Bill Text: NY A10419 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to rates of tax for personal income in the city of New York; provides personal income tax rates for city taxable income between $500,000 and $100,000,000.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-05-11 - referred to ways and means [A10419 Detail]
Download: New_York-2019-A10419-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10419 IN ASSEMBLY May 11, 2020 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Epstein) -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law and the administrative code of the city of New York, in relation to rates of tax for personal income in the city of New York The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraphs 1, 2 and 3 of subsection (a) of section 1304 of 2 the tax law, as amended by section 3 of part C of chapter 59 of the laws 3 of 2017, are amended to read as follows: 4 (1) Resident married individuals filing joint returns and resident 5 surviving spouses. The tax under this section for each taxable year on 6 the city taxable income of every city resident married individual who 7 makes a single return jointly with his or her spouse under subsection 8 (b) of section thirteen hundred six of this article and on the city 9 taxable income of every city resident surviving spouse shall be deter- 10 mined in accordance with the following tables: 11 (A) For taxable years beginning after two thousand [sixteen] twenty: 12 If the city taxable income is: The tax is: 13 Not over $21,600 2.7% of the city taxable income 14 Over $21,600 but not $583 plus 3.3% of excess 15 over $45,000 over $21,600 16 Over $45,000 but not $1,355 plus 3.35% of excess 17 over $90,000 over $45,000 18 Over $90,000 but not $2,863 plus 3.4% of excess 19 over $500,000 over $90,000 20 Over $500,000 but not $16,803 plus 4.0% of excess 21 over $1,000,000 over $1,000,000 22 Over $1,000,000 but not $36,803 plus 5.0% of excess 23 over $10,000,000 over $10,000,000 24 Over $10,000,000 but not $486,803 plus 6.0% of excess 25 over $100,000,000 over $100,000,000 26 Over $100,000,000 $6,786,803 plus 7.0% of excess EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16214-01-0A. 10419 2 1 over $100,000,000 2 (B) For taxable year beginning after two thousand sixteen and before 3 two thousand twenty-one: 4 If the city taxable income is: The tax is: 5 Not over $21,600 2.7% of the city taxable income 6 Over $21,600 but not $583 plus 3.3% of excess 7 over $45,000 over $21,600 8 Over $45,000 but not $1,355 plus 3.35% of excess 9 over $90,000 over $45,000 10 Over $90,000 $2,863 plus 3.4% of excess 11 over $90,000 12 [(B)] (C) For taxable year beginning after two thousand fourteen and 13 before two thousand seventeen: 14 If the city taxable income is: The tax is: 15 Not over $21,600 2.55% of the city taxable income 16 Over $21,600 but not $551 plus 3.1 of excess 17 over $45,000 over $21,600 18 Over $45,000 but not $1,276 plus 3.15% of excess 19 over $90,000 over $45,000 20 Over $90,000 but not $2,694 plus 3.2% of excess 21 over $90,000 22 Over $500,000 $16,803 plus 3.4% of excess 23 over $500,000 24 [(C)] (D) For taxable years beginning after two thousand nine and 25 before two thousand fifteen: 26 If the city taxable income is: The tax is: 27 Not over $21,600 2.55% of the city taxable income 28 Over $21,600 but not $551 plus 3.1% of excess 29 over $45,000 over $21,600 30 Over $45,000 but not $1,276 plus 3.15% of excess 31 over $90,000 over $45,000 32 Over $90,000 but not $2,694 plus 3.2% of excess 33 over $500,000 over $90,000 34 Over $500,000 $15,814 plus 3.4% of excess 35 over $500,000 36 (2) Resident heads of households. The tax under this section for each 37 taxable year on the city taxable income of every city resident head of a 38 household shall be determined in accordance with the following tables: 39 (A) For taxable years beginning after two thousand [sixteen] twenty: 40 If the city taxable income is: The tax is: 41 Not over $14,400 2.7% of the city taxable income 42 Over $14,400 but not $389 plus 3.3% of excess 43 over $30,000 over $14,400 44 Over $30,000 but not $904 plus 3.35% of excess 45 over $60,000 over $30,000 46 Over $60,000 but not $1,909 plus 3.4% of excess 47 over $500,000 over $60,000 48 Over $500,000 but not $16,869 plus 4.0% of excess 49 over $1,000,000 over $1,000,000 50 Over $1,000,000 but not $36,869 plus 5.0% of excessA. 