Bill Text: NY A06552 | 2021-2022 | General Assembly | Introduced
Bill Title: Enacts the "Affordable NY act"; increases the STAR exemptions; adjusts personal income tax rates.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2022-05-10 - held for consideration in real property taxation [A06552 Detail]
Download: New_York-2021-A06552-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6552 2021-2022 Regular Sessions IN ASSEMBLY March 19, 2021 ___________ Introduced by M. of A. J. A. GIGLIO -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to increasing the base figure for the STAR exemption (Part A); and to amend the tax law, in relation to adjusting certain rates for the imposition of personal income tax (Part B) The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. This act enacts into law components of legislation relating 2 to the "Affordable NY act". Each component is wholly contained within a 3 Part identified as Parts A through B. The effective date for each 4 particular provision contained within such Part is set forth in the last 5 section of such Part. Any provision in any section contained within a 6 Part, including the effective date of the Part, which makes a reference 7 to a section "of this act", when used in connection with that particular 8 component, shall be deemed to mean and refer to the corresponding 9 section of the Part in which it is found. Section three of this act sets 10 forth the general effective date of this act. 11 PART A 12 Section 1. Subparagraph (vi) of paragraph (b) of subdivision 2 of 13 section 425 of the real property tax law, as added by section 1 of part 14 D-1 of chapter 57 of the laws of 2007, clause (A) as further amended by 15 subdivision (b) of section 1 of part W of chapter 56 of the laws of 16 2010, is amended to read as follows: 17 (vi) For the two thousand nine--two thousand ten school year [and18thereafter] through the two thousand twenty-one--two thousand twenty-two 19 school year: 20 (A) The base figure for the enhanced STAR exemption shall equal the 21 prior year's base figure multiplied by the percentage increase in the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08594-01-1A. 6552 2 1 consumer price index for urban wage earners and clerical workers (CPI-W) 2 published by the United States department of labor, bureau of labor 3 statistics, for the third quarter of the calendar year preceding the 4 applicable school year, as compared to the third quarter of the prior 5 calendar year. If a base figure as so determined is not exactly equal to 6 a multiple of one hundred dollars, it shall be rounded to the nearest 7 multiple of one hundred dollars. It shall be the responsibility of the 8 commissioner to annually determine such base figures. 9 (B) The base figure for the basic STAR exemption shall be thirty thou- 10 sand dollars. 11 § 2. Paragraph (b) of subdivision 2 of section 425 of the real proper- 12 ty tax law is amended by adding a new subparagraph (vii) to read as 13 follows: 14 (vii) For the two thousand twenty-one--two thousand twenty-two school 15 year and thereafter: 16 (A) The base figure for the enhanced STAR exemption shall equal the 17 prior year's base figure multiplied by the percentage increase in the 18 consumer price index for urban wage earners and clerical workers (CPI-W) 19 published by the United States department of labor, bureau of labor 20 statistics, for the third quarter of the calendar year preceding the 21 applicable school year, as compared to the third quarter of the prior 22 calendar year, multiplied by two. If a base figure as so determined is 23 not exactly equal to a multiple of one hundred dollars, it shall be 24 rounded to the nearest multiple of one hundred dollars. It shall be the 25 responsibility of the commissioner to annually determine such base 26 figures. 27 (B) The base figure for the basic STAR exemption shall be sixty thou- 28 sand dollars. 29 § 3. Subparagraph (i) of paragraph (a) of subdivision 2 of section 30 1306-a of the real property tax law, as amended by section 1 of part LL 31 of chapter 59 of the laws of 2019, is amended to read as follows: 32 (i) The tax savings for each parcel receiving the exemption authorized 33 by section four hundred twenty-five of this chapter shall be computed by 34 subtracting the amount actually levied against the parcel from the 35 amount that would have been levied if not for the exemption[, provided36however, that for the two thousand eleven-two thousand twelve through37two thousand eighteen-two thousand nineteen school years, the tax38savings applicable to any "portion" (which as used herein shall mean39that part