Bill Text: NY A10364 | 2019-2020 | General Assembly | Introduced
Bill Title: Extends the top state income tax rate to 10.32% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate.
Spectrum: Partisan Bill (Democrat 43-0)
Status: (Introduced - Dead) 2020-04-29 - referred to ways and means [A10364 Detail]
Download: New_York-2019-A10364-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10364 IN ASSEMBLY April 29, 2020 ___________ Introduced by M. of A. SIMOTAS -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to extending the top state income tax rate The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph 2 (B) of paragraph 1 of subsection (a) of section 601 of the tax law, 3 clauses (iv), (v), (vi) and (vii) as amended by section 1 of part P of 4 chapter 59 of the laws of 2019, and clause (viii) as added by section 1 5 of part R of chapter 59 of the laws of 2017, are amended to read as 6 follows: 7 (iv) For taxable years beginning in two thousand twenty-one the 8 following rates shall apply: 9 If the New York taxable income is: The tax is: 10 Not over $17,150 4% of the New York taxable income 11 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 12 $17,150 13 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 14 $23,600 15 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 16 $27,900 17 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over 18 $43,000 19 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over 20 $161,550 21 Over $323,200 but not over $19,403 plus 6.85% of excess 22 $2,155,350 over $323,200 23 Over $2,155,350 but not over $144,905 plus 8.82% of excess over 24 $5,000,000 $2,155,350 25 Over $5,000,000 but not over $395,803 plus 9.32% of excess over 26 $10,000,000 $5,000,000 27 Over $10,000,000 but not over $861,803 plus 9.82% of excess over 28 $100,000,000 $10,000,000 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15559-03-0A. 10364 2 1 Over [$2,155,350 $144,905 plus 8.82% of excess over2$2,155,350] 3 $100,000,000 $9,699,803 plus 10.32% of excess 4 over $100,000,000 5 (v) For taxable years beginning in two thousand twenty-two the follow- 6 ing rates shall apply: 7 If the New York taxable income is: The tax is: 8 Not over $17,150 4% of the New York taxable income 9 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 10 $17,150 11 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 12 $23,600 13 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 14 $27,900 15 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 16 $161,550 17 Over $323,200 but not over $19,124 plus 18 $2,155,350 6.85% of excess over $323,200 19 Over $2,155,350 but not over $144,626 plus 8.82% of excess over 20 $5,000,000 $2,155,350 21 Over $5,000,000 but not over $395,524 plus 9.32% of excess over 22 $10,000,000 $5,000,000 23 Over $10,000,000 but not over $861,524 plus 9.82% of excess over 24 $100,000,000 $10,000,000 25 Over [$2,155,350 $144,626 plus 8.82% of excess over26$2,155,350] 27 $100,000,000 $9,699,524 plus 10.32% of 28 excess over $100,000,000 29 (vi) For taxable years beginning in two thousand twenty-three the 30 following rates shall apply: 31 If the New York taxable income is: The tax is: 32 Not over $17,150 4% of the New York taxable income 33 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 34 $17,150 35 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 36 $23,600 37 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over 38 $27,900 39 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over 40 $161,550 41 Over $323,200 but not over $18,834 plus 6.85% of 42 $2,155,350 excess over $323,200 43 Over $2,155,350 but not over $144,336 plus 8.82% of excess over 44 $5,000,000 $2,155,350 45 Over $5,000,000 but not over $395,234 plus 9.32% of excess over 46 $10,000,000 $5,000,000 47 Over $10,000,000 but not over $861,234 plus 9.82% of excess over 48 $100,000,000 $10,000,000 49 Over [$2,155,350 $144,336 plus 8.82% of excess over50$2,155,350] 51 $100,000,000 $9,699,234 plus 10.32% of excess 52 over $100,000,000 53 (vii) For taxable years beginning in two thousand twenty-four the 54 following rates shall apply:A. 10364 3 