Bill Text: NY A04604 | 2021-2022 | General Assembly | Introduced
Bill Title: Imposes a progressive income tax structure for high income taxpayers.
Spectrum: Partisan Bill (Democrat 39-0)
Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A04604 Detail]
Download: New_York-2021-A04604-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4604 2021-2022 Regular Sessions IN ASSEMBLY February 4, 2021 ___________ Introduced by M. of A. MEEKS, BRONSON, L. ROSENTHAL -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to imposing a progressive income tax structure 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] $450,000 over $323,200 23 Over [$2,155,350 $144,905 plus 8.82% of excess over24$2,155,350] 25 $450,000 but not over $600,000 $28,089 plus 7.5% of excess over EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04685-02-1A. 4604 2 1 $450,000 2 Over $600,000 but not over $700,000 $39,339 plus 8% of excess over 3 $600,000 4 Over $700,000 but not over $800,000 $47,339 plus 8.5% of excess over 5 $700,000 6 Over $800,000 but not over $900,000 $55,839 plus 9% of excess over 7 $800,000 8 Over $900,000 but not over $1,000,000 $64,839 plus 9.5% of excess over 9 $900,000 10 Over $1,000,000 but not over $74,339 plus 10% of excess over 11 $1,100,000 $1,000,000 12 Over $1,100,000 but not over $84,339 plus 11% of excess over 13 $1,200,000 $1,100,000 14 Over $1,200,000 but not over $95,339 plus 12% of excess over 15 $5,500,000 $1,200,000 16 Over $5,500,000 but not over $611,339 plus 13% of excess over 17 $11,000,000 $5,500,000 18 Over $11,000,000 but not over $1,326,339 plus 14% of excess over 19 $110,000,000 $11,000,000 20 Over $110,000,000 $15,186,339 plus 15% of excess over 21 $110,000,000 22 (v) For taxable years beginning in two thousand twenty-two the follow- 23 ing rates shall apply: 24 If the New York taxable income is: The tax is: 25 Not over $17,150 4% of the New York taxable income 26 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 27 $17,150 28 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 29 $23,600 30 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 31 $27,900 32 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 33 $161,550 34 Over $323,200 but not over $19,124 plus 35 [$2,155,350] $450,000 6.85% of excess over $323,200 36 Over [$2,155,350 $144,626 plus 8.82% of excess over37$2,155,350] 38 $450,000 but not over $600,000 $27,810 plus 7.5% of excess over 39 $450,000 40 Over $600,000 but not over $700,000 $39,060 plus 8% of excess over 41 $600,000 42 Over $700,000 but not over $800,000 $47,060 plus 8.5% of excess over 43 $700,000 44 Over $800,000 but not over $900,000 $55,560 plus 9% of excess over 45 $800,000 46 Over $900,000 but not over $1,000,000 $64,560 plus 9.5% of excess over 47 $900,000 48 Over $1,000,000 but not over $74,060 plus 10% of excess over 49 $1,100,000 $1,000,000 50 Over $1,100,000 but not over $84,060 plus 11% of excess over 51 $1,200,000 $1,100,000 52 Over $1,200,000 but not over $95,060 plus 12% of excess over 53 $5,500,000 $1,200,000 54 Over $5,500,000 but not over $611,060 plus 13% of excess over 55 $11,000,000 $5,500,000 56 Over $11,000,000 but not over $1,326,060 plus 14% of excess overA. 4604 3 1 $110,000,000 $11,000,000 2 Over $110,000,000 $15,186,060 plus 15% of excess over 3 $110,000,000 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 $17,150 4% of the New York taxable income 8 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 9 $17,150 10 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 11 $23,600 12 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over 13 $27,900 14 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over 15 $161,550 16 Over $323,200 but not over $18,834 plus 6.85% of 17 [$2,155,350] $450,000 excess over $323,200 18 Over [$2,155,350 $144,336 plus 8.82% of excess over19$2,155,350] 20 $450,000 but not over $600,000 $27,520 plus 7.5% of excess over 21 $450,000 22 Over $600,000 but not over $700,000 $38,770 plus 8% of excess over 23 $600,000 24 Over $700,000 but not over $800,000 $46,770 plus 8.5% of excess over 25 $700,000 26 Over $800,000 but not over $900,000 $55,270 plus 9% of excess over 27 $800,000 28 Over $900,000 but not over $1,000,000 $64,270 plus 9.5% of excess over 29 $900,000 30 Over $1,000,000 but not over $73,770 plus 10% of excess over 31 $1,100,000 $1,000,000 32 Over $1,100,000 but not over $83,770 plus 11% of excess over 33 $1,200,000 $1,100,000 34 Over $1,200,000 but not over $94,770 plus 12% of excess over 35 $5,500,000 $1,200,000 36 Over $5,500,000 but not over $610,770 plus 13% of excess over 37 $11,000,000 $5,500,000 38 Over $11,000,000 but not over $1,325,770 plus 14% of excess over 39 $110,000,000 $11,000,000 40 Over $110,000,000 $15,185,770 plus 15% of excess over 41 $110,000,000 42 (vii) For taxable years beginning in two thousand twenty-four the 43 following rates shall apply: 44 If the New York taxable income is: The tax is: 45 Not over $17,150 4% of the New York taxable income 46 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 47 $17,150 48 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 49 $23,600 50 Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over 51 $27,900 52 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 53 $161,550 54 Over $323,200 but not over $18,544 plus 6.85% of 55 [$2,155,350] $450,000 excess over $323,200 56 Over [$2,155,350 $144,047 plus 8.82% of excess overA. 4604 4 1$2,155,350] 2 $450,000 but not over $600,000 $27,230 plus 7.5% of excess over 3 $450,000 4 Over $600,000 but not over $700,000 $38,480 plus 8% of excess over 5 $600,000 6 Over $700,000 but not over $800,000 $46,480 plus 8.5% of excess over 7 $700,000 8 Over $800,000 but not over $900,000 $54,980 plus 9% of excess over 9 $800,000 10 Over $900,000 but not over $1,000,000 $63,980 plus 9.5% of excess over 11 $900,000 12 Over $1,000,000 but not over $73,480 plus 10% of excess over 13 $1,100,000 $1,000,000 14 Over $1,100,000 but not over $83,480 plus 11% of excess over 15 $1,200,000 $1,100,000 16 Over $1,200,000 but not over $94,480 plus 12% of excess over 17 $5,500,000 $1,200,000 18 Over $5,500,000 but not over $610,480 plus 13% of excess over 19 $11,000,000 $5,500,000 20 Over $11,000,000 but not over $1,325,480 plus 14% of excess over 21 $110,000,000 $11,000,000 22 Over $110,000,000 $15,185,480 plus 15% of excess over 23 $110,000,000 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 $17,150 4% of the New York taxable income 28 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 29 $17,150 30 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 31 $23,600 32 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 33 $27,900 34 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 35 $161,550 36 Over $323,200 but not over $18,252 plus 6.85% of excess over 37 $450,000 $323,200 38 Over $450,000 but not over $600,000 $26,938 plus 7.5% of excess over 39 $450,000 40 Over $600,000 but not over $700,000 $38,188 plus 8% of excess over 41 $600,000 42 Over $700,000 but not over $800,000 $46,188 plus 8.5% of excess over 43 $700,000 44 Over $800,000 but not over $900,000 $54,688 plus 9% of excess over 45 $800,000 46 Over $900,000 but not over $1,000,000 $63,688 plus 9.5% of excess over 47 $900,000 48 Over $1,000,000 but not over $73,188 plus 10% of excess over 49 $1,100,000 $1,000,000 50 Over $1,100,000 but not over $83,188 plus 11% of excess over 51 $1,200,000 $1,100,000 52 Over $1,200,000 but not over $94,188 plus 12% of excess over 53 $5,500,000 $1,200,000 54 Over $5,500,000 but not over $610,188 plus 13% of excess over 55 $11,000,000 $5,500,000 56 Over $11,000,000 but not over $1,325,188 plus 14% of excess overA. 