of an assessing unit located within a school district) shall40not exceed the tax savings applicable to that portion in the prior41school year multiplied by one hundred two percent, with the result42rounded to the nearest dollar; and provided further that beginning with43the two thousand nineteen-two thousand twenty school year: (A) for44purposes of the exemption authorized by section four hundred twenty-five45of this chapter, the tax savings applicable to any portion shall not46exceed the tax savings for the prior year, and (B) for purposes of the47credit authorized by subsection (eee) of section six hundred six of the48tax law, the tax savings applicable to any portion shall not exceed the49tax savings applicable to that portion in the prior school year multi-50plied by one hundred two percent, with the result rounded to the nearest51dollar]. The tax savings attributable to the basic and enhanced 52 exemptions shall be calculated separately. It shall be the responsibil- 53 ity of the commissioner to calculate tax savings limitations for 54 purposes of this subdivision. 55 § 4. This act shall take effect immediately.A. 6552 3 1 PART B 2 Section 1. Paragraph 1 of subsection (a) of section 601 of the tax 3 law, as amended by section 1 of part FF of chapter 59 of the laws of 4 2013, subparagraph (B) as added by section 1 of part R of chapter 59 of 5 the laws of 2017, clauses (iii), (iv), (v), (vi) and (vii) of subpara- 6 graph (B) as amended by section 1 of part P of chapter 59 of the laws of 7 2019, is amended to read as follows: 8 (1) (A) For taxable years beginning after two thousand eleven and 9 before two thousand [eighteen] sixteen: 10 If the New York taxable income is: The tax is: 11 Not over $16,000 4% of taxable income 12 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over 13 $16,000 14 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over 15 $22,000 16 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over 17 $26,000 18 Over $40,000 but not over $150,000 $1,946 plus 6.45% of excess over 19 $40,000 20 Over $150,000 but not over $300,000 $9,041 plus 6.65% of excess over 21 $150,000 22 Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over 23 $300,000 24 Over $2,000,000 $135,466 plus 8.82% of excess over 25 $2,000,000 26 (B)(i) For taxable years beginning in two thousand eighteen the 27 following rates shall apply: 28 If the New York taxable income is: The tax is: 29 Not over $17,150 4% of the New York taxable 30 income 31 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 32 $17,150 33 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 34 $23,600 35 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 36 $27,900 37 Over $43,000 but not over $161,550 $2,093 plus 6.33% of excess over 38 $43,000 39 Over $161,550 but not over $323,200 $9,597 plus 6.57% of excess over 40 $161,550 41 Over $323,200 but not over $2,155,350 $20,218 plus 6.85% of excess over 42 $323,200 43 Over $2,155,350 $145,720 plus 8.82% of excess over 44 $2,155,350 45 (ii) For taxable years beginning in two thousand nineteen the follow- 46 ing rates shall apply: 47 If the New York taxable income is: The tax is: 48 Not over $17,150 4% of the New York taxable 49 income 50 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 51 $17,150 52 Over $23,600 but not over $27,900 $976 plus 5.25% of excess overA. 6552 4 1 $23,600 2 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 3 $27,900 4 Over $43,000 but not over $161,550 $2,093 plus 6.21% of excess over 5 $43,000 6 Over $161,550 but not over $323,200 $9,455 plus 6.49% of excess over 7 $161,550 8 Over $323,200 but not over $2,155,350 $19,946 plus 6.85% of excess over 9 $323,200 10 Over $2,155,350 $145,448 plus 8.82% of excess over 11 $2,155,350 12 (iii) For taxable years beginning in two thousand twenty the following 13 rates shall apply: 14 If the New York taxable income is: The tax is: 15 Not over $17,150 4% of the New York taxable income 16 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 17 $17,150 18 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 19 $23,600 20 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 21 $27,900 22 Over $43,000 but not over $161,550 $2,093 plus 6.09% of excess over 23 $43,000 24 Over $161,550 but not over $323,200 $9,313 plus 6.41% of excess over 25 $161,550 26 Over $323,200 but not over $19,674 plus 6.85% of excess 27 $2,155,350 over 28 $323,200 [over] 29 Over $2,155,350 $145,177 plus 8.82% of excess over 30 $2,155,350 31 [(iv) For taxable years beginning in two thousand twenty-one the32following rates shall apply:33If the New York taxable income is: The tax is:34Not over $17,150 4% of