Bill Text: NY S01808 | 2021-2022 | General Assembly | Amended
Bill Title: Accelerates the change in personal income tax rates.
Spectrum: Partisan Bill (Republican 10-0)
Status: (Introduced - Dead) 2022-01-07 - PRINT NUMBER 1808A [S01808 Detail]
Download: New_York-2021-S01808-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1808--A 2021-2022 Regular Sessions IN SENATE January 15, 2021 ___________ Introduced by Sens. JORDAN, AKSHAR, BORRELLO, BOYLE, GALLIVAN, HELMING, O'MARA, ORTT, TEDISCO, WEIK -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- recommitted to the Committee on Budget and Revenue in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to accelerating the change in personal income tax rates The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clauses (vii) and (viii) of subparagraph (B) of paragraph 1 2 of subsection (a) of section 601 of the tax law, as amended by section 1 3 of part A of chapter 59 of the laws of 2021, are amended to read as 4 follows: 5 (vii) For taxable years beginning in two thousand [twenty-four] twen- 6 ty-three 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 5.61% of excess over 14 $27,900 15 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 16 $161,550 17 Over $323,200 but not over $18,544 plus 6.85% of excess over 18 $2,155,350 $323,200 19 Over $2,155,350 but not over $144,047 plus 9.65% of excess over 20 $5,000,000 $2,155,350 21 Over $5,000,000 but not over $418,555 plus 10.30% of excess over EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01673-02-2S. 1808--A 2 1 $25,000,000 $5,000,000 2 Over $25,000,000 $2,478,555 plus 10.90% of excess over 3 $25,000,000 4 (viii) For taxable years beginning after two thousand [twenty-four] 5 twenty-three and before two thousand twenty-eight the following rates 6 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 22 $25,000,000 $5,000,000 23 Over $25,000,000 $2,478,263 plus 10.90% of excess over 24 $25,000,000 25 § 2. Clauses (vii) and (viii) of subparagraph (B) of paragraph 1 of 26 subsection (b) of section 601 of the tax law, as amended by section 2 of 27 part A of chapter 59 of the laws of 2021, are amended to read as 28 follows: 29 (vii) For taxable years beginning in two thousand [twenty-four] twen- 30 ty-three the following rates shall apply: 31 If the New York taxable income is: The tax is: 32 Not over $12,800 4% of the New York taxable income 33 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 34 $12,800 35 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 36 $17,650 37 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 38 $20,900 39 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 40 $107,650 41 Over $269,300 but not over $15,612 plus 6.85% of excess 42 $1,616,450 over $269,300 43 Over $1,616,450 but not over $107,892 plus 9.65% of excess over 44 $5,000,000 $1,616,450 45 Over $5,000,000 but not over $434,404 plus 10.30% of excess over 46 $25,000,000 $5,000,000 47 Over $25,000,000 $2,494,404 plus 10.90% of excess over 48 $25,000,000 49 (viii) For taxable years beginning after two thousand [twenty-four] 50 twenty-three and before two thousand twenty-eight the following rates 51 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 overS. 1808--A 3 1 $17,650 2 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 3 $20,900 4 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 5 $107,650 6 Over $269,300 but not over $15,371 plus 6.85% of excess over 7 $1,616,450 $269,300 8 Over $1,616,450 but not over $107,651 plus 9.65% of excess over 9 $5,000,000 $1,616,450 10 Over $5,000,000 but not over $434,163 plus 10.30% of excess over 11 $25,000,000 $5,000,000 12 Over $25,000,000 $2,494,163 plus 10.90% of excess over 13 $25,000,000 14 § 3. Clauses (vii) and (viii) of subparagraph (B) of paragraph 1 of 15 subsection (c) of section 601 of the tax law, as amended by section 3 of 16 part A of chapter 59 of the laws of 2021, are amended to read as 17 follows: 18 (vii) For taxable years beginning in two thousand [twenty-four] twen- 19 ty-three the following rates shall apply: 20 If the New York taxable income is: The tax is: 21 Not over $8,500 4% of the New York taxable income 22 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 23 $8,500 24 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 25 $11,700 26 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 27 $13,900 28 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 29 $80,650 30 Over $215,400 but not over $12,550 plus 6.85% of excess 31 $1,077,550 over $215,400 32 Over $1,077,550 but not over $71,608 plus 9.65% of excess over 33 $5,000,000 $1,077,550 34 Over $5,000,000 but not over $450,124 plus 10.30% of excess over 35 $25,000,000 $5,000,000 36 Over $25,000,000 $2,510,124 plus 10.90% of excess over 37 $25,000,000 38 (viii) For taxable years beginning after two thousand [twenty-four] 39 twenty-three and before two thousand twenty-eight the following rates 40 shall apply: 41 If the New York taxable income is: The tax is: 42 Not over $8,500 4% of the New York taxable income 43 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 44 $8,500 45 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 46 $11,700 47 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 48 $13,900 49 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 50 $80,650 51 Over $215,400 but not over $12,356 plus 6.85% of excess over 52 $1,077,550 $215,400 53 Over $1,077,550 but not over $71,413 plus 9.65% of excess over 54 $5,000,000 $1,077,550 55 Over $5,000,000 but not over $449,929 plus 10.30% of excess overS. 1808--A 4 1 $25,000,000 $5,000,000 2 Over $25,000,000 $2,509,929 plus 10.90% of excess over 3 $25,000,000 4 § 4. This act shall take effect immediately.