1 If the New York taxable income is: The tax is: 2 Not over $17,150 4% of the New York taxable income 3 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 4 $17,150 5 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 6 $23,600 7 Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over 8 $27,900 9 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 10 $161,550 11 Over $323,200 but not over $18,544 plus 6.85% of 12 $2,155,350 excess over $323,200 13 Over $2,155,350 but not over $144,047 plus 8.82% of excess over 14 $5,000,000 $2,155,350 15 Over $5,000,000 but not over $394,945 plus 9.32% of excess over 16 $10,000,000 $5,000,000 17 Over $10,000,000 but not over $860,945 plus 9.82% of excess over 18 $100,000,000 $10,000,000 19 Over [$2,155,350 $144,047 plus 8.82% of excess over20$2,155,350] 21 $100,000,000 $9,698,945 plus 10.32% of excess 22 over $100,000,000 23 (viii) For taxable years beginning after two thousand twenty-four the 24 following rates shall apply: 25 If the New York taxable income is: The tax is: 26 Not over $17,150 4% of the New York taxable income 27 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 28 $17,150 29 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 30 $23,600 31 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 32 $27,900 33 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 34 $161,550 35 Over $323,200 but not over $18,252 plus 6.85% of excess 36 $2,155,350 over $323,200 37 Over $2,155,350 but not over $143,754 plus 8.82% of excess over 38 $5,000,000 $2,155,350 39 Over $5,000,000 but not over $394,652 plus 9.32% of excess over 40 $10,000,000 $5,000,000 41 Over $10,000,000 but not over $860,652 plus 9.82% of excess over 42 $100,000,000 $10,000,000 43 Over $100,000,000 $9,698,652 plus 10.32% of excess 44 over $100,000,000 45 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 46 paragraph 1 of subsection (b) of section 601 of the tax law, clauses 47 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter 48 59 of the laws of 2019, and clause (viii) as added by section 2 of part 49 R of chapter 59 of the laws of 2017, are amended to read as follows: 50 (iv) For taxable years beginning in two thousand twenty-one the 51 following rates shall apply: 52 If the New York taxable income is: The tax is: 53 Not over $12,800 4% of the New York taxable income 54 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 55 $12,800 56 Over $17,650 but not over $20,900 $730 plus 5.25% of excess overA. 10364 4 1 $17,650 2 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 3 $20,900 4 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 5 $32,200 6 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 7 $107,650 8 Over $269,300 but not over $16,304 plus 6.85% of 9 $1,616,450 excess over $269,300 10 Over $1,616,450 but not over $108,584 plus 8.82% of excess over 11 $5,000,000 $1,616,450 12 Over $5,000,000 but not over $407,013 plus 9.32% of excess over 13 $10,000,000 $5,000,000 14 Over $10,000,000 but not over $873,013 plus 9.82% of excess over 15 $100,000,000 $10,000,000 16 Over [$1,616,450 $108,584 plus 8.82% of excess over17$1,616,450] 18 $100,000,000 $9,711,013 plus 10.32% of excess 19 over $100,000,000 20 (v) For taxable years beginning in two thousand twenty-two the follow- 21 ing rates shall apply: 22 If the New York taxable income is: The tax is: 23 Not over $12,800 4% of the New York taxable income 24 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 25 $12,800 26 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 27 $17,650 28 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over 29 $20,900 30 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over 31 $107,650 32 Over $269,300 but not over $16,079 plus 6.85% of excess 33 $1,616,450 over $269,300 34 Over $1,616,450 but not over $108,359 plus 8.82% of excess over 35 $5,000,000 $1,616,450 36 Over $5,000,000 but not over $406,788 plus 9.32% of excess over 37 $10,000,000 $5,000,000 38 Over $10,000,000 but not over $872,788 plus 9.82% of excess over 39 $100,000,000 $10,000,000 40 Over [$1,616,450 $108,359 plus 8.82% of excess over41$1,616,450] 42 $100,000,000 $9,710,788 plus 10.32% of excess 43 over $100,000,000 44 (vi) For taxable years beginning in two thousand twenty-three the 45 following rates shall apply: 46 If the New York taxable income is: The tax is: 47 Not over $12,800 4% of the New York taxable income 48 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 49 $12,800 50 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 51 $17,650 52 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over 53 $20,900 54 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess overA. 