4604 5 1 $110,000,000 $11,000,000 2 Over $110,000,000 $15,185,188 plus 15% of excess over 3 $110,000,000 4 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 5 paragraph 1 of subsection (b) of section 601 of the tax law, clauses 6 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter 7 59 of the laws of 2019, and clause (viii) as added by section 2 of part 8 R of chapter 59 of the laws of 2017, are amended to read as follows: 9 (iv) For taxable years beginning in two thousand twenty-one the 10 following rates shall apply: 11 If the New York taxable income is: The tax is: 12 Not over $12,800 4% of the New York taxable income 13 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 14 $12,800 15 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 16 $17,650 17 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 18 $20,900 19 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 20 $32,200 21 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 22 $107,650 23 Over $269,300 but not over $16,304 plus 6.85% of 24 [$1,616,450] $450,000 excess over $269,300 25 Over [$1,616,450 $108,584 plus 8.82% of excess over26$1,616,450] 27 $450,000 but not over $600,000 $28,682 plus 7.5% of excess over 28 $450,000 29 Over $600,000 but not over $700,000 $39,932 plus 8% of excess over 30 $600,000 31 Over $700,000 but not over $800,000 $47,932 plus 8.5% of excess over 32 $700,000 33 Over $800,000 but not over $900,000 $56,432 plus 9% of excess over 34 $800,000 35 Over $900,000 but not over $1,000,000 $65,432 plus 9.5% of excess over 36 $900,000 37 Over $1,000,000 but not over $74,932 plus 10% of excess over 38 $1,100,000 $1,000,000 39 Over $1,100,000 but not over $84,932 plus 11% of excess over 40 $1,200,000 $1,100,000 41 Over $1,200,000 but not over $95,932 plus 12% of excess over 42 $5,500,000 $1,200,000 43 Over $5,500,000 but not over $611,932 plus 13% of excess over 44 $11,000,000 $5,500,000 45 Over $11,000,000 but not over $1,326,932 plus 14% of excess over 46 $110,000,000 $11,000,000 47 Over $110,000,000 $15,186,932 plus 15% of excess over 48 $110,000,000 49 (v) For taxable years beginning in two thousand twenty-two the follow- 50 ing rates shall apply: 51 If the New York taxable income is: The tax is: 52 Not over $12,800 4% of the New York taxable income 53 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 54 $12,800 55 Over $17,650 but not over $20,900 $730 plus 5.25% of excess overA. 4604 6 1 $17,650 2 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over 3 $20,900 4 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over 5 $107,650 6 Over $269,300 but not over $16,079 plus 6.85% of excess 7 [$1,616,450] $450,000 over $269,300 8 Over [$1,616,450 $108,359 plus 8.82% of excess over9$1,616,450] 10 $450,000 but not over $600,000 $28,457 plus 7.5% of excess over 11 $450,000 12 Over $600,000 but not over $700,000 $39,707 plus 8% of excess over 13 $600,000 14 Over $700,000 but not over $800,000 $47,707 plus 8.5% of excess over 15 $700,000 16 Over $800,000 but not over $900,000 $56,207 plus 9% of excess over 17 $800,000 18 Over $900,000 but not over $1,000,000 $65,207 plus 9.5% of excess over 19 $900,000 20 Over $1,000,000 but not over $74,707 plus 10% of excess over 21 $1,100,000 $1,000,000 22 Over $1,100,000 but not over $84,707 plus 11% of excess over 23 $1,200,000 $1,100,000 24 Over $1,200,000 but not over $95,707 plus 12% of excess over 25 $5,500,000 $1,200,000 26 Over $5,500,000 but not over $611,707 plus 13% of excess over 27 $11,000,000 $5,500,000 28 Over $11,000,000 but not over $1,326,707 plus 14% of excess over 29 $110,000,000 $11,000,000 30 Over $110,000,000 $15,186,707 plus 15% of excess over 31 $110,000,000 32 (vi) For taxable years beginning in two thousand twenty-three the 33 following rates shall apply: 34 If the New York taxable income is: The tax is: 35 Not over $12,800 4% of the New York taxable income 36 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 37 $12,800 38 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 39 $17,650 40 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over 41 $20,900 42 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over 43 $107,650 44 Over $269,300 but not over $15,845 plus 6.85% of excess 45 [$1,616,450] $450,000 over $269,300 46 Over [$1,616,450 $108,125 plus 8.82% of excess over47$1,616,450] 48 $450,000 but not over $600,000 $28,223 plus 7.5% of excess over 49 $450,000 50 Over $600,000 but not over $700,000 $39,473 plus 8% of excess over 51 $600,000 52 Over $700,000 but not over $800,000 $47,473 plus 8.5% of excess over 53 $700,000 54 Over $800,000 but not over $900,000 $55,973 plus 9% of excess over 55 $800,000 56 Over $900,000 but not over $1,000,000 $64,973 plus 9.5% of excess overA. 4604 7 1 $900,000 2 Over $1,000,000 but not over $74,473 plus 10% of excess over 3 $1,100,000 $1,000,000 4 Over $1,100,000 but not over $84,473 plus 11% of excess over 5 $1,200,000 $1,100,000 6 Over $1,200,000 but not over $95,473 plus 12% of excess over 7 $5,500,000 $1,200,000 8 Over $5,500,000 but not over $611,473 plus 13% of excess over 9 $11,000,000 $5,500,000 10 Over $11,000,000 but not over $1,326,473 plus 14% of excess over 11 $110,000,000 $11,000,000 12 Over $110,000,000 $15,186,473 plus 15% of excess over 13 $110,000,000 14 (vii) For taxable years beginning in two thousand twenty-four the 15 following rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $12,800 4% of the New York taxable income 18 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 19 $12,800 20 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 21 $17,650 22 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 23 $20,900 24 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 25 $107,650 26 Over $269,300 but not over $15,612 plus 6.85% of excess 27 [$1,616,450] $450,000 over $269,300 28 Over [$1,616,450 $107,892 plus 8.82% of excess over29$1,616,450] 30 $450,000 but not over $600,000 $27,990 plus 7.5% of excess over 31 $450,000 32 Over $600,000 but not over $700,000 $39,240 plus 8% of excess over 33 $600,000 34 Over $700,000 but not over $800,000 $47,240 plus 8.5% of excess over 35 $700,000 36 Over $800,000 but not over $900,000 $55,740 plus 9% of excess over 37 $800,000 38 Over $900,000 but not over $1,000,000 $64,740 plus 9.5% of excess over 39 $900,000 40 Over $1,000,000 but not over $74,240 plus 10% of excess over 41 $1,100,000 $1,000,000 42 Over $1,100,000 but not over $84,240 plus 11% of excess over 43 $1,200,000 $1,100,000 44 Over $1,200,000 but not over $95,240 plus 12% of excess over 45 $5,500,000 $1,200,000 46 Over $5,500,000 but not over $611,240 plus 13% of excess over 47 $11,000,000 $5,500,000 48 Over $11,000,000 but not over $1,326,240 plus 14% of excess over 49 $110,000,000 $11,000,000 50 Over $110,000,000 $15,186,240 plus 15% of excess over 51 $110,000,000 52 (viii) For taxable years beginning after two thousand twenty-four the 53 following rates shall apply: 54 If the New York taxable income is: The tax is: 55 Not over $12,800 4% of the New York taxable income 56 Over $12,800 but not over $17,650 $512 plus 4.5% of excess overA. 