Bill Text: NY A08862 | 2021-2022 | General Assembly | Introduced

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Bill Title: Accelerates the phase-in of certain middle class tax cuts.

Spectrum: Moderate Partisan Bill (Republican 16-2)

Status: (Introduced - Dead) 2022-06-01 - held for consideration in ways and means [A08862 Detail]

Download: New_York-2021-A08862-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8862

                   IN ASSEMBLY

                                    January 19, 2022
                                       ___________

        Introduced  by M. of A. DURSO -- read once and referred to the Committee
          on Ways and Means

        AN ACT to amend the tax law, in relation to accelerating the phase-in of
          certain tax cuts

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph
     2  (B) of paragraph 1 of subsection (a) of section  601  of  the  tax  law,
     3  clauses (v), (vi), (vii), and (viii) as amended and clause (ix) as added
     4  by section 1 of part A of chapter 59 of the laws of 2021, are amended to
     5  read as follows:
     6    (v)  [For  taxable  years  beginning  in  two  thousand twenty-two the
     7  following rates shall apply:
     8  If the New York taxable income is:    The tax is:
     9  Not over $17,150                      4% of the New York taxable income
    10  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
    11                                        $17,150
    12  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    13                                        $23,600
    14  Over $27,900 but not over $161,550    $1,202 plus 5.85% of excess over
    15                                        $27,900
    16  Over $161,550 but not over $323,200   $9,021 plus 6.25% of excess over
    17                                        $161,550
    18  Over $323,200 but not over            $19,124 plus
    19  $2,155,350                            6.85% of excess over $323,200
    20  Over $2,155,350 but not over          $144,626 plus 9.65% of excess over
    21  $5,000,000                            $2,155,350
    22  Over $5,000,000 but not over          $419,135 plus 10.30% of excess over
    23  $25,000,000                           $5,000,000
    24  Over $25,000,000                      $2,479,135 plus 10.90% of excess over
    25                                        $25,000,000
    26    (vi) For taxable years beginning  in  two  thousand  twenty-three  the
    27  following rates shall apply:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14243-01-2
        A. 8862                             2

     1  If the New York taxable income is:    The tax is:
     2  Not over $17,150                      4% of the New York taxable income
     3  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
     4                                        $17,150
     5  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
     6                                        $23,600
     7  Over $27,900 but not over $161,550    $1,202 plus 5.73% of excess over
     8                                        $27,900
     9  Over $161,550 but not over $323,200   $8,860 plus 6.17% of excess over
    10                                        $161,550
    11  Over $323,200 but not over            $18,834 plus 6.85% of
    12  $2,155,350                            excess over $323,200
    13  Over $2,155,350 but not over          $144,336 plus 9.65% of excess over
    14  $5,000,000                            $2,155,350
    15  Over $5,000,000 but not over          $418,845 plus 10.30% of excess over
    16  $25,000,000                           $5,000,000
    17  Over $25,000,000                      $2,478,845 plus 10.90% of excess over
    18                                        $25,000,000
    19    (vii)  For  taxable  years  beginning  in two thousand twenty-four the
    20  following rates shall apply:
    21  If the New York taxable income is:    The tax is:
    22  Not over $17,150                      4% of the New York taxable income
    23  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
    24                                        $17,150
    25  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    26                                        $23,600
    27  Over $27,900 but not over $161,550    $1,202 plus 5.61% of excess over
    28                                        $27,900
    29  Over $161,550 but not over $323,200   $8,700 plus 6.09% of excess over
    30                                        $161,550
    31  Over $323,200 but not over            $18,544 plus 6.85% of excess over
    32  $2,155,350                            $323,200
    33  Over $2,155,350 but not over          $144,047 plus 9.65% of excess over
    34  $5,000,000                            $2,155,350
    35  Over $5,000,000 but not over          $418,555 plus 10.30% of excess over
    36  $25,000,000                           $5,000,000
    37  Over $25,000,000                      $2,478,555 plus 10.90% of excess over
    38                                        $25,000,000
    39    (viii)] For taxable years beginning after two  thousand  [twenty-four]
    40  twenty-one  and  before  two  thousand  twenty-eight the following rates
    41  shall apply:
    42  If the New York taxable income is:    The tax is:
    43  Not over $17,150                      4% of the New York taxable income
    44  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
    45                                        $17,150
    46  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    47                                        $23,600
    48  Over $27,900 but not over $161,550    $1,202 plus 5.5% of excess over
    49                                        $27,900
    50  Over $161,550 but not over $323,200   $8,553 plus 6.00% of excess over
    51                                        $161,550
    52  Over $323,200 but not over            $18,252 plus 6.85% of excess over
    53  $2,155,350                            $323,200
    54  Over $2,155,350 but not over          $143,754 plus 9.65% of excess over
    55  $5,000,000                            $2,155,350
    56  Over $5,000,000 but not over          $418,263 plus 10.30% of excess over
        A. 8862                             3

     1  $25,000,000                           $5,000,000
     2  Over $25,000,000                      $2,478,263 plus 10.90% of excess over
     3                                        $25,000,000

     4    [(ix)]  (vi)  For  taxable years beginning after  two thousand twenty-
     5  seven the 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 5.5% of excess over
    13                                        $27,900
    14  Over $161,550 but not over $323,200   $8,553 plus 6.00% of excess
    15                                        over $161,550
    16  Over $323,200 but not over            $18,252 plus 6.85% of excess
    17  $2,155,350                            over $323,200
    18  Over $2,155,350                       $143,754 plus  8.82% of excess
    19                                        over $2,155,350

    20    § 2. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph (B) of
    21  paragraph 1 of subsection (b) of section 601 of  the  tax  law,  clauses
    22  (v),  (vi),  (vii),  and  (viii)  as amended and clause (ix) as added by
    23  section 2 of part A