Bill Text: NY S03804 | 2021-2022 | General Assembly | Introduced
Bill Title: Extends the top state income tax rate to 10.75% for taxpayers whose New York taxable income is over $1,000,000.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S03804 Detail]
Download: New_York-2021-S03804-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3804 2021-2022 Regular Sessions IN SENATE January 30, 2021 ___________ Introduced by Sen. SANDERS -- 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 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] $1,000,000 over $323,200 23 [Over $2,155,350 $144,905 plus 8.82% of excess over24$2,155,350] 25 Over $1,000,000 $65,764 plus 10.75% of excess over EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02773-02-1S. 3804 2 1 $1,000,000 2 (v) For taxable years beginning in two thousand twenty-two the follow- 3 ing rates shall apply: 4 If the New York taxable income is: The tax is: 5 Not over $17,150 4% of the New York taxable income 6 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 7 $17,150 8 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 9 $23,600 10 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 11 $27,900 12 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 13 $161,550 14 Over $323,200 but not over $19,124 plus 6.85% of excess over 15 [$2,155,350] $1,000,000 $323,200 16 [Over $2,155,350 $144,626 plus 8.82% of excess over17$2,155,350] 18 Over $1,000,000 $65,485 plus 10.75% of excess over 19 $1,000,000 20 (vi) For taxable years beginning in two thousand twenty-three the 21 following rates shall apply: 22 If the New York taxable income is: The tax is: 23 Not over $17,150 4% of the New York taxable income 24 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 25 $17,150 26 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 27 $23,600 28 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over 29 $27,900 30 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over 31 $161,550 32 Over $323,200 but not over $18,834 plus 6.85% of 33 [$2,155,350] $1,000,000 excess over $323,200 34 [Over $2,155,350 $144,336 plus 8.82% of excess over35$2,155,350] 36 Over $1,000,000 $65,195 plus 10.75% of excess over 37 $1,000,000 38 (vii) For taxable years beginning in two thousand twenty-four the 39 following rates shall apply: 40 If the New York taxable income is: The tax is: 41 Not over $17,150 4% of the New York taxable income 42 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 43 $17,150 44 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 45 $23,600 46 Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over 47 $27,900 48 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 49 $161,550 50 Over $323,200 but not over $18,544 plus 6.85% of 51 [$2,155,350] $1,000,000 excess over $323,200 52 [Over $2,155,350 $144,047 plus 8.82% of excess over53$2,155,350] 54 Over $1,000,000 $64,905 plus 10.75% of excess over 55 $1,000,000S. 3804 3 1 (viii) For taxable years beginning after two thousand twenty-four the 2 following rates shall apply: 3 If the New York taxable income is: The tax is: 4 Not over $17,150 4% of the New York taxable income 5 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 6 $17,150 7 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 8 $23,600 9 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 10 $27,900 11 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 12 $161,550 13 Over $323,200 but not over $18,252 plus 6.85% of 14 $1,000,000 excess over $323,200 15 Over $1,000,000 $64,613 plus 10.75% of excess over 16 $1,000,000 17 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 18 paragraph 1 of subsection (b) of section 601 of the tax law, clauses 19 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter 20 59 of the laws of 2019, and clause (viii) as added by section 2 of part 21 R of chapter 59 of the laws of 2017, are amended to read as follows: 22 (iv) For taxable years beginning in two thousand twenty-one the 23 following rates shall apply: 24 If the New York taxable income is: The tax is: 25 Not over $12,800 4% of the New York taxable income 26 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 27 $12,800 28 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 29 $17,650 30 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 31 $20,900 32 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 33 $32,200 34 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 35 $107,650 36 Over $269,300 but not over $16,304 plus 6.85% of 37 [$1,616,450] $1,000,000 excess over $269,300 38 [Over $1,616,450 $108,584 plus 8.82% of excess over39$1,616,450] 40 Over $1,000,000 $66,357 plus 10.75% of excess over 41 $1,000,000 42 (v) For taxable years beginning in two thousand twenty-two the follow- 43 ing rates shall apply: 44 If the New York taxable income is: The tax is: 45 Not over $12,800 4% of the New York taxable income 46 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 47 $12,800 48 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 49 $17,650 50 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over 51 $20,900 52 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over 53 $107,650 54 Over $269,300 but not over $16,079 plus 6.85% of excess 55 [$1,616,450] $1,000,000 over $269,300 56 [Over $1,616,450 $108,359 plus 8.82% of excess overS. 3804 4 1$1,616,450] 2 Over $1,000,000 $66,132 plus 10.75% of excess over 3 $1,000,000 4 (vi) For taxable years beginning in two thousand twenty-three the 5 following rates shall apply: 6 If the New York taxable income is: The tax is: 7 Not over $12,800 4% of the New York taxable income 8 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 9 $12,800 10 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 11 $17,650 12 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over 13 $20,900 14 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over 15 $107,650 16 Over $269,300 but not over $15,845 plus 6.85% of excess 17 [$1,616,450] $1,000,000 over $269,300 18 [Over $1,616,450 $108,125 plus 8.82% of excess over19$1,616,450] 20 Over $1,000,000 $65,898 plus 10.75% of excess over 21 $1,000,000 22 (vii) For taxable years beginning in two thousand twenty-four the 23 following rates shall apply: 24 If the New York taxable income is: The tax is: 25 Not over $12,800 4% of the New York taxable income 26 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 27 $12,800 28 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 