4604 8 1 $12,800 2 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 3 $17,650 4 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 5 $20,900 6 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 7 $107,650 8 Over $269,300 but not over $15,371 plus 6.85% of excess over 9 $450,000 $269,300 10 Over $450,000 but not over $600,000 $27,749 plus 7.5% of excess over 11 $450,000 12 Over $600,000 but not over $700,000 $38,999 plus 8% of excess over 13 $600,000 14 Over $700,000 but not over $800,000 $46,999 plus 8.5% of excess over 15 $700,000 16 Over $800,000 but not over $900,000 $55,499 plus 9% of excess over 17 $800,000 18 Over $900,000 but not over $1,000,000 $64,499 plus 9.5% of excess over 19 $900,000 20 Over $1,000,000 but not over $73,999 plus 10% of excess over 21 $1,100,000 $1,000,000 22 Over $1,100,000 but not over $83,999 plus 11% of excess over 23 $1,200,000 $1,100,000 24 Over $1,200,000 but not over $94,999 plus 12% of excess over 25 $5,500,000 $1,200,000 26 Over $5,500,000 but not over $610,999 plus 13% of excess over 27 $11,000,000 $5,500,000 28 Over $11,000,000 but not over $1,325,999 plus 14% of excess over 29 $110,000,000 $11,000,000 30 Over $110,000,000 $15,185,999 plus 15% of excess over 31 $110,000,000 32 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 33 paragraph 1 of subsection (c) of section 601 of the tax law, clauses 34 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter 35 59 of the laws of 2019, and clause (viii) as added by section 3 of part 36 R of chapter 59 of the laws of 2017, are amended to read as follows: 37 (iv) For taxable years beginning in two thousand twenty-one the 38 following rates shall apply: 39 If the New York taxable income is: The tax is: 40 Not over $8,500 4% of the New York taxable income 41 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 42 $8,500 43 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 44 $11,700 45 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 46 $13,900 47 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 48 $21,400 49 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 50 $80,650 51 Over $215,400 but not over $13,109 plus 6.85% of excess 52 [$1,077,550] $300,000 over $215,400 53 Over [$1,077,550 $72,166 plus 8.82% of excess over54$1,077,550] 55 $300,000 but not over $400,000 $18,904 plus 7.5% of excess overA. 4604 9 1 $300,000 2 Over $400,000 but not over $500,000 $26,404 plus 8% of excess over 3 $400,000 4 Over $500,000 but not over $600,000 $34,404 plus 8.5% of excess over 5 $500,000 6 Over $600,000 but not over $700,000 $42,904 plus 9% of excess over 7 $600,000 8 Over $700,000 but not over $800,000 $51,904 plus 9.5% of excess over 9 $700,000 10 Over $800,000 but not over $900,000 $61,404 plus 10% of excess over 11 $800,000 12 Over $900,000 but not over $71,404 plus 11% of excess over 13 $1,000,000 $900,000 14 Over $1,000,000 but not over $82,404 plus 12% of excess over 15 $5,000,000 $1,000,000 16 Over $5,000,000 but not over $562,404 plus 13% of excess over 17 $10,000,000 $5,000,000 18 Over $10,000,000 but not over $1,212,404 plus 14% of excess over 19 $100,000,000 $10,000,000 20 Over $100,000,000 $13,812,404 plus 15% of excess over 21 $100,000,000 22 (v) For taxable years beginning in two thousand twenty-two the follow- 23 ing rates shall apply: 24 If the New York taxable income is: The tax is: 25 Not over $8,500 4% of the New York taxable income 26 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 27 $8,500 28 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 29 $11,700 30 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 31 $13,900 32 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 33 $80,650 34 Over $215,400 but not over $12,926 plus 6.85% of excess 35 [$1,077,550] $300,000 over $215,400 36 Over [$1,077,550 $71,984 plus 8.82% of excess over37$1,077,550] 38 $300,000 but not over $400,000 $18,721 plus 7.5% of excess over 39 $300,000 40 Over $400,000 but not over $500,000 $26,221 plus 8% of excess over 41 $400,000 42 Over $500,000 but not over $600,000 $34,221 plus 8.5% of excess over 43 $500,000 44 Over $600,000 but not over $700,000 $42,721 plus 9% of excess over 45 $600,000 46 Over $700,000 but not over $800,000 $51,721 plus 9.5% of excess over 47 $700,000 48 Over $800,000 but not over $900,000 $61,221 plus 10% of excess over 49 $800,000 50 Over $900,000 but not over $71,221 plus 11% of excess over 51 $1,000,000 $900,000 52 Over $1,000,000 but not over $82,221 plus 12% of excess over 53 $5,000,000 $1,000,000 54 Over $5,000,000 but not over $562,221 plus 13% of excess over 55 $10,000,000 $5,000,000 56 Over $10,000,000 but not over $1,212,221 plus 14% of excess overA. 4604 10 1 $100,000,000 $10,000,000 2 Over $100,000,000 $13,812,221 plus 15% of excess over 3 $100,000,000 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 $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 5.73% of excess over 13 $13,900 14 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over 15 $80,650 16 Over $215,400 but not over $12,738 plus 6.85% of excess 17 [$1,077,550] $300,000 over $215,400 18 Over [$1,077,550 $71,796 plus 8.82% of excess over19$1,077,550] 20 $300,000 but not over $400,000 $18,533 plus 7.5% of excess over 21 $300,000 22 Over $400,000 but not over $500,000 $26,033 plus 8% of excess over 23 $400,000 24 Over $500,000 but not over $600,000 $34,033 plus 8.5% of excess over 25 $500,000 26 Over $600,000 but not over $700,000 $42,533 plus 9% of excess over 27 $600,000 28 Over $700,000 but not over $800,000 $51,533 plus 9.5% of excess over 29 $700,000 30 Over $800,000 but not over $900,000 $61,033 plus 10% of excess over 31 $800,000 32 Over $900,000 but not over $71,033 plus 11% of excess over 33 $1,000,000 $900,000 34 Over $1,000,000 but not over $82,033 plus 12% of excess over 35 $5,000,000 $1,000,000 36 Over $5,000,000 but not over $562,033 plus 13% of excess over 37 $10,000,000 $5,000,000 38 Over $10,000,000 but not over $1,212,033 plus 14% of excess over 39 $100,000,000 $10,000,000 40 Over $100,000,000 $13,812,033 plus 15% of excess over 41 $100,000,000 42 (vii) For taxable years beginning in two thousand twenty-four the 43 following rates shall apply: 44 If the New York taxable income is: The tax is: 45 Not over $8,500 4% of the New York taxable income 46 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 47 $8,500 48 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 49 $11,700 50 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 51 $13,900 52 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 53 $80,650 54 Over $215,400 but not over $12,550 plus 6.85% of excess 55 [$1,077,550] $300,000 over $215,400 56 Over [$1,077,550 $71,608 plus 8.82% of excess overA. 4604 11 1$1,077,550] 2 $300,000 but not over $400,000 $18,345 plus 7.5% of excess over 3 $300,000 4 Over $400,000 but not over $500,000 $25,845 plus 8% of excess over 5 $400,000 6 Over $500,000 but not over $600,000 $33,845 plus 8.5% of excess over 7 $500,000 8 Over $600,000 but not over $700,000 $42,345 plus 9% of excess over 9 $600,000 10 Over $700,000 but not over $800,000 $51,345 plus 9.5% of excess over 11 $700,000 12 Over $800,000 but not over $900,000 $60,845 plus 10% of excess over 13 $800,000 14 Over $900,000 but not over $70,845 plus 11% of excess over 15 $1,000,000 $900,000 16 Over $1,000,000 but not over $81,845 plus 12% of excess over 17 $5,000,000 $1,000,000 18 Over $5,000,000 but not over $561,845 plus 13% of excess over 19 $10,000,000 $5,000,000 20 Over $10,000,000 but not over $1,211,845 plus 14% of excess over 21 $100,000,000 $10,000,000 22 Over $100,000,000 $13,811,845 plus 15% of excess over 23 $100,000,000 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 excess over 37 $300,000 $215,400 38 Over $300,000 but not over $400,000 $18,151 plus 7.5% of excess over 39 $300,000 40 Over $400,000 but not over $500,000 $25,651 plus 8% of excess over 41 $400,000 42 Over $500,000 but not over $600,000 $33,651 plus 8.5% of excess over 43 $500,000 44 Over $600,000 but not over $700,000 $42,151 plus 9% of excess over 45 $600,000 46 Over $700,000 but not over $800,000 $51,151 plus 9.5% of excess over 47 $700,000 48 Over $800,000 but not over $900,000 $60,651 plus 10% of excess over 49 $800,000 50 Over $900,000 but not over $70,651 plus 11% of excess over 51 $1,000,000 $900,000 52 Over $1,000,000 but not over $81,651 plus 12% of excess over 53 $5,000,000 $1,000,000 54 Over $5,000,000 but not over $561,651 plus 13% of excess over 55 $10,000,000 $5,000,000 56 Over $10,000,000 but not over $1,211,651 plus 14% of excess overA. 