Bill Text: NY A03115 | 2023-2024 | General Assembly | Introduced
Bill Title: Imposes a progressive income tax structure for high income taxpayers.
Spectrum: Partisan Bill (Democrat 43-0)
Status: (Introduced - Dead) 2024-01-03 - referred to ways and means [A03115 Detail]
Download: New_York-2023-A03115-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3115 2023-2024 Regular Sessions IN ASSEMBLY February 2, 2023 ___________ Introduced by M. of A. MEEKS, STECK, L. ROSENTHAL, EPSTEIN, REYES, GONZALEZ-ROJAS, MITAYNES, HUNTER, CARROLL, SIMON, THIELE, GALLAGHER, CRUZ, MAMDANI, BICHOTTE HERMELYN, BURGOS, KELLES, SEAWRIGHT, DAVILA, ANDERSON, LUPARDO, WALKER, JACKSON, CLARK, BURKE, KIM, ZINERMAN -- read once and referred to the Committee on Ways and Means 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 [and6before 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. LBD04661-01-3A. 3115 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 excess19over $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 [and47before 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 overA. 3115 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 excess27over $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 [and55before two thousand twenty-eight] the following rates shall apply:A. 3115 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 excess34over $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 $10,000,000A. 3115 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 years25beginning 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 taxA. 3115 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-A. 3115 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)A. 3115 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 years8beginning 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 sectionA. 3115 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 theA. 3115 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 tax46years 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 yearA. 3115 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.A. 3115 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. TheA. 3115 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.