29 $17,650 30 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 31 $20,900 32 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 33 $107,650 34 Over $269,300 but not over $15,612 plus 6.85% of excess 35 [$1,616,450] $1,000,000 over $269,300 36 [Over $1,616,450 $107,892 plus 8.82% of excess over37$1,616,450] 38 Over $1,000,000 $65,665 plus 10.75% of excess over 39 $1,000,000 40 (viii) For taxable years beginning after two thousand twenty-four the 41 following rates shall apply: 42 If the New York taxable income is: The tax is: 43 Not over $12,800 4% of the New York taxable income 44 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 45 $12,800 46 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 47 $17,650 48 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 49 $20,900 50 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 51 $107,650 52 Over $269,300 but not over $15,371 plus 6.85% of 53 $1,000,000 excess over $269,300 54 Over $1,000,000 $65,424 plus 10.75% of excess over 55 $1,000,000S. 3804 5 1 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 2 paragraph 1 of subsection (c) of section 601 of the tax law, clauses 3 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter 4 59 of the laws of 2019, and clause (viii) as added by section 3 of part 5 R of chapter 59 of the laws of 2017, are amended to read as follows: 6 (iv) For taxable years beginning in two thousand twenty-one the 7 following rates shall apply: 8 If the New York taxable income is: The tax is: 9 Not over $8,500 4% of the New York taxable income 10 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 11 $8,500 12 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 13 $11,700 14 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 15 $13,900 16 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 17 $21,400 18 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 19 $80,650 20 Over $215,400 but not over $13,109 plus 6.85% of excess 21 [$1,077,550] $1,000,000 over $215,400 22 [Over $1,077,550 $72,166 plus 8.82% of excess over23$1,077,550] 24 Over $1,000,000 $66,855 plus 10.75% of excess over 25 $1,000,000 26 (v) For taxable years beginning in two thousand twenty-two the follow- 27 ing rates shall apply: 28 If the New York taxable income is: The tax is: 29 Not over $8,500 4% of the New York taxable income 30 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 31 $8,500 32 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 33 $11,700 34 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 35 $13,900 36 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 37 $80,650 38 Over $215,400 but not over $12,926 plus 6.85% of excess 39 [$1,077,550] $1,000,000 over $215,400 40 [Over $1,077,550 $71,984 plus 8.82% of excess over41$1,077,550] 42 Over $1,000,000 $66,672 plus 10.75% of excess over 43 $1,000,000 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 $8,500 4% of the New York taxable income 48 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 49 $8,500 50 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 51 $11,700 52 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over 53 $13,900 54 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over 55 $80,650 56 Over $215,400 but not over $12,738 plus 6.85% of excessS. 3804 6 1 [$1,077,550] $1,000,000 over $215,400 2 [Over $1,077,550 $71,796 plus 8.82% of excess over3$1,077,550] 4 Over $1,000,000 $66,484 plus 10.75% of excess over 5 $1,000,000 6 (vii) For taxable years beginning in two thousand twenty-four the 7 following rates shall apply: 8 If the New York taxable income is: The tax is: 9 Not over $8,500 4% of the New York taxable income 10 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 11 $8,500 12 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 13 $11,700 14 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 15 $13,900 16 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 17 $80,650 18 Over $215,400 but not over $12,550 plus 6.85% of excess 19 [$1,077,550] $1,000,000 over $215,400 20 [Over $1,077,550 $71,608 plus 8.82% of excess over21$1,077,550] 22 Over $1,000,000 $66,296 plus 10.75% of excess over 23 $1,000,000 24 (viii) For taxable years beginning after two thousand twenty-four the 25 following rates shall apply: 26 If the New York taxable income is: The tax is: 27 Not over $8,500 4% of the New York taxable income 28 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 29 $8,500 30 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 31 $11,700 32 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 33 $13,900 34 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 35 $80,650 36 Over $215,400 but not over $12,356 plus 6.85% of 37 $1,000,000 excess over $215,400 38 Over $1,000,000 $66,102 plus 10.75% of excess over 39 $1,000,000 40 § 4. Section 171-a of the tax law, as separately amended by chapters 41 481 and 484 of the laws of 1981, is amended by adding a new subdivision 42 3 to read as follows: 43 3. Notwithstanding subdivision one of this section or any other 44 provision of law to the contrary, with regards to any increase in the 45 taxes imposed pursuant to section six hundred one of this chapter 46 attributable to the difference in the rate of such taxes for taxable 47 years beginning in and after two thousand twenty-one and the rate of 48 such taxes for taxable years beginning in two thousand twenty, such 49 revenue shall be deposited into the state treasury to the credit of the 50 general fund. The amount for administrative costs shall be determined by 51 the commissioner to represent reasonable costs of the department in 52 administering, collecting, determining, and distributing such taxes. Of 53 the total revenue collected or received under such sections of this 54 chapter, the comptroller shall retain in his or her hands such amount as 55 the commissioner may determine to be necessary for refunds or reimburse- 56 ments under such sections of this chapter out of which amount the comp-S. 3804 7 1 troller shall pay any refunds or reimbursements to which taxpayers shall 2 be entitled under provisions of such sections. The commissioner and the 3 comptroller shall maintain a system of accounts showing the amount of 4 revenue collected or received from each of the taxes imposed by such 5 sections. 6 § 5. This act shall take effect immediately and shall apply to taxable 7 years beginning on and after January 1, 2021.