4604 12 1 $100,000,000 $10,000,000 2 Over $100,000,000 $13,811,651 plus 15% of excess over 3 $100,000,000 4 § 4. Subparagraphs (A), (B), (C), (D) and (E) of paragraph 1 of 5 subsection (d-1) of section 601 of the tax law, as added by section 7 of 6 part A of chapter 56 of the laws of 2011, subparagraph (D) as amended by 7 section 4 of part P of chapter 59 of the laws of 2019, are amended to 8 read as follows: 9 (A) The tax table benefit is the difference between (i) the amount of 10 taxable income set forth in the tax table in paragraph one of subsection 11 (a) of this section not subject to the [6.45] 6.33 percent rate of tax 12 for the taxable year multiplied by such rate and (ii) the dollar denomi- 13 nated tax for such amount of taxable income set forth in the tax table 14 applicable to the taxable year in paragraph one of subsection (a) of 15 this section. The fraction for this subparagraph is computed as 16 follows: the numerator is the lesser of fifty thousand dollars or the 17 excess of New York adjusted gross income for the taxable year over one 18 hundred sixty-one thousand, five hundred fifty thousand dollars and the 19 denominator is fifty thousand dollars. 20 (B) The tax table benefit is the difference between (i) the amount of 21 taxable income set forth in the tax table in paragraph one of subsection 22 (a) of this section not subject to the [6.65] 6.85 percent rate of tax 23 for the taxable year multiplied by such rate and (ii) the dollar denomi- 24 nated tax for such amount of taxable income set forth in the tax table 25 applicable to the taxable year in paragraph one of subsection (a) of 26 this section less the tax table benefit in subparagraph (A) of this 27 paragraph. The fraction for this subparagraph is computed as follows: 28 the numerator is the lesser of fifty thousand dollars or the excess of 29 New York adjusted gross income for the taxable year over [one] three 30 hundred [fifty] twenty-three thousand, two hundred dollars and the 31 denominator is fifty thousand dollars. Provided, however, this subpara- 32 graph shall not apply to taxpayers who are not subject to the [6.65] 33 6.85 percent tax rate. 34 (C) The tax table benefit is the difference between (i) the amount of 35 taxable income set forth in the tax table in paragraph one of subsection 36 (a) of this section not subject to the [6.85] 7.5 percent rate of tax 37 for the taxable year multiplied by such rate and (ii) the dollar denomi- 38 nated tax for such amount of taxable income set forth in the tax table 39 applicable to the taxable year in paragraph one of subsection (a) of 40 this section less the sum of the tax table benefit in subparagraphs (A) 41 and (B) of this paragraph. The fraction for this subparagraph is 42 computed as follows: the numerator is the lesser of fifty thousand 43 dollars or the excess of New York adjusted gross income for the taxable 44 year over [three] four hundred fifty thousand dollars and the denomina- 45 tor is fifty thousand dollars. Provided, however, this subparagraph 46 shall not apply to taxpayers who are not subject to the [6.85] 7.5 47 percent tax rate. 48 (D) The tax table benefit is the difference between (i) the amount of 49 taxable income set forth in the tax table in paragraph one of subsection 50 (a) of this section not subject to the [8.82] 8 percent rate of tax for 51 the taxable year multiplied by such rate and (ii) the dollar denominated 52 tax for such amount of taxable income set forth in the tax table appli- 53 cable to the taxable year in paragraph one of subsection (a) of this 54 section less the sum of the tax table benefits in subparagraphs (A), (B) 55 and (C) of this paragraph. The fraction for this subparagraph is 56 computed as follows: the numerator is the lesser of fifty thousandA. 4604 13 1 dollars or the excess of New York adjusted gross income for the taxable 2 year over [two million] six hundred thousand dollars and the denominator 3 is fifty thousand dollars. [This subparagraph shall apply only to taxa-4ble years beginning on or after January first, two thousand twelve and5before January first, two thousand twenty-five] Provided, however, this 6 subparagraph shall not apply to taxpayers who are not subject to the 8 7 percent tax rate. 8 (E) The tax table benefit is the difference between (i) the amount of 9 taxable income set forth in the tax table in paragraph one of subsection 10 (a) of this section not subject to the 8.5 percent rate of tax for the 11 taxable year multiplied by such rate and (ii) the dollar denominated tax 12 for such amount of taxable income set forth in the tax table applicable 13 to the taxable year in paragraph one of subsection (a) of this section 14 less the sum of the tax table benefit in subparagraphs (A) through (D) 15 of this paragraph. The fraction for this subparagraph is computed as 16 follows: the numerator is the lesser of fifty thousand dollars or the 17 excess of New York adjusted gross income for the taxable year over seven 18 hundred thousand dollars and the denominator is fifty thousand dollars. 19 Provided, however, this subparagraph shall not apply to taxpayers who 20 are not subject to the 8.5 percent tax rate. 21 (F) The tax table benefit is the difference between (i) the amount of 22 taxable income set forth in the tax table in paragraph one of subsection 23 (a) of this section not subject to the 9 percent rate of tax for the 24 taxable year multiplied by such rate and (ii) the dollar denominated tax 25 for such amount of taxable income set forth in the tax table applicable 26 to the taxable year in paragraph one of subsection (a) of this section 27 less the sum of the tax table benefit in subparagraphs (A) through (E) 28 of this paragraph. The fraction for this subparagraph is computed as 29 follows: the numerator is the lesser of fifty thousand dollars or the 30 excess of New York adjusted gross income for the taxable year over eight 31 hundred thousand dollars and the denominator is fifty thousand dollars. 32 Provided, however, this subparagraph shall not apply to taxpayers who 33 are not subject to the 9 percent tax rate. 34 (G) The tax table benefit is the difference between (i) the amount of 35 taxable income set forth in the tax table in paragraph one of subsection 36 (a) of this section not subject to the 9.5 percent rate of tax for the 37 taxable year multiplied by such rate and (ii) the dollar denominated tax 38 for such amount of taxable income set forth in the tax table applicable 39 to the taxable year in paragraph one of subsection (a) of this section 40 less the sum of the tax table benefit in subparagraphs (A) through (F) 41 of this paragraph. The fraction for this subparagraph is computed as 42 follows: the numerator is the lesser of fifty thousand dollars or the 43 excess of New York adjusted gross income for the taxable year over nine 44 hundred thousand dollars and the denominator is fifty thousand dollars. 