Bill Text: NY A03660 | 2021-2022 | General Assembly | Introduced
Bill Title: Establishes a tax table benefit recapture for joint returns over $250,000, individual returns over $150,000 and head of household returns over $180,000; makes changes to the New York city personal income tax rates.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-12-10 - enacting clause stricken [A03660 Detail]
Download: New_York-2021-A03660-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3660 2021-2022 Regular Sessions IN ASSEMBLY January 28, 2021 ___________ Introduced by M. of A. RODRIGUEZ -- read once and referred to the Committee on Ways and Means AN ACT to amend the administrative code of the city of New York and the tax law, in relation to establishing a tax table benefit recapture; and in relation to New York city 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. Section 11-1701 of the administrative code of the city of 2 New York is amended by adding a new subdivision (i) to read as follows: 3 (i) Tax table benefit recapture. For taxable years beginning in two 4 thousand twenty-two, there is hereby imposed a supplemental tax, in 5 addition to the tax imposed under the opening paragraph of this section, 6 for the purpose of recapturing the benefit of the tax tables contained 7 in subdivision (a) of this section. The supplemental tax shall be an 8 amount equal to the sum of the tax table benefits in paragraphs one, two 9 and three of this subdivision multiplied by their respective fractions 10 in such paragraphs. 11 (1) Resident married individuals filing joint returns and surviving 12 spouses. Subparagraphs (A) and (B) of this paragraph apply only to 13 filers whose taxable income exceeds $250,000. 14 (A) The tax table benefit is $333. 15 (B) The fraction is computed as follows: the numerator is the lesser 16 of fifty thousand dollars or the excess of New York adjusted gross 17 income for the taxable year over two hundred fifty thousand dollars and 18 the denominator is fifty thousand dollars. 19 (2) Resident unmarried individuals and resident married individuals 20 filing separate returns. Subparagraphs (A) and (B) of this paragraph 21 apply only to filers whose taxable income exceeds $150,000. 22 (A) The tax table benefit is $185. 23 (B) The fraction is computed as follows: the numerator is the lesser 24 of fifty thousand dollars or the excess of New York adjusted gross EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03039-01-1A. 3660 2 1 income for the taxable year over one hundred fifty thousand dollars and 2 the denominator is fifty thousand dollars. 3 (3) Resident head of household. Subparagraphs (A) and (B) of this 4 paragraph apply only to filers whose taxable income exceeds $180,000. 5 (A) The tax table benefit is $222. 6 (B) The fraction is computed as follows: the numerator is the lesser 7 of fifty thousand dollars or the excess of New York adjusted gross 8 income for the taxable year over one hundred eighty thousand dollars and 9 the denominator is fifty thousand dollars. 10 § 2. Paragraph 1 of subdivision (a) of section 11-1701 of the admin- 11 istrative code of the city of New York is amended by adding a new 12 subparagraph (D) to read as follows: 13 (D) For taxable years beginning in two thousand twenty-two: 14 If the city taxable income is: The tax is: 15 Not over $21,600 2.168% of the city taxable income 16 Over $21,600 but not $468 plus 2.635% of excess 17 over $45,000 over $21,600 18 Over $45,000 but not $1,085 plus 2.993% of excess 19 over $90,000 over $45,000 20 Over $90,000 but not $2,432 plus 3.15% of excess 21 over $150,000 over $90,000 22 Over $150,000 but not $4,322 plus 3.2% of excess 23 over $500,000 over $150,000 24 Over $500,000 but not $15,522 plus 3.4% of excess 25 over $1,000,000 over $500,000 26 Over $1,000,000 but not $32,522 plus 3.7% of excess 27 over $2,000,000 over $1,000,000 28 Over $2,000,000 $69,522 plus 3.8% of excess 29 over $2,000,000 30 § 3. Paragraph 2 of subdivision (a) of section 11-1701 of the adminis- 31 trative code of the city of New York is amended by adding a new subpara- 32 graph (D) to read as follows: 33 (D) For taxable years beginning in two thousand twenty-two: 34 If the city taxable income is: The tax is: 35 Not over $14,400 2.168% of the city taxable income 36 Over $14,400 but not $312 