the New York taxable income35Over $17,150 but not over $23,600 $686 plus 4.5% of excess over36$17,15037Over $23,600 but not over $27,900 $976 plus 5.25% of excess over38$23,60039Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over40$27,90041Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over42$43,00043Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over44$161,55045Over $323,200 but not over $19,403 plus 6.85% of excess46$2,155,350 over $323,20047Over $2,155,350 $144,905 plus 8.82% of excess over48$2,155,35049(v) For taxable years beginning in two thousand twenty-two the follow-50ing rates shall apply:51If the New York taxable income is: The tax is:52Not over $17,150 4% of the New York taxable income53Over $17,150 but not over $23,600 $686 plus 4.5% of excess over54$17,15055Over $23,600 but not over $27,900 $976 plus 5.25% of excess overA. 6552 5 1$23,6002Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over3$27,9004Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over5$161,5506Over $323,200 but not over $2,155,350 $19,124 plus76.85% of excess over $323,2008Over $2,155,350 $144,626 plus 8.82% of excess over9$2,155,35010(vi) For taxable years beginning in two thousand twenty-three the11following rates shall apply:12If the New York taxable income is: The tax is:13Not over $17,150 4% of the New York taxable income14Over $17,150 but not over $23,600 $686 plus 4.5% of excess over15$17,15016Over $23,600 but not over $27,900 $976 plus 5.25% of excess over17$23,60018Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over19$27,90020Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over21$161,55022Over $323,200 but not over $18,834 plus 6.85% of23$2,155,350 excess over $323,20024Over $2,155,350 $144,336 plus 8.82% of excess over25$2,155,35026(vii) For taxable years beginning in two thousand twenty-four the27following rates shall apply:28If the New York taxable income is: The tax is:29Not over $17,150 4% of the New York taxable income30Over $17,150 but not over $23,600 $686 plus 4.5% of excess over31$17,15032Over $23,600 but not over $27,900 $976 plus 5.25% of excess over33$23,60034Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over35$27,90036Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over37$161,55038Over $323,200 but not over $18,544 plus 6.85% of39$2,155,350 excess over $323,20040Over $2,155,350 $144,047 plus 8.82% of excess over41$2,155,35042(viii) For taxable years beginning after two thousand twenty-four the43following rates shall apply:44If the New York taxable income is: The tax is:45Not over $17,150 4% of the New York taxable income46Over $17,150 but not over $23,600 $686 plus 4.5% of excess over47$17,15048Over $23,600 but not over $27,900 $976 plus 5.25% of excess over49$23,60050Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over51$27,90052Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over53$161,55054Over $323,200 $18,252 plus 6.85% of excess over55$323,200]A. 6552 6 1 (C) For taxable years beginning in two thousand twenty-one, the 2 following brackets and dollar amounts shall apply: 3 If the New York taxable income is: The tax is: 4 Not over $16,000 2% of taxable income 5 Over $16,000 but not over $22,000 $320 plus 2.5% of excess over 6 $16,000 7 Over $22,000 but not over $26,000 $470 plus 3.25% of excess over 8 $22,000 9 Over $26,000 but not over $40,000 $600 plus 3.90% of excess over 10 $26,000 11 Over $40,000 but not over $150,000 $1,146 plus 4.45% of excess over 12 $40,000 13 Over $150,000 but not over $300,000 $6,041 plus 4.65% of excess over 14 $150,000 15 Over $300,000 to $2 million $13,016 plus 6.85% of excess over 16 $300,000 17 § 2. Paragraph 1 of subsection (b) of section 601 of the tax law, as 18 amended by section 2 of part FF of chapter 59 of the laws of 2013, 19 subparagraph (B) as added by section 2 of part R of chapter 59 of the 20 laws of 2017, clauses (iii), (iv), (v), (vi) and (vii) of subparagraph 21 (B) as amended by section 2 of part P of chapter 59 of the laws of 2019, 22 is amended to read as follows: 23 (1) (A) For taxable years beginning after two thousand eleven and 24 before two thousand [eighteen] sixteen: 25 If the New York taxable income is: The tax is: 26 Not over $12,000 4% of taxable income 27 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over 28 $12,000 29 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over 30 $16,500 31 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over 32 $19,500 33 Over $30,000 but not over $100,000 $1,460 plus 6.45% of excess over 34 $30,000 35 Over $100,000 but not over $250,000 $5,975 plus 6.65% of excess over 36 $100,000 37 Over $250,000 but not over $1,500,000 $15,950 plus 6.85% of excess over 38 $250,000 39 Over $1,500,000 $101,575 plus 8.82% of excess over 40 $1,500,000 41 (B)(i) For taxable years beginning in two thousand eighteen the 42 following rates shall apply: 43 If the New York taxable income is: The tax is: 44 Not over $12,800 4% of the New York taxable income 45 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $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 $32,200 $901 plus 5.9% of excess over $20,900 49 Over $32,200 but not over $107,650 $1,568 plus 6.33% of excess over 50 $32,200 51 Over $107,650 but not over $269,300 $6,344 plus 6.57% of excess overA. 