45 Provided, however, this subparagraph shall not apply to taxpayers who 46 are not subject to the 9.5 percent tax rate. 47 (H) The tax table benefit is the difference between (i) the amount of 48 taxable income set forth in the tax table in paragraph one of subsection 49 (a) of this section not subject to the 10 percent rate of tax for the 50 taxable year multiplied by such rate and (ii) the dollar denominated tax 51 for such amount of taxable income set forth in the tax table applicable 52 to the taxable year in paragraph one of subsection (a) of this section 53 less the sum of the tax table benefit in subparagraphs (A) through (G) 54 of this paragraph. The fraction for this subparagraph is computed as 55 follows: the numerator is the lesser of fifty thousand dollars or the 56 excess of New York adjusted gross income for the taxable year over oneA. 4604 14 1 million dollars and the denominator is fifty thousand dollars. Provided, 2 however, this subparagraph shall not apply to taxpayers who are not 3 subject to the 10 percent tax rate. 4 (I) The tax table benefit is the difference between (i) the amount of 5 taxable income set forth in the tax table in paragraph one of subsection 6 (a) of this section not subject to the 11 percent rate of tax for the 7 taxable year multiplied by such rate and (ii) the dollar denominated tax 8 for such amount of taxable income set forth in the tax table applicable 9 to the taxable year in paragraph one of subsection (a) of this section 10 less the sum of the tax table benefit in subparagraphs (A) through (H) 11 of this paragraph. The fraction for this subparagraph is computed as 12 follows: the numerator is the lesser of fifty thousand dollars or the 13 excess of New York adjusted gross income for the taxable year over one 14 million one hundred thousand dollars and the denominator is fifty thou- 15 sand dollars. Provided, however, this subparagraph shall not apply to 16 taxpayers who are not subject to the 11 percent tax rate. 17 (J) The tax table benefit is the difference between (i) the amount of 18 taxable income set forth in the tax table in paragraph one of subsection 19 (a) of this section not subject to the 12 percent rate of tax for the 20 taxable year multiplied by such rate and (ii) the dollar denominated tax 21 for such amount of taxable income set forth in the tax table applicable 22 to the taxable year in paragraph one of subsection (a) of this section 23 less the sum of the tax table benefit in subparagraphs (A) through (I) 24 of this paragraph. The fraction for this subparagraph is computed as 25 follows: the numerator is the lesser of fifty thousand dollars or the 26 excess of New York adjusted gross income for the taxable year over one 27 million two hundred thousand dollars and the denominator is fifty thou- 28 sand dollars. Provided, however, this subparagraph shall not apply to 29 taxpayers who are not subject to the 12 percent tax rate. 30 (K) The tax table benefit is the difference between (i) the amount of 31 taxable income set forth in the tax table in paragraph one of subsection 32 (a) of this section not subject to the 13 percent rate of tax for the 33 taxable year multiplied by such rate and (ii) the dollar denominated tax 34 for such amount of taxable income set forth in the tax table applicable 35 to the taxable year in paragraph one of subsection (a) of this section 36 less the sum of the tax table benefit in subparagraphs (A) through (J) 37 of this paragraph. The fraction for this subparagraph is computed as 38 follows: the numerator is the lesser of fifty thousand dollars or the 39 excess of New York adjusted gross income for the taxable year over five 40 million five hundred thousand dollars and the denominator is fifty thou- 41 sand dollars. Provided, however, this subparagraph shall not apply to 42 taxpayers who are not subject to the 13 percent tax rate. 43 (L) The tax table benefit is the difference between (i) the amount of 44 taxable income set forth in the tax table in paragraph one of subsection 45 (a) of this section not subject to the 14 percent rate of tax for the 46 taxable year multiplied by such rate and (ii) the dollar denominated tax 47 for such amount of taxable income set forth in the tax table applicable 48 to the taxable year in paragraph one of subsection (a) of this section 49 less the sum of the tax table benefit in subparagraphs (A) through (K) 50 of this paragraph. The fraction for this subparagraph is computed as 51 follows: the numerator is the lesser of fifty thousand dollars or the 52 excess of New York adjusted gross income for the taxable year over elev- 53 en million dollars and the denominator is fifty thousand dollars. 54 Provided, however, this subparagraph shall not apply to taxpayers who 55 are not subject to the 14 percent tax rate.A. 4604 15 1 (M) The tax table benefit is the difference between (i) the amount of 2 taxable income set forth in the tax table in paragraph one of subsection 3 (a) of this section not subject to the 15 percent rate of tax for the 4 taxable year multiplied by such rate and (ii) the dollar denominated tax 5 for such amount of taxable income set forth in the tax table applicable 6 to the taxable year in paragraph one of subsection (a) of this section 7 less the sum of the tax table benefit in subparagraphs (A) through (L) 8 of this paragraph. The fraction for this subparagraph is computed as 9 follows: the numerator is the lesser of fifty thousand dollars or the 10 excess of New York adjusted gross income for the taxable year over one 11 hundred ten million dollars and the denominator is fifty thousand 12 dollars. Provided, however, this subparagraph shall not apply to taxpay- 13 ers who are not subject to the 15 percent tax rate. 14 (N) Provided, however, the total tax prior to the application of any 15 tax credits shall not exceed the highest rate of tax set forth in the 16 tax tables in subsection (a) of this section multiplied by the taxpay- 17 er's taxable income. 18 § 5. Subparagraphs (A), (B), (C) and (D) of paragraph 2 of subsection 19 (d-1) of section 601 of the tax law, as added by section 7 of part A of 20 chapter 56 of the laws of 2011, subparagraph (C) as amended by section 5 21 of part P of chapter 59 of the laws of 2019, are amended to read as 22 follows: 23 (A) The tax table benefit is the difference between (i) the amount of 24 taxable income set forth in the tax table in paragraph one of subsection 25 (b) of this section not subject to the [6.65] 6.33 percent rate of tax 26 for the taxable year multiplied by such rate and (ii) the dollar denomi- 27 nated tax for such amount of taxable income set forth in the tax table 28 applicable to the taxable year in paragraph one of subsection (b) of 29 this section. The fraction for this subparagraph is computed as 30 follows: the numerator is the lesser of fifty thousand dollars or the 31 excess of New York adjusted gross income for the taxable year over one 32 hundred seven thousand six hundred fifty dollars and the denominator is 33 fifty thousand dollars. 34 (B) The tax table benefit is the difference between (i) the amount of 35 taxable income set forth in the tax table in paragraph one of subsection 36 (b) of this section not subject to the 6.85 percent rate of tax for the 37 taxable year multiplied by such rate and (ii) the dollar denominated tax 38 for such amount of taxable income set forth in the tax table applicable 39 to the taxable year in paragraph one of subsection (b) of this section 40 less the tax table benefit in subparagraph (A) of this paragraph. The 41 fraction for this subparagraph is computed as follows: the numerator is 42 the lesser of fifty thousand dollars or the excess of New York adjusted 43 gross income for the taxable year over two hundred [fifty] sixty-nine 44 thousand three hundred dollars and the denominator is fifty thousand 45 dollars. Provided, however, this subparagraph shall not apply to taxpay- 46 ers who are not subject to the 6.85 percent tax rate. 47 (C) The tax table benefit is the difference between (i) the amount of 48 taxable income set forth in the tax table in paragraph one of subsection 49 (b) of this section not subject to the [8.82] 7.5 percent rate of tax 50 for the taxable year multiplied by such rate and (ii) the dollar denomi- 51 nated tax for such amount of taxable income set forth in the tax table 52 applicable to the taxable year in paragraph one of subsection (b) of 53 this section less the sum of the tax table benefits in subparagraphs (A) 54 and (B) of this paragraph. The fraction for this subparagraph is 55 computed as follows: the numerator is the lesser of fifty thousand 56 dollars or the excess of New York adjusted gross income for the taxableA. 