10419 3 1 over $10,000,000 over $10,000,000 2 Over $10,000,000 but not $486,869 plus 6.0% of excess 3 over $100,000,000 over $100,000,000 4 Over $100,000,000 $5,886,869 plus 7.0% of excess 5 over $100,000,000 6 (B) For taxable year beginning after two thousand sixteen and before 7 two thousand twenty-one: 8 If the city taxable income is: The tax is: 9 Not over $14,400 2.7% of the city taxable income 10 Over $14,400 but not $389 plus 3.3% of excess 11 over $30,000 over $14,400 12 Over $30,000 but not $904 plus 3.35% of excess 13 over $60,000 over $30,000 14 Over $60,000 $1,909 plus 3.4% of excess 15 over $60,000 16 [(B)] (C) For taxable years beginning after two thousand fourteen and 17 before two thousand seventeen: 18 If the city taxable income is: The tax is: 19 Not over $14,400 2.55% of the city taxable income 20 Over $14,400 but not $367 plus 3.1% of excess 21 over $30,000 over $14,400 22 Over $30,000 but not $851 plus 3.15% of excess 23 over $60,000 over $30,000 24 Over $60,000 but not $1,796 plus 3.2% of excess 25 over $500,000 over $60,000 26 Over $500,000 $16,869 plus 3.4% of excess 27 over $500,000 28 [(C)] (D) For taxable years beginning after two thousand nine and 29 before two thousand fifteen: 30 If the city taxable income is: The tax is: 31 Not over $14,400 2.55% of the city taxable income 32 Over $14,400 but not $367 plus 3.1% of excess 33 over $30,000 over $14,400 34 Over $30,000 but not $851 plus 3.15% of excess 35 over $60,000 over $30,000 36 Over $60,000 but not $1,796 plus 3.2% of excess 37 over $500,000 over $60,000 38 Over $500,000 $15,876 plus 3.4% of excess 39 Over $500,000 40 (3) Resident unmarried individuals, resident married individuals 41 filing separate returns and resident estates and trusts. The tax under 42 this section for each taxable year on the city taxable income of every 43 city resident individual who is not a city resident married individual 44 who makes a single return jointly with his or her spouse under 45 subsection (b) of section thirteen hundred six of this article or a city 46 resident head of household or a city resident surviving spouse, and on 47 the city taxable income of every city resident estate and trust shall be 48 determined in accordance with the following tables: 49 (A) For taxable years beginning after two thousand [sixteen] twenty:A. 10419 4 1 If the city taxable income is: The tax is: 2 Not over $12,000 2.7% of the city taxable income 3 Over $12,000 but not $324 plus 3.3% of excess 4 over $25,000 over $12,000 5 Over $25,000 but not $753 plus 3.35% of excess 6 over $50,000 over $25,000 7 Over $50,000 but not $1,591 plus 3.4% of excess 8 over $500,000 over $50,000 9 Over $500,000 but not $16,891 plus 4.0% of excess 10 over $1,000,000 over $1,000,000 11 Over $1,000,000 but not $36,891 plus 5.0% of excess 12 over $10,000,000 over $10,000,000 13 Over $10,000,000 but not $486,891 plus 6.0% of excess 14 over $100,000,000 over $100,000,000 15 Over $100,000,000 $5,886,891 plus 7.0% of excess 16 over $100,000,000 17 (B) For taxable year beginning after two thousand sixteen and before 18 two thousand twenty-one: 19 If the city taxable income is: The tax is: 20 Not over $12,000 2.7% of the city taxable income 21 Over $12,000 but not $324 plus 3.3% of excess 22 over $25,000 over $12,000 23 Over $25,000 but not $753 plus 3.35% of excess 24 over $50,000 over $25,000 25 Over $50,000 $1,591 plus 3.4% of excess 26 over $50,000 27 [(B)] (C) For taxable years beginning after two thousand fourteen and 28 before two thousand seventeen: 29 If the city taxable income is: The tax is: 30 Not over $12,000 2.55% of the city taxable income 31 Over $12,000 but not $306 plus 3.1% of excess 32 over $25,000 over $12,000 33 Over $25,000 but not $709 plus 3.15% of excess 34 over $50,000 over $25,000 35 Over $50,000 but not $1,497 plus 3.2% of excess 36 over $500,000 over $50,000 37 Over $500,000 $16,891 plus 3.4% 38 of excess over $500,000 39 [(C)] (D) For taxable years beginning after two thousand nine and 40 before two thousand fifteen: 41 If the city taxable income is: The tax is: 42 Not over $12,000 2.55% of the city taxable income 43 Over $12,000 but not $306 plus 3.1% of excess 44 over $25,000 over $12,000 45 Over $25,000 but not $709 plus 3.15% of excess 46 over $50,000 over $25,000 47 Over $50,000 but not $1,497 plus 3.2% of excess 48 over $500,000 over $50,000 49 Over $500,000 $15,897 plus 3.4% 50 of excess over $500,000A. 10419 5 1 § 2. Paragraphs 1, 2 and 3 of subdivision (a) of section 11-1701 of 2 the administrative code of the city of New York, as amended by section 4 3 of part C of chapter 59 of the laws of 2017, are amended to read as 4 follows: 5 (1) Resident married individuals filing joint returns and resident 6 surviving spouses. The tax under this section for each taxable year on 7 the city taxable income of every city resident married individual who 8 makes a single return jointly with his or her spouse under subdivision 9 (b) of section 11-1751 of this chapter and on the city taxable income of 10 every city resident surviving spouse shall be determined in accordance 11 with the following tables: 12 (A) For taxable years beginning after two thousand [sixteen] twenty: 13 If the city taxable income is: The tax is: 14 Not over $21,600 2.7% of the city taxable income 15 Over $21,600 but not $583 plus 3.3% of excess 16 over $45,000 over $21,600 17 Over $45,000 but not $1,355 plus 3.35% of excess 18 over $90,000 over $45,000 19 Over $90,000 but not $2,863 plus 3.4% of excess 20 over $500,000 over $90,000 21 Over $500,000 but not $16,803 plus 4.0% of excess 22 over $1,000,000 over $1,000,000 23 Over $1,000,000 but not $36,803 plus 5.0% of excess 24 over $10,000,000 over $10,000,000 25 Over $10,000,000 but not $486,803 plus 6.0% of excess 26 over $100,000,000 over $100,000,000 27 Over $100,000,000 $6,786,803 plus 7.0% of excess 28 over $100,000,000 29 (B) For taxable year beginning after two thousand sixteen and before two 30 thousand twenty-one: 31 If the city taxable income is: The tax is: 32 Not over $21,600 2.7% of the city taxable income 33 Over $21,600 but not $583 plus 3.3% of excess 34 over $45,000 over $21,600 35 Over $45,000 but not $1,355 plus 3.35% of excess 36 over $90,000 over $45,000 37 Over $90,000 $2,863 plus 3.4% of excess 38 over $90,000 39 [(B)] (C) For taxable years beginning after two thousand fourteen and 40 before two thousand seventeen: 41 If the city taxable income is: The tax is: 42 Not over $21,600 2.55% of the city taxable income 43 Over $21,600 but not $551 plus 3.1% of excess 44 over $45,000 over $21,600 45 Over $45,000 but not $1,276 plus 3.15% of excess 46 over $90,000 over $45,000 47 Over $90,000 but not $2,694 plus 3.2% of excess 48 over $500,000 over $90,000 49 Over $500,000 $16,803 plus 3.4% of excess 50 over $500,000 51 [(C)] (D) For taxable years beginning after two thousand nine and 52 before two thousand fifteen:A. 10419 6 1 If the city taxable income is: The tax is: 2 Not over $21,600 2.55% of the city taxable income 3 Over $21,600 but not $551 plus 3.1% of excess 4 over $45,000 over $21,600 5 Over $45,000 but not $1,276 plus 3.15% of excess 6 over $90,000 over $45,000 7 Over $90,000 but not $2,694 plus 3.2% of excess 8 over $500,000 over $90,000 9 Over $500,000 $15,814 plus 3.4% of excess 10 over $500,000 11 (2) Resident heads of households. The tax under this section for each 12 taxable year on the city taxable income of every city resident head of a 13 household shall be determined in accordance with the following tables: 14 (A) For taxable years beginning after two thousand [sixteen] twenty: 15 If the city taxable income is: The tax is: 16 Not over $14,400 2.7% of the city taxable income 17 Over $14,400 but not $389 plus 3.3% of excess 18 over $30,000 over $14,400 19 Over $30,000 but not $904 plus 3.35% of excess 20 over $60,000 over $30,000 21 Over $60,000 but not $1,909 plus 3.4% of excess 22 over $500,000 over $60,000 23 Over $500,000 but not $16,869 plus 4.0% of excess 24 over $1,000,000 over $1,000,000 25 Over $1,000,000 but not $36,869 plus 5.0% of excess 26 over $10,000,000 over $10,000,000 27 Over $10,000,000 but not $486,869 plus 6.0% of excess 28 over $100,000,000 over $100,000,000 29 Over $100,000,000 $5,886,869 plus 7.0% of excess 30 over $100,000,000 31 (B) For taxable year beginning after two thousand sixteen and before 32 two thousand twenty-one: 33 If the city taxable income is: The tax is: 34 Not over $14,400 2.7% of the city taxable income 