STATE OF NEW YORK
________________________________________________________________________
5454
2021-2022 Regular Sessions
IN ASSEMBLY
February 16, 2021
___________
Introduced by M. of A. TAYLOR -- read once and referred to the Committee
on Ways and Means
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 over
24 $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.
LBD02773-02-1
A. 5454 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 over
17 $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 over
35 $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 over
53 $2,155,350]
54 Over $1,000,000 $64,905 plus 10.75% of excess over
55 $1,000,000
A. 5454 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 over
39 $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 over
A. 5454 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 over
19 $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 over
37 $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 $1,000,000
A. 5454 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 over
23 $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 over
41 $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 excess
A. 5454 6
1 [$1,077,550] $1,000,000 over $215,400
2 [Over $1,077,550 $71,796 plus 8.82% of excess over
3 $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 over
21 $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-
A. 5454 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.