4604 16 1 year over [one million five] four hundred fifty thousand dollars and the 2 denominator is fifty thousand dollars. [This subparagraph shall apply3only to taxable years beginning on or after January first, two thousand4twelve and before January first, two thousand twenty-five] Provided, 5 however, this subparagraph shall not apply to taxpayers who are not 6 subject to the 7.5 percent tax rate. 7 (D) The tax table benefit is the difference between (i) the amount of 8 taxable income set forth in the tax table in paragraph one of subsection 9 (b) of this section not subject to the 8 percent rate of tax for the 10 taxable year multiplied by such rate and (ii) the dollar denominated tax 11 for such amount of taxable income set forth in the tax table applicable 12 to the taxable year in paragraph one of subsection (b) of this section 13 less the sum of the tax table benefit in subparagraphs (A), (B) and (C) 14 of this paragraph. The fraction for this subparagraph is computed as 15 follows: the numerator is the lesser of fifty thousand dollars or the 16 excess of New York adjusted gross income for the taxable year over six 17 hundred thousand dollars and the denominator is fifty thousand dollars. 18 Provided, however, this subparagraph shall not apply to taxpayers who 19 are not subject to the 8 percent tax rate. 20 (E) The tax table benefit is the difference between (i) the amount of 21 taxable income set forth in the tax table in paragraph one of subsection 22 (b) of this section not subject to the 8.5 percent rate of tax for the 23 taxable year multiplied by such rate and (ii) the dollar denominated tax 24 for such amount of taxable income set forth in the tax table applicable 25 to the taxable year in paragraph one of subsection (b) of this section 26 less the sum of the tax table benefit in subparagraphs (A) through (D) 27 of this paragraph. The fraction for this subparagraph is computed as 28 follows: the numerator is the lesser of fifty thousand dollars or the 29 excess of New York adjusted gross income for the taxable year over seven 30 hundred thousand dollars and the denominator is fifty thousand dollars. 31 Provided, however, this subparagraph shall not apply to taxpayers who 32 are not subject to the 8.5 percent tax rate. 33 (F) The tax table benefit is the difference between (i) the amount of 34 taxable income set forth in the tax table in paragraph one of subsection 35 (b) of this section not subject to the 9 percent rate of tax for the 36 taxable year multiplied by such rate and (ii) the dollar denominated tax 37 for such amount of taxable income set forth in the tax table applicable 38 to the taxable year in paragraph one of subsection (b) of this section 39 less the sum of the tax table benefit in subparagraphs (A) through (E) 40 of this paragraph. The fraction for this subparagraph is computed as 41 follows: the numerator is the lesser of fifty thousand dollars or the 42 excess of New York adjusted gross income for the taxable year over eight 43 hundred thousand dollars and the denominator is fifty thousand dollars. 44 Provided, however, this subparagraph shall not apply to taxpayers who 45 are not subject to the 9 percent tax rate. 46 (G) The tax table benefit is the difference between (i) the amount of 47 taxable income set forth in the tax table in paragraph one of subsection 48 (b) of this section not subject to the 9.5 percent rate of tax for the 49 taxable year multiplied by such rate and (ii) the dollar denominated tax 50 for such amount of taxable income set forth in the tax table applicable 51 to the taxable year in paragraph one of subsection (b) of this section 52 less the sum of the tax table benefit in subparagraphs (A) through (F) 53 of this paragraph. The fraction for this subparagraph is computed as 54 follows: the numerator is the lesser of fifty thousand dollars or the 55 excess of New York adjusted gross income for the taxable year over nine 56 hundred thousand dollars and the denominator is fifty thousand dollars.A. 4604 17 1 Provided, however, this subparagraph shall not apply to taxpayers who 2 are not subject to the 9.5 percent tax rate. 3 (H) The tax table benefit is the difference between (i) the amount of 4 taxable income set forth in the tax table in paragraph one of subsection 5 (b) of this section not subject to the 10 percent rate of tax for the 6 taxable year multiplied by such rate and (ii) the dollar denominated tax 7 for such amount of taxable income set forth in the tax table applicable 8 to the taxable year in paragraph one of subsection (b) of this section 9 less the sum of the tax table benefit in subparagraphs (A) through (G) 10 of this paragraph. The fraction for this subparagraph is computed as 11 follows: the numerator is the lesser of fifty thousand dollars or the 12 excess of New York adjusted gross income for the taxable year over one 13 million dollars and the denominator is fifty thousand dollars. Provided, 14 however, this subparagraph shall not apply to taxpayers who are not 15 subject to the 10 percent tax rate. 16 (I) The tax table benefit is the difference between (i) the amount of 17 taxable income set forth in the tax table in paragraph one of subsection 18 (b) of this section not subject to the 11 percent rate of tax for the 19 taxable year multiplied by such rate and (ii) the dollar denominated tax 20 for such amount of taxable income set forth in the tax table applicable 21 to the taxable year in paragraph one of subsection (b) of this section 22 less the sum of the tax table benefit in subparagraphs (A) through (H) 23 of this paragraph. The fraction for this subparagraph is computed as 24 follows: the numerator is the lesser of fifty thousand dollars or the 25 excess of New York adjusted gross income for the taxable year over one 26 million one hundred thousand dollars and the denominator is fifty thou- 27 sand dollars. Provided, however, this subparagraph shall not apply to 28 taxpayers who are not subject to the 11 percent tax rate. 29 (J) The tax table benefit is the difference between (i) the amount of 30 taxable income set forth in the tax table in paragraph one of subsection 31 (b) of this section not subject to the 12 percent rate of tax for the 32 taxable year multiplied by such rate and (ii) the dollar denominated tax 33 for such amount of taxable income set forth in the tax table applicable 34 to the taxable year in paragraph one of subsection (b) of this section 35 less the sum of the tax table benefit in subparagraphs (A) through (I) 36 of this paragraph. The fraction for this subparagraph is computed as 37 follows: the numerator is the lesser of fifty thousand dollars or the 38 excess of New York adjusted gross income for the taxable year over one 39 million two hundred thousand dollars and the denominator is fifty thou- 40 sand dollars. Provided, however, this subparagraph shall not apply to 41 taxpayers who are not subject to the 12 percent tax rate. 42 (K) The tax table benefit is the difference between (i) the amount of 43 taxable income set forth in the tax table in paragraph one of subsection 44 (b) of this section not subject to the 13 percent rate of tax for the 45 taxable year multiplied by such rate and (ii) the dollar denominated tax 46 for such amount of taxable income set forth in the tax table applicable 47 to the taxable year in paragraph one of subsection (b) of this section 48 less the sum of the tax table benefit in subparagraphs (A) through (J) 49 of this paragraph. The fraction for this subparagraph is computed as 50 follows: the numerator is the lesser of fifty thousand dollars or the 51 excess of New York adjusted gross income for the taxable year over five 52 million five hundred thousand dollars and the denominator is fifty thou- 53 sand dollars. Provided, however, this subparagraph shall not apply to 54 taxpayers who are not subject to the 13 percent tax rate. 55 (L) The tax table benefit is the difference between (i) the amount of 56 taxable income set forth in the tax table in paragraph one of subsectionA. 