6552 7 1 $107,650 2 Over $269,300 but not over $1,616,450 $16,964 plus 6.85% of excess over 3 $269,300 4 Over $1,616,450 $109,244 plus 8.82% of excess over 5 $1,616,450 6 (ii) For taxable years beginning in two thousand nineteen the follow- 7 ing 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 $12,800 11 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 12 $17,650 13 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 14 Over $32,200 but not over $107,650 $1,568 plus 6.21% of excess over 15 $32,200 16 Over $107,650 but not over $269,300 $6,253 plus 6.49% of excess over 17 $107,650 18 Over $269,300 but not over $1,616,450 $16,744 plus 6.85% of excess over 19 $269,300 20 Over $1,616,450 $109,024 plus 8.82% of excess over 21 $1,616,450 22 (iii) For taxable years beginning in two thousand twenty the following 23 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 $12,800 27 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 28 $17,650 29 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 30 Over $32,200 but not over $107,650 $1,568 plus 6.09% of excess over 31 $32,200 32 Over $107,650 but not over $269,300 $6,162 plus 6.41% of excess over 33 $107,650 34 Over $269,300 but not over $16,524 plus 6.85% of 35 $1,616,450 excess over $269,300 36 Over $1,616,450 $108,804 plus 8.82% of excess over 37 $1,616,450 38 [(iv) For taxable years beginning in two thousand twenty-one the39following rates shall apply:40If the New York taxable income is: The tax is:41Not over $12,800 4% of the New York taxable income42Over $12,800 but not over $17,650 $512 plus 4.5% of excess over43$12,80044Over $17,650 but not over $20,900 $730 plus 5.25% of excess over45$17,65046Over $20,900 but not over $32,200 $901 plus 5.9% of excess over47$20,90048Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over49$32,20050Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over51$107,65052Over $269,300 but not over $16,304 plus 6.85% of53$1,616,450 excess over $269,30054Over $1,616,450 $108,584 plus 8.82% of excess over55$1,616,450A. 6552 8 1(v) For taxable years beginning in two thousand twenty-two the follow-2ing rates shall apply:3If the New York taxable income is: The tax is:4Not over $12,800 4% of the New York taxable income5Over $12,800 but not over $17,650 $512 plus 4.5% of excess over6$12,8007Over $17,650 but not over $20,900 $730 plus 5.25% of excess over8$17,6509Over $20,900 but not over $107,650 $901 plus 5.85% of excess over10$20,90011Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over12$107,65013Over $269,300 but not over $16,079 plus 6.85% of excess14$1,616,450 over $269,30015Over $1,616,450 $108,359 plus 8.82% of excess over16$1,616,45017(vi) For taxable years beginning in two thousand twenty-three the18following rates shall apply:19If the New York taxable income is: The tax is:20Not over $12,800 4% of the New York taxable income21Over $12,800 but not over $17,650 $512 plus 4.5% of excess over22$12,80023Over $17,650 but not over $20,900 $730 plus 5.25% of excess over24$17,65025Over $20,900 but not over $107,650 $901 plus 5.73% of excess over26$20,90027Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over28$107,65029Over $269,300 but not over $15,845 plus 6.85% of excess30$1,616,450 over $269,30031Over $1,616,450 $108,125 plus 8.82% of excess over32$1,616,45033(vii) For taxable years beginning in two thousand twenty-four the34following rates shall apply:35If the New York taxable income is: The tax is:36Not over $12,800 4% of the New York taxable income37Over $12,800 but not over $17,650 $512 plus 4.5% of excess over38$12,80039Over $17,650 but not over $20,900 $730 plus 5.25% of excess over40$17,65041Over $20,900 but not over $107,650 $901 plus 5.61% of excess over42$20,90043Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over44$107,65045Over $269,300 but not over $15,612 plus 6.85% of excess46$1,616,450 over $269,30047Over $1,616,450 $107,892 plus 8.82% of excess over48$1,616,45049(viii) For taxable years beginning after two thousand twenty-four the50following rates shall apply:51If the New York taxable income is: The tax is:52Not over $12,800 4% of the New York taxable income53Over $12,800 but not over $17,650 $512 plus 4.5% of excess over54$12,80055Over $17,650 but not over $20,900 $730 plus 5.25% of excess overA. 