plus 2.635% of excess 37 over $30,000 over $14,400 38 Over $30,000 but not $723 plus 2.993% of excess 39 over $60,000 over $30,000 40 Over $60,000 but not $1,621 plus 3.15% of excess 41 over $100,000 over $60,000 42 Over $100,000 but not $2,881 plus 3.2% of excess 43 over $500,000 over $100,000 44 Over $500,000 but not $15,681 plus 3.4% of excess 45 over $1,000,000 over $500,000 46 Over $1,000,000 but not $32,681 plus 3.7% of excess 47 over $2,000,000 over $1,000,000 48 Over $2,000,000 $69,681 plus 3.8% of excess 49 over $2,000,000 50 § 4. Paragraph 3 of subdivision (a) of section 11-1701 of the adminis- 51 trative code of the city of New York is amended by adding a new subpara- 52 graph (D) to read as follows:A. 3660 3 1 (D) For taxable years beginning in two thousand twenty-two: 2 If the city taxable income is: The tax is: 3 Not over $12,000 2.168% of the city taxable income 4 Over $12,000 but not $260 plus 2.635% of excess 5 over $25,000 over $12,000 6 Over $25,000 but not $603 plus 2.993% of excess 7 over $50,000 over $25,000 8 Over $50,000 but not $1,351 plus 3.15% of excess 9 over $83,000 over $50,000 10 Over $83,000 but not $2,400 plus 3.2% of excess 11 over $500,000 over $83,000 12 Over $500,000 but not $15,734 plus 3.4% of excess 13 over $1,000,000 over $500,000 14 Over $1,000,000 but not $32,734 plus 3.7% of excess 15 over $2,000,000 over $1,000,000 16 Over $2,000,000 $69,734 plus 3.8% of excess 17 over $2,000,000 18 § 5. Paragraph 1 of subsection (a) of section 1304 of the tax law is 19 amended by adding a new subparagraph (D) to read as follows: 20 (D) For taxable years beginning in two thousand twenty-two: 21 If the city taxable income is: The tax is: 22 Not over $21,600 2.168% of the city taxable income 23 Over $21,600 but not $468 plus 2.635% of excess 24 over $45,000 over $21,600 25 Over $45,000 but not $1,085 plus 2.993% of excess 26 over $90,000 over $45,000 27 Over $90,000 but not $2,432 plus 3.15% of excess 28 over $150,000 over $90,000 29 Over $150,000 but not $4,322 plus 3.2% of excess 30 over $500,000 over $150,000 31 Over $500,000 but not $15,522 plus 3.4% of excess 32 over $1,000,000 over $500,000 33 Over $1,000,000 but not $32,522 plus 3.7% of excess 34 over $2,000,000 over $1,000,000 35 Over $2,000,000 $69,522 plus 3.8% of excess 36 over $2,000,000 37 § 6. Paragraph 2 of subsection (a) of section 1304 of the tax law is 38 amended by adding a new subparagraph (D) to read as follows: 39 (D) For taxable years beginning in two thousand twenty-two: 40 If the city taxable income is: The tax is: 41 Not over $14,400 2.168% of the city taxable income 42 Over $14,400 but not $312 plus 2.635% of excess 43 over $30,000 over $14,400 44 Over $30,000 but not $723 plus 3.15% of excess 45 over $60,000 over $30,000 46 Over $60,000 but not $1,621 plus 3.15% of excess 47 over $100,000 over $60,000 48 Over $100,000 but not $2,881 plus 3.2% of excess 49 over $500,000 over $100,000 50 Over $500,000 but not $15,681 plus 3.4% of excess 51 over $1,000,000 over $500,000A. 3660 4 1 Over $1,000,000 but not $32,681 plus 3.7% of excess 2 over $2,000,000 over $1,000,000 3 Over $2,000,000 $69,681 plus 3.8% of excess 4 over $2,000,000 5 § 7. Paragraph 3 of subsection (a) of section 1304 of the tax law is 6 amended by adding a new subparagraph (D) to read as follows: 7 (D) For taxable years beginning in two thousand twenty-two: 8 If the city taxable income is: The tax is: 9 Not over $12,000 2.168% of the city taxable income 10 Over $12,000 but not $260 plus 2.635% of excess 11 over $25,000 over $12,000 12 Over $25,000 but not $603 plus 2.993% of excess 13 over $50,000 over $25,000 14 Over $50,000 but not $1,351 plus 3.15% of excess 15 over $83,000 over $50,000 16 Over $83,000 but not $2,400 plus 3.2% of excess 17 over $500,000 over $83,000 18 Over $500,000 but not $15,734 plus 3.4% of excess 19 over $1,000,000 over $500,000 20 Over $1,000,000 but not $32,734 plus 3.7% of excess 21 over $2,000,000 over $1,000,000 22 Over $2,000,000 $69,734 plus 3.8% of excess 23 over $2,000,000 24 § 8. The commissioner of taxation and finance shall take steps to 25 publicize the necessary adjustments to estimated tax and, to the extent 26 reasonably possible, to inform the taxpayer of the tax liability changes 27 made by this act. 28 § 9. This act shall take effect immediately.