4604 18 1 (b) of this section not subject to the 14 percent rate of tax for the 2 taxable year multiplied by such rate and (ii) the dollar denominated tax 3 for such amount of taxable income set forth in the tax table applicable 4 to the taxable year in paragraph one of subsection (b) of this section 5 less the sum of the tax table benefit in subparagraphs (A) through (K) 6 of this paragraph. The fraction for this subparagraph is computed as 7 follows: the numerator is the lesser of fifty thousand dollars or the 8 excess of New York adjusted gross income for the taxable year over elev- 9 en million dollars and the denominator is fifty thousand dollars. 10 Provided, however, this subparagraph shall not apply to taxpayers who 11 are not subject to the 14 percent tax rate. 12 (M) The tax table benefit is the difference between (i) the amount of 13 taxable income set forth in the tax table in paragraph one of subsection 14 (b) of this section not subject to the 15 percent rate of tax for the 15 taxable year multiplied by such rate and (ii) the dollar denominated tax 16 for such amount of taxable income set forth in the tax table applicable 17 to the taxable year in paragraph one of subsection (b) of this section 18 less the sum of the tax table benefit in subparagraphs (A) through (L) 19 of this paragraph. The fraction for this subparagraph is computed as 20 follows: the numerator is the lesser of fifty thousand dollars or the 21 excess of New York adjusted gross income for the taxable year over one 22 hundred ten million dollars and the denominator is fifty thousand 23 dollars. Provided, however, this subparagraph shall not apply to taxpay- 24 ers who are not subject to the 15 percent tax rate. 25 (N) Provided, however, the total tax prior to the application of any 26 tax credits shall not exceed the highest rate of tax set forth in the 27 tax tables in subsection (b) of this section multiplied by the taxpay- 28 er's taxable income. 29 § 6. Subparagraphs (A), (B), (C) and (D) of paragraph 3 of subsection 30 (d-1) of section 601 of the tax law, as added by section 7 of part A of 31 chapter 56 of the laws of 2011, subparagraph (C) as amended by section 6 32 of part P of chapter 59 of the laws of 2019, are amended to read as 33 follows: 34 (A) The tax table benefit is the difference between (i) the amount of 35 taxable income set forth in the tax table in paragraph one of subsection 36 (c) of this section not subject to the [6.65] 6.33 percent rate of tax 37 for the taxable year multiplied by such rate and (ii) the dollar denomi- 38 nated tax for such amount of taxable income set forth in the tax table 39 applicable to the taxable year in paragraph one of subsection (c) of 40 this section. The fraction is computed as follows: the numerator is the 41 lesser of fifty thousand dollars or the excess of New York adjusted 42 gross income for the taxable year over one hundred thousand dollars and 43 the denominator is fifty thousand dollars. 44 (B) The tax table benefit is the difference between (i) the amount of 45 taxable income set forth in the tax table in paragraph one of subsection 46 (c) of this section not subject to the 6.85 percent rate of tax for the 47 taxable year multiplied by such rate and (ii) the dollar denominated tax 48 for such amount of taxable income set forth in the tax table applicable 49 to the taxable year in paragraph one of subsection (c) of this section 50 less the tax table benefit in subparagraph (A) of this paragraph. The 51 fraction for this subparagraph is computed as follows: the numerator is 52 the lesser of fifty thousand dollars or the excess of New York adjusted 53 gross income for the taxable year over two hundred fifteen thousand four 54 hundred dollars and the denominator is fifty thousand dollars. Provided, 55 however, this subparagraph shall not apply to taxpayers who are not 56 subject to the 6.85 percent tax rate.A. 4604 19 1 (C) The tax table benefit is the difference between (i) the amount of 2 taxable income set forth in the tax table in paragraph one of subsection 3 (c) of this section not subject to the [8.82] 7.5 percent rate of tax 4 for the taxable year multiplied by such rate and (ii) the dollar denomi- 5 nated tax for such amount of taxable income set forth in the tax table 6 applicable to the taxable year in paragraph one of subsection (c) of 7 this section less the sum of the tax table benefits in subparagraphs (A) 8 and (B) of this paragraph. The fraction for this subparagraph is 9 computed as follows: the numerator is the lesser of fifty thousand 10 dollars or the excess of New York adjusted gross income for the taxable 11 year over [one million] three hundred thousand dollars and the denomina- 12 tor is fifty thousand dollars. [This subparagraph shall apply only to13taxable years beginning on or after January first, two thousand twelve14and before January first, two thousand twenty-five] Provided, however, 15 this subparagraph shall not apply to taxpayers who are not subject to 16 the 7.5 percent tax rate. 17 (D) The tax table benefit is the difference between (i) the amount of 18 taxable income set forth in the tax table in paragraph one of subsection 19 (c) of this section not subject to the 8 percent rate of tax for the 20 taxable year multiplied by such rate and (ii) the dollar denominated tax 21 for such amount of taxable income set forth in the tax table applicable 22 to the taxable year in paragraph one of subsection (c) of this section 23 less the sum of the tax table benefit in subparagraphs (A), (B) and (C) 24 of this paragraph. The fraction for this subparagraph is computed as 25 follows: the numerator is the lesser of fifty thousand dollars or the 26 excess of New York adjusted gross income for the taxable year over four 27 hundred thousand dollars and the denominator is fifty thousand dollars. 28 Provided, however, this subparagraph shall not apply to taxpayers who 29 are not subject to the 8 percent tax rate. 30 (E) The tax table benefit is the difference between (i) the amount of 31 taxable income set forth in the tax table in paragraph one of subsection 32 (c) of this section not subject to the 8.5 percent rate of tax for the 33 taxable year multiplied by such rate and (ii) the dollar denominated tax 34 for such amount of taxable income set forth in the tax table applicable 35 to the taxable year in paragraph one of subsection (c) of this section 36 less the sum of the tax table benefit in subparagraphs (A) through (D) 37 of this paragraph. The fraction for this subparagraph is computed as 38 follows: the numerator is the lesser of fifty thousand dollars or the 39 excess of New York adjusted gross income for the taxable year over five 40 hundred thousand dollars and the denominator is fifty thousand dollars. 