6552 9 1$17,6502Over $20,900 but not over $107,650 $901 plus 5.5% of excess over3$20,9004Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over5$107,6506Over $269,300 $15,371 plus 6.85% of excess over7$269,300] 8 (C) For taxable years beginning in two thousand twenty-one, the 9 following brackets and dollar amounts shall apply: 10 If the New York taxable income is: The tax is: 11 Not over $12,000 2% of taxable income 12 Over $12,000 but not over $16,500 $240 plus 2.5% of excess over 13 $12,000 14 Over $16,500 but not over $19,500 $353 plus 3.25% of excess over 15 $16,500 16 Over $19,500 but not over $30,000 $451 plus 3.90% of excess over 17 $19,500 18 Over $30,000 but not over $100,000 $861 plus 4.45% of excess over 19 $30,000 20 Over $100,000 but not over $250,000 $3,976 plus 4.65% of excess over 21 $100,000 22 Over $250,000 but not over $1.5 $10,951 plus 6.85% of excess over 23 million $250,000 24 Over $1.5 million $96,576 plus 8.82% of excess over 25 $1.5 million 26 § 3. Paragraph 1 of subsection (c) of section 601 of the tax law, as 27 amended by section 3 of part FF of chapter 59 of the laws of 2013, 28 subparagraph (B) as added by section 3 of part R of chapter 59 of the 29 laws of 2017, clauses (iii), (iv), (v), (vi) and (vii) of subparagraph 30 (B) as amended by section 3 of part P of chapter 59 of the laws of 2019, 31 is amended to read as follows: 32 (1) (A) For taxable years beginning after two thousand eleven and 33 before two thousand [eighteen] sixteen: 34 If the New York taxable income is: The tax is: 35 Not over $8,000 4% of taxable income 36 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over 37 $8,000 38 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over 39 $11,000 40 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over 41 $13,000 42 Over $20,000 but not over $75,000 $973 plus 6.45% of excess over 43 $20,000 44 Over $75,000 but not over $200,000 $4,521 plus 6.65% of excess over 45 $75,000 46 Over $200,000 but not over $1,000,000 $12,833 plus 6.85% of excess over 47 $200,000 48 Over $1,000,000 $67,633 plus 8.82% of excess over 49 $1,000,000 50 (B)(i) For taxable years beginning in two thousand eighteen the 51 following rates shall apply:A. 6552 10 1 If the New York taxable income is: The tax is: 2 Not over $8,500 4% of the New York taxable income 3 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 4 $8,500 5 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 6 $11,700 7 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 8 $13,900 9 Over $21,400 but not over $80,650 $1,042 plus 6.33% of excess over 10 $21,400 11 Over $80,650 but not over $215,400 $4,793 plus 6.57% of excess over 12 $80,650 13 Over $215,400 but not over $1,077,550 $13,646 plus 6.85% of excess over 14 $215,400 15 Over $1,077,550 $72,703 plus 8.82% of excess over 16 $1,077,550 17 (ii) For taxable years beginning in two thousand nineteen the follow- 18 ing rates shall apply: 19 If the New York taxable income is: The tax is: 20 Not over $8,500 4% of the New York taxable income 21 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 22 $8,500 23 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 24 $11,700 25 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 26 $13,900 27 Over $21,400 but not over $80,650 $1,042 plus 6.21% of excess over 28 $21,400 29 Over $80,650 but not over $215,400 $4,721 plus 6.49% of excess over 30 $80,650 31 Over $215,400 but not over $1,077,550 $13,467 plus 6.85% of excess over 32 $215,400 33 Over $1,077,550 $72,524 plus 8.82% of excess over 34 $1,077,550 35 (iii) For taxable years beginning in two thousand twenty the following 36 rates shall apply: 37 If the New York taxable income is: The tax is: 38 Not over $8,500 4% of the New York taxable income 39 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 40 $8,500 41 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 42 $11,700 43 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 44 $13,900 45 Over $21,400 but not over $80,650 $1,042 plus 6.09% of excess over 46 $21,400 47 Over $80,650 but not over $215,400 $4,650 plus 6.41% of excess over 48 $80,650 49 Over $215,400 but not over $13,288 plus 6.85% of excess 50 $1,077,550 over $215,400 51 Over $1,077,550 $72,345 plus 8.82% of excess over 52 $1,077,550 53 [(iv) For taxable years beginning in two thousand twenty-one the54following rates shall apply:A. 6552 11 1If the New York taxable income is: The tax is:2Not over $8,500 4% of the New York taxable income3Over $8,500 but not over $11,700 $340 plus 4.5% of excess over4$8,5005Over $11,700 but not over $13,900 $484 plus 5.25% of excess over6$11,7007Over $13,900 but not over $21,400 $600 plus 5.9% of excess over8$13,9009Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over10$21,40011Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over12$80,65013Over $215,400 but not over $13,109 plus 6.85% of excess14$1,077,550 over $215,40015Over $1,077,550 $72,166 plus 8.82% of excess over16$1,077,55017(v) For taxable years beginning in two thousand twenty-two the follow-18ing rates shall apply:19If the New York taxable income is: The tax is:20Not over $8,500 4% of the New York taxable income21Over $8,500 but not over $11,700 $340 plus 4.5% of excess over22$8,50023Over $11,700 but not over $13,900 $484 plus 5.25% of excess over24$11,70025Over $13,900 but not over $80,650 $600 plus 5.85% of excess over26$13,90027Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over28$80,65029Over $215,400 but not over $12,926 plus 6.85% of excess30$1,077,550 over $215,40031Over $1,077,550 $71,984 plus 8.82% of excess over32$1,077,55033(vi) For taxable years beginning in two thousand twenty-three the34following rates shall apply:35If the New York taxable income is: The tax is:36Not over $8,500 4% of the New York taxable income37Over $8,500 but not over $11,700 $340 plus 4.5% of excess over38$8,50039Over $11,700 but not over $13,900 $484 plus 5.25% of excess over40$11,70041Over $13,900 but not over $80,650 $600 plus 5.73% of excess over42$13,90043Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over44$80,65045Over $215,400 but not over $12,738 plus 6.85% of excess46$1,077,550 over $215,40047Over $1,077,550 $71,796 plus 8.82% of excess over48$1,077,55049(vii) For taxable years beginning in two thousand twenty-four the50following rates shall apply:51If the New York taxable income is: The tax is:52Not over $8,500 4% of the New York taxable income53Over $8,500 but not over $11,700 $340 plus 4.5% of excess over54$8,50055Over $11,700 but not over $13,900 $484 plus 5.25% of excess overA. 6552 12 1$11,7002Over $13,900 but not over $80,650 $600 plus 5.61% of excess over3$13,9004Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over5$80,6506Over $215,400 but not over $12,550 plus 6.85% of excess7$1,077,550 over $215,4008Over $1,077,550 $71,608 plus 8.82% of excess over9$1,077,55010(viii) For taxable years beginning after two thousand twenty-four the11following rates shall apply:12If the New York taxable income is: The tax is:13Not over $8,500 4% of the New York taxable income14Over $8,500 but not over $11,700 $340 plus 4.5% of excess over15$8,50016Over $11,700 but not over $13,900 $484 plus 5.25% of excess over17$11,70018Over $13,900 but not over $80,650 $600 plus 5.50% of excess over19$13,90020Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over21$80,65022Over $215,400 $12,356 plus 6.85% of excess over23$215,400] 24 (C) For taxable years beginning in two thousand twenty-one, the 25 following brackets and dollar amounts shall apply: 26 If the New York taxable income is: The tax is: 27 Not over $8,000 2% of taxable income 28 Over $8,000 but not over $11,000 $160 plus 2.5% of excess over 29 $8,000 30 Over $11,000 but not over $13,000 $235 plus 3.25% of excess over 31 $11,000 32 Over $13,000 but not over $20,000 $300 plus 3.90% of excess over 33 $13,000 34 Over $20,000 but not over $75,000 $573 plus 4.45% of excess over 35 $20,000 36 Over $75,000 but not over $200,000 $3,021 plus 4.65% of excess over 37 $75,000 38 Over $200,000 to $1 million $8,834 plus 6.85% of excess over 39 $200,000 40 § 4. This act shall take effect immediately. 41 § 2. Severability clause. If any clause, sentence, paragraph, subdivi- 42 sion, section or part of this act shall be adjudged by a court of compo- 43 nent jurisdiction to be invalid, such judgment shall not affect, impair 44 or invalidate the remainder thereof, but shall be confined in its opera- 45 tion to the clause, sentence, paragraph, subdivision, section or part 46 thereof directly involved in the controversy in which such judgment 47 shall have been rendered. It is hereby declared to be in the intent of 48 the legislature that this act would have been enacted even if such 49 invalid provisions had not been included herein. 50 § 3. This act shall take effect immediately provided, however, that 51 the applicable effective date of Parts A through B of this act shall be 52 as specifically set forth in the last section of such Parts.