35 Over $14,400 but not $389 plus 3.3% of excess 36 over $30,000 over $14,400 37 Over $30,000 but not $904 plus 3.35% of excess 38 over $60,000 over $30,000 39 Over $60,000 $1,909 plus 3.4% of excess 40 over $60,000 41 [(B)] (C) For taxable years beginning after two thousand fourteen and 42 before two thousand seventeen: 43 If the city taxable income is: The tax is: 44 Not over $14,400 2.55% of the city taxable income 45 Over $14,400 but not $367 plus 3.1% of excess 46 over $30,000 over $14,400 47 Over $30,000 but not $851 plus 3.15% of excess 48 over $60,000 over $30,000 49 Over $60,000 but not $1,796 plus 3.2% of excess 50 over $500,000 over $60,000 51 Over $500,000 $16,869 plus 3.4% of excess 52 over $500,000A. 10419 7 1 [(C)] (D) For taxable years beginning after two thousand nine and 2 before two thousand fifteen: 3 If the city taxable income is: The tax is: 4 Not over $14,400 2.55% of the city taxable income 5 Over $14,400 but not $367 plus 3.1% of excess 6 over $30,000 over $14,400 7 Over $30,000 but not $851 plus 3.15% of excess 8 over $60,000 over $30,000 9 Over $60,000 but not $1,796 plus 3.2% of excess 10 over $500,000 over $60,000 11 Over $500,000 $15,876 plus 3.4% of excess 12 over $500,000 13 (3) Resident unmarried individuals, resident married individuals 14 filing separate returns and resident estates and trusts. The tax under 15 this section for each taxable year on the city taxable income of every 16 city resident individual who is not a married individual who makes a 17 single return jointly with his or her spouse under subdivision (b) of 18 section 11-1751 of this chapter or a city resident head of a household 19 or a city resident surviving spouse, and on the city taxable income of 20 every city resident estate and trust shall be determined in accordance 21 with the following tables: 22 (A) For taxable years beginning after two thousand [sixteen] twenty: 23 If the city taxable income is: The tax is: 24 Not over $12,000 2.7% of the city taxable income 25 Over $12,000 but not $324 plus 3.3% of excess 26 over $25,000 over $12,000 27 Over $25,000 but not $753 plus 3.35% of excess 28 over $50,000 over $25,000 29 Over $50,000 but not $1,591 plus 3.4% of excess 30 over $500,000 over $50,000 31 Over $500,000 but not $16,891 plus 4.0% of excess 32 over $1,000,000 over $1,000,000 33 Over $1,000,000 but not $36,891 plus 5.0% of excess 34 over $10,000,000 over $10,000,000 35 Over $10,000,000 but not $486,891 plus 6.0% of excess 36 over $100,000,000 over $100,000,000 37 Over $100,000,000 $5,886,891 plus 7.0% of excess 38 over $100,000,000 39 (B) For taxable year beginning after two thousand sixteen and before 40 two thousand twenty-one: 41 If the city taxable income is: The tax is: 42 Not over $12,000 2.7% of the city taxable income 43 Over $12,000 but not $324 plus 3.3% of excess 44 over $25,000 over $12,000 45 Over $25,000 but not $753 plus 3.35% of excess 46 over $50,000 over $25,000 47 Over $50,000 $1,591 plus 3.4% of excess 48 over $50,000 49 [(B)] (C) For taxable years beginning after two thousand fourteen and 50 before two thousand seventeen:A. 10419 8 1 If the city taxable income is: The tax is: 2 Not over $12,000 2.55% of the city taxable income 3 Over $12,000 but not $306 plus 3.1% of excess 4 over $25,000 over $12,000 5 Over $25,000 but not $709 plus 3.15% of excess 6 over $50,000 over $25,000 7 Over $50,000 but not $1,497 plus 3.2% of excess 8 over $500,000 over $50,000 9 Over $500,000 $16,891 plus 3.4% of excess 10 over $500,000 11 [(C)] (D) For taxable years beginning after two thousand nine and 12 before two thousand fifteen: 13 If the city taxable income is: The tax is: 14 Not over $12,000 2.55% of the city taxable income 15 Over $12,000 but not $306 plus 3.1% of excess 16 over $25,000 over $12,000 17 Over $25,000 but not $709 plus 3.15% of excess 18 over $50,000 over $25,000 19 Over $50,000 but not $1,497 plus 3.2% of excess 20 over $500,000 over $50,000 21 Over $500,000 $15,897 plus 3.4% of excess 22 over $500,000 23 § 3. The commissioner of taxation and finance shall take steps to 24 publicize the necessary adjustments to estimated tax and, to the extent 25 reasonably possible, to inform the taxpayer of the tax liability changes 26 made by this act. 27 § 4. This act shall take effect immediately.