41 Provided, however, this subparagraph shall not apply to taxpayers who 42 are not subject to the 8.5 percent tax rate. 43 (F) The tax table benefit is the difference between (i) the amount of 44 taxable income set forth in the tax table in paragraph one of subsection 45 (c) of this section not subject to the 9 percent rate of tax for the 46 taxable year multiplied by such rate and (ii) the dollar denominated tax 47 for such amount of taxable income set forth in the tax table applicable 48 to the taxable year in paragraph one of subsection (c) of this section 49 less the sum of the tax table benefit in subparagraphs (A) through (E) 50 of this paragraph. The fraction for this subparagraph is computed as 51 follows: the numerator is the lesser of fifty thousand dollars or the 52 excess of New York adjusted gross income for the taxable year over six 53 hundred thousand dollars and the denominator is fifty thousand dollars. 54 Provided, however, this subparagraph shall not apply to taxpayers who 55 are not subject to the 9 percent tax rate.A. 4604 20 1 (G) The tax table benefit is the difference between (i) the amount of 2 taxable income set forth in the tax table in paragraph one of subsection 3 (c) of this section not subject to the 9.5 percent rate of tax for the 4 taxable year multiplied by such rate and (ii) the dollar denominated tax 5 for such amount of taxable income set forth in the tax table applicable 6 to the taxable year in paragraph one of subsection (c) of this section 7 less the sum of the tax table benefit in subparagraphs (A) through (F) 8 of this paragraph. The fraction for this subparagraph is computed as 9 follows: the numerator is the lesser of fifty thousand dollars or the 10 excess of New York adjusted gross income for the taxable year over seven 11 hundred thousand dollars and the denominator is fifty thousand dollars. 12 Provided, however, this subparagraph shall not apply to taxpayers who 13 are not subject to the 9.5 percent tax rate. 14 (H) The tax table benefit is the difference between (i) the amount of 15 taxable income set forth in the tax table in paragraph one of subsection 16 (c) of this section not subject to the 10 percent rate of tax for the 17 taxable year multiplied by such rate and (ii) the dollar denominated tax 18 for such amount of taxable income set forth in the tax table applicable 19 to the taxable year in paragraph one of subsection (c) of this section 20 less the sum of the tax table benefit in subparagraphs (A) through (G) 21 of this paragraph. The fraction for this subparagraph is computed as 22 follows: the numerator is the lesser of fifty thousand dollars or the 23 excess of New York adjusted gross income for the taxable year over eight 24 hundred thousand dollars and the denominator is fifty thousand dollars. 25 Provided, however, this subparagraph shall not apply to taxpayers who 26 are not subject to the 10 percent tax rate. 27 (I) The tax table benefit is the difference between (i) the amount of 28 taxable income set forth in the tax table in paragraph one of subsection 29 (c) of this section not subject to the 11 percent rate of tax for the 30 taxable year multiplied by such rate and (ii) the dollar denominated tax 31 for such amount of taxable income set forth in the tax table applicable 32 to the taxable year in paragraph one of subsection (c) of this section 33 less the sum of the tax table benefit in subparagraphs (A) through (H) 34 of this paragraph. The fraction for this subparagraph is computed as 35 follows: the numerator is the lesser of fifty thousand dollars or the 36 excess of New York adjusted gross income for the taxable year over nine 37 hundred thousand dollars and the denominator is fifty thousand dollars. 38 Provided, however, this subparagraph shall not apply to taxpayers who 39 are not subject to the 11 percent tax rate. 40 (J) The tax table benefit is the difference between (i) the amount of 41 taxable income set forth in the tax table in paragraph one of subsection 42 (c) of this section not subject to the 12 percent rate of tax for the 43 taxable year multiplied by such rate and (ii) the dollar denominated tax 44 for such amount of taxable income set forth in the tax table applicable 45 to the taxable year in paragraph one of subsection (c) of this section 46 less the sum of the tax table benefit in subparagraphs (A) through (I) 47 of this paragraph. The fraction for this subparagraph is computed as 48 follows: the numerator is the lesser of fifty thousand dollars or the 49 excess of New York adjusted gross income for the taxable year over one 50 million dollars and the denominator is fifty thousand dollars. Provided, 51 however, this subparagraph shall not apply to taxpayers who are not 52 subject to the 12 percent tax rate. 53 (K) The tax table benefit is the difference between (i) the amount of 54 taxable income set forth in the tax table in paragraph one of subsection 55 (c) of this section not subject to the 13 percent rate of tax for the 56 taxable year multiplied by such rate and (ii) the dollar denominated taxA. 4604 21 1 for such amount of taxable income set forth in the tax table applicable 2 to the taxable year in paragraph one of subsection (c) of this section 3 less the sum of the tax table benefit in subparagraphs (A) through (J) 4 of this paragraph. The fraction for this subparagraph is computed as 5 follows: the numerator is the lesser of fifty thousand dollars or the 6 excess of New York adjusted gross income for the taxable year over five 7 million dollars and the denominator is fifty thousand dollars. Provided, 8 however, this subparagraph shall not apply to taxpayers who are not 9 subject to the 13 percent tax rate. 10 (L) The tax table benefit is the difference between (i) the amount of 11 taxable income set forth in the tax table in paragraph one of subsection 12 (c) of this section not subject to the 14 percent rate of tax for the 13 taxable year multiplied by such rate and (ii) the dollar denominated tax 14 for such amount of taxable income set forth in the tax table applicable 15 to the taxable year in paragraph one of subsection (c) of this section 16 less the sum of the tax table benefit in subparagraphs (A) through (K) 17 of this paragraph. The fraction for this subparagraph is computed as 18 follows: the numerator is the lesser of fifty thousand dollars or the 19 excess of New York adjusted gross income for the taxable year over ten 20 million dollars and the denominator is fifty thousand dollars. Provided, 21 however, this subparagraph shall not apply to taxpayers who are not 22 subject to the 14 percent tax rate. 23 (M) The tax table benefit is the difference between (i) the amount of 24 taxable income set forth in the tax table in paragraph one of subsection 25 (c) of this section not subject to the 15 percent rate of tax for the 26 taxable year multiplied by such rate and (ii) the dollar denominated tax 27 for such amount of taxable income set forth in the tax table applicable 28 to the taxable year in paragraph one of subsection (c) of this section 29 less the sum of the tax table benefit in subparagraphs (A) through (L) 30 of this paragraph. The fraction for this subparagraph is computed as 31 follows: the numerator is the lesser of fifty thousand dollars or the 32 excess of New York adjusted gross income for the taxable year over one 33 hundred million dollars and the denominator is fifty thousand dollars. 34 Provided, however, this subparagraph shall not apply to taxpayers who 35 are not subject to the 15 percent tax rate. 36 (N) Provided, however, the total tax prior to the application of any 37 tax credits shall not exceed the highest rate of tax set forth in the 38 tax tables in subsection (c) of this section multiplied by the taxpay- 39 er's taxable income. 40 § 7. This act shall take effect immediately.