in paragraph one of subsection
     7  (a) of this section not subject to the 22 percent rate of  tax  for  the
     8  taxable year multiplied by such rate and (ii) the dollar denominated tax
     9  for  such amount of taxable income set forth in the tax table applicable
    10  to the taxable year in paragraph one of subsection (a) of  this  section
    11  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    12  (D), (E), (F), (G), (H), (I), (J), (K), (L) and (M) of  this  paragraph.
    13  The fraction for this subparagraph is computed as follows: the numerator
    14  is  the  lesser of fifty thousand dollars or excess of New York adjusted
    15  gross income for the taxable year over fifteen million dollars  and  the
    16  denominator is fifty thousand dollars.
    17    (O)  The tax table benefit is the difference between (i) the amount of
    18  taxable income set forth in the tax table in paragraph one of subsection
    19  (a) of this section not subject to the 24 percent rate of  tax  for  the
    20  taxable year multiplied by such rate and (ii) the dollar denominated tax
    21  for  such amount of taxable income set forth in the tax table applicable
    22  to the taxable year in paragraph one of subsection (a) of  this  section
    23  less  the  sum of the tax table benefits in subparagraphs (A), (B), (C),
    24  (D), (E), (F), (G), (H), (I), (J), (K), (L), (M) and (N) of  this  para-
    25  graph.  The  fraction  for this subparagraph is computed as follows: the
    26  numerator is the lesser of fifty thousand dollars or excess of New  York
    27  adjusted  gross  income for the taxable year over twenty million dollars
    28  and the denominator is fifty thousand dollars.
    29    (P) Provided, however, the total tax prior to the application  of  any
    30  tax  credits  shall  not exceed the highest rate of tax set forth in the
    31  tax tables in subsection (c) of this section multiplied by  the  taxpay-
    32  er's taxable income.
    33    § 7. Subsection (d-4) of section 601 of the tax law is REPEALED.
    34    § 8. This act shall take effect immediately.
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