Bill Text: NY S07365 | 2019-2020 | General Assembly | Introduced
Bill Title: Accelerates the change in personal income tax rates.
Spectrum: Partisan Bill (Republican 13-0)
Status: (Introduced - Dead) 2020-03-10 - NOTICE OF COMMITTEE CONSIDERATION - REQUESTED [S07365 Detail]
Download: New_York-2019-S07365-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7365 IN SENATE January 22, 2020 ___________ Introduced by Sens. JORDAN, ORTT -- 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 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 (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:10Not over $17,150 4% of the New York taxable income11Over $17,150 but not over $23,600 $686 plus 4.5% of excess over12$17,15013Over $23,600 but not over $27,900 $976 plus 5.25% of excess over14$23,60015Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over16$27,90017Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over18$43,00019Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over20$161,55021Over $323,200 but not over $19,403 plus 6.85% of excess22$2,155,350 over $323,20023Over $2,155,350 $144,905 plus 8.82% of excess over24$2,155,35025(v) For taxable years beginning in two thousand twenty-two the follow-26ing rates shall apply:] EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14837-01-0S. 7365 2 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 5.85% of excess over 8 $27,900 9 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 10 $161,550 11 Over $323,200 but not over $2,155,350 $19,124 plus 12 6.85% of excess over $323,200 13 Over $2,155,350 $144,626 plus 8.82% of excess over 14 $2,155,350 15 [(vi)] (v) For taxable years beginning in two thousand [twenty-three] 16 twenty-two the following rates shall apply: 17 If the New York taxable income is: The tax is: 18 Not over $17,150 4% of the New York taxable income 19 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 20 $17,150 21 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 22 $23,600 23 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over 24 $27,900 25 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over 26 $161,550 27 Over $323,200 but not over $18,834 plus 6.85% of 28 $2,155,350 excess over $323,200 29 Over $2,155,350 $144,336 plus 8.82% of excess over 30 $2,155,350 31 [(vii)] (vi) For taxable years beginning in two thousand [twenty-four] 32 twenty-three the following rates shall apply: 33 If the New York taxable income is: The tax is: 34 Not over $17,150 4% of the New York taxable income 35 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 36 $17,150 37 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 38 $23,600 39 Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over 40 $27,900 41 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 42 $161,550 43 Over $323,200 but not over $18,544 plus 6.85% of 44 $2,155,350 excess over $323,200 45 Over $2,155,350 $144,047 plus 8.82% of excess over 46 $2,155,350 47 [(viii)] (vii) For taxable years beginning after two thousand [twen-48ty-four] twenty-three the following rates shall apply: 49 If the New York taxable income is: The tax is: 50 Not over $17,150 4% of the New York taxable income 51 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 52 $17,150 53 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 54 $23,600 55 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess overS. 7365 3 1 $27,900 2 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 3 $161,550 4 Over $323,200 $18,252 plus 6.85% of excess over 5 $323,200 6 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 7 paragraph 1 of subsection (b) of section 601 of the tax law, clauses 8 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter 9 59 of the laws of 2019 and clause (viii) as added by section 2 of part R 10 of chapter 59 of the laws of 2017, are amended to read as follows: 11 (iv) For taxable years beginning in two thousand twenty-one the 12 following rates shall apply: 13 [If the New York taxable income is: The tax is:14Not over $12,800 4% of the New York taxable income15Over $12,800 but not over $17,650 $512 plus 4.5% of excess over16$12,80017Over $17,650 but not over $20,900 $730 plus 5.25% of excess over18$17,65019Over $20,900 but not over $32,200 $901 plus 5.9% of excess over20$20,90021Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over22$32,20023Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over24$107,65025Over $269,300 but not over $16,304 plus 6.85% of26$1,616,450 excess over $269,30027Over $1,616,450 $108,584 plus 8.82% of excess over28$1,616,45029(v) For taxable years beginning in two thousand twenty-two the follow-30ing 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 5.85% of excess over 38 $20,900 39 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over 40 $107,650 41 Over $269,300 but not over $16,079 plus 6.85% of excess 42 $1,616,450 over $269,300 43 Over $1,616,450 $108,359 plus 8.82% of excess over 44 $1,616,450 45 [(vi)] (v) For taxable years beginning in two thousand [twenty-three] 46 twenty-two the following rates shall apply: 47 If the New York taxable income is: The tax is: 48 Not over $12,800 4% of the New York taxable income 49 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 50 $12,800 51 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 52 $17,650 53 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over 54 $20,900 55 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess overS. 7365 4 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 $108,125 plus 8.82% of excess over 5 $1,616,450 6 [(vii)] (vi) For taxable years beginning in two thousand [twenty-four] 7 twenty-three the following rates shall apply: 8 If the New York taxable income is: The tax is: 9 Not over $12,800 4% of the New York taxable income 10 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 11 $12,800 12 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 13 $17,650 14 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 15 $20,900 16 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 17 $107,650 18 Over $269,300 but not over $15,612 plus 6.85% of excess 19 $1,616,450 over $269,300 20 Over $1,616,450 $107,892 plus 8.82% of excess over 21 $1,616,450 22 [(viii)] (vii) For taxable years beginning after two thousand [twen-23ty-four] twenty-three the 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 5.5% of excess over 31 $20,900 32 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 33 $107,650 34 Over $269,300 $15,371 plus 6.85% of excess over 35 $269,300 36 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 37 paragraph 1 of subsection (c) of section 601 of the tax law, clauses 38 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter 39 59 of the laws of 2019 and clause (viii) as added by section 3 of part R 40 of chapter 59 of the laws of 2017, are amended to read as follows: 41 (iv) For taxable years beginning in two thousand twenty-one the 42 following rates shall apply: 43 [If the New York taxable income is: The tax is:44Not over $8,500 4% of the New York taxable income45Over $8,500 but not over $11,700 $340 plus 4.5% of excess over46$8,50047Over $11,700 but not over $13,900 $484 plus 5.25% of excess over48$11,70049Over $13,900 but not over $21,400 $600 plus 5.9% of excess over50$13,90051Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over52$21,40053Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over54$80,65055Over $215,400 but not over $13,109 plus 6.85% of excessS. 7365 5 1$1,077,550 over $215,4002Over $1,077,550 $72,166 plus 8.82% of excess over3$1,077,5504(v) For taxable years beginning in two thousand twenty-two the follow-5ing rates shall apply:] 6 If the New York taxable income is: The tax is: 7 Not over $8,500 4% of the New York taxable income 8 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 9 $8,500 10 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 11 $11,700 12 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 13 $13,900 14 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 15 $80,650 16 Over $215,400 but not over $12,926 plus 6.85% of excess 17 $1,077,550 over $215,400 18 Over $1,077,550 $71,984 plus 8.82% of excess over 19 $1,077,550 20 [(vi)] (v) For taxable years beginning in two thousand [twenty-three] 21 twenty-two the following rates shall apply: 22 If the New York taxable income is: The tax is: 23 Not over $8,500 4% of the New York taxable income 24 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 25 $8,500 26 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 27 $11,700 28 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over 29 $13,900 30 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over 31 $80,650 32 Over $215,400 but not over $12,738 plus 6.85% of excess 33 $1,077,550 over $215,400 34 Over $1,077,550 $71,796 plus 8.82% of excess over 35 $1,077,550 36 [(vii)] (vi) For taxable years beginning in two thousand [twenty-four] 37 twenty-three the following rates shall apply: 38 If the New York taxable income is: The tax is: 39 Not over $8,500 4% of the New York taxable income 40 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 41 $8,500 42 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 43 $11,700 44 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 45 $13,900 46 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 47 $80,650 48 Over $215,400 but not over $12,550 plus 6.85% of excess 49 $1,077,550 over $215,400 50 Over $1,077,550 $71,608 plus 8.82% of excess over 51 $1,077,550 52 [(viii)] (vii) For taxable years beginning after two thousand [twen-53ty-four] twenty-three the following rates shall apply: 54 If the New York taxable income is: The tax is: 55 Not over $8,500 4% of the New York taxable income 56 Over $8,500 but not over $11,700 $340 plus 4.5% of excess overS. 7365 6 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 $12,356 plus 6.85% of excess over 9 $215,400 10 § 4. This act shall take effect immediately.