10364 5 1 $107,650 2 Over $269,300 but not over $15,845 plus 6.85% of excess 3 $1,616,450 over $269,300 4 Over $1,616,450 but not over $108,125 plus 8.82% of excess over 5 $5,000,000 $1,616,450 6 Over $5,000,000 but not over $406,544 plus 9.32% of excess over 7 $10,000,000 $5,000,000 8 Over $10,000,000 but not over $872,544 plus 9.82% of excess over 9 $100,000,000 $10,000,000 10 Over [$1,616,450 $108,125 plus 8.82% of excess over11$1,616,450] 12 $100,000,000 $9,710,544 plus 10.32% of excess 13 over $100,000,000 14 (vii) For taxable years beginning in two thousand twenty-four the 15 following rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $12,800 4% of the New York taxable income 18 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 19 $12,800 20 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 21 $17,650 22 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 23 $20,900 24 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 25 $107,650 26 Over $269,300 but not over $15,612 plus 6.85% of excess 27 $1,616,450 over $269,300 28 Over $1,616,450 but not over $107,892 plus 8.82% of excess over 29 $5,000,000 $1,616,450 30 Over $5,000,000 but not over $406,321 plus 9.32% of excess over 31 $10,000,000 $5,000,000 32 Over $10,000,000 but not over $872,321 plus 9.82% of excess over 33 $100,000,000 $10,000,000 34 Over [$1,616,450 $107,892 plus 8.82% of excess over35$1,616,450] 36 $100,000,000 $9,710,321 plus 10.32% of excess 37 over $100,000,000 38 (viii) For taxable years beginning after two thousand twenty-four the 39 following rates shall apply: 40 If the New York taxable income is: The tax is: 41 Not over $12,800 4% of the New York taxable income 42 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 43 $12,800 44 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 45 $17,650 46 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 47 $20,900 48 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 49 $107,650 50 Over $269,300 but not over $15,371 plus 6.85% of excess 51 $1,616,450 over $269,300 52 Over $1,616,450 but not over $107,651 plus 8.82% of excess over 53 $5,000,000 $1,616,450 54 Over $5,000,000 but not over $406,080 plus 9.32% of excess over 55 $10,000,000 $5,000,000 56 Over $10,000,000 but not over $872,080 plus 9.82% of excess overA. 10364 6 1 $100,000,000 $10,000,000 2 Over $100,000,000 $9,710,080 plus 10.32% of excess 3 over $100,000,000 4 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 5 paragraph 1 of subsection (c) of section 601 of the tax law, clauses 6 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter 7 59 of the laws of 2019, and clause (viii) as added by section 3 of part 8 R of chapter 59 of the laws of 2017, are amended to read as follows: 9 (iv) For taxable years beginning in two thousand twenty-one the 10 following rates shall apply: 11 If the New York taxable income is: The tax is: 12 Not over $8,500 4% of the New York taxable income 13 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 14 $8,500 15 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 16 $11,700 17 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 18 $13,900 19 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 20 $21,400 21 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 22 $80,650 23 Over $215,400 but not over $13,109 plus 6.85% of excess 24 $1,077,550 over $215,400 25 Over $1,077,550 but not over $72,166 plus 8.82% of excess over 26 $5,000,000 $1,077,550 27 Over $5,000,000 but not over $418,126 plus 9.32% of excess over 28 $10,000,000 $5,000,000 29 Over $10,000,000 but not over $884,126 plus 9.82% of excess over 30 $100,000,000 $10,000,000 31 Over [$1,077,550 $72,166 plus 8.82% of excess over32$1,077,550] 33 $100,000,000 $9,722,126 plus 10.32% of excess 34 over $100,000,000 35 (v) For taxable years beginning in two thousand twenty-two the follow- 36 ing rates shall apply: 37 If the New York taxable income is: The tax is: 38 Not over $8,500 4% of the New York taxable income 39 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 40 $8,500 41 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 42 $11,700 43 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 44 $13,900 45 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 46 $80,650 47 Over $215,400 but not over $12,926 plus 6.85% of excess 48 $1,077,550 over $215,400 49 Over $1,077,550 but not over $71,984 plus 8.82% of excess over 50 $5,000,000 $1,077,550 51 Over $5,000,000 but not over $ 417,944 plus 9.32% of excess over 52 $10,000,000 $5,000,000 53 Over $10,000,000 but not over $883,994 plus 9.82% of excess over 54 $100,000,000 $10,000,000 55 Over [$1,077,550 $71,984 plus 8.82% of excess over56$1,077,550]A. 10364 7 1 $100,000,000 $9,721,944 plus 10.32% of excess 2 over $100,000,000 3 (vi) For taxable years beginning in two thousand twenty-three the 4 following rates shall apply: 5 If the New York taxable income is: The tax is: 6 Not over $8,500 4% of the New York taxable income 7 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 8 $8,500 9 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 10 $11,700 11 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over 12 $13,900 13 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over 14 $80,650 15 Over $215,400 but not over $12,738 plus 6.85% of excess 16 $1,077,550 over $215,400 17 Over $1,077,550 but not over $71,796 plus 8.82% of excess over 18 $5,000,000 $1,077,550 19 Over $5,000,000 but not over $417,756 plus 9.32% of excess over 20 $10,000,000 $5,000,000 21 Over $10,000,000 but not over $883,756 plus 9.82% of excess over 22 $100,000,000 $10,000,000 23 Over [$1,077,550 $71,796 plus 8.82% of excess over24$1,077,550] 25 $100,000,000 $9,721,756 plus 10.32% of excess 26 over $100,000,000 27 (vii) For taxable years beginning in two thousand twenty-four the 28 following rates shall apply: 29 If the New York taxable income is: The tax is: 30 Not over $8,500 4% of the New York taxable income 31 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 32 $8,500 33 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 34 $11,700 35 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 36 $13,900 37 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 38 $80,650 39 Over $215,400 but not over $12,550 plus 6.85% of excess 40 $1,077,550 over $215,400 41 Over $1,077,550 but not over $71,608 plus 8.82% of excess over 42 $5,000,000 $1,077,550 43 Over $5,000,000 but not over $417,568 plus 9.32% of excess over 44 $10,000,000 $5,000,000 45 Over $10,000,000 but not over $883,568 plus 9.82% of excess over 46 $100,000,000 $10,000,000 47 Over [$1,077,550 $71,608 plus 8.82% of excess over48$1,077,550] 49 $100,000,000 $9,721,568 plus 10.32% of excess 50 over $100,000,000 51 (viii) For taxable years beginning after two thousand twenty-four the 52 following rates shall apply: 53 If the New York taxable income is: The tax is: 54 Not over $8,500 4% of the New York taxable income 55 Over $8,500 but not over $11,700 $340 plus 4.5% of excess overA. 10364 8 1 $8,500 2 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 3 $11,700 4 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 5 $13,900 6 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 7 $80,650 8 Over $215,400 but not over $12,356 plus 6.85% of excess 9 $1,077,550 over $215,400 10 Over $1,077,550 but not over $71,413 plus 8.82% of excess over 11 $5,000,000 $1,077,550 12 Over $5,000,000 but not over $417,373 plus 9.32% of excess over 13 $10,000,000 $5,000,000 14 Over $10,000,000 but not over $883,373 plus 9.82% of excess over 15 $100,000,000 $10,000,000 16 Over $100,000,000 $9,721,373 plus 10.32% of excess 17 over $100,000,000 18 § 4. This act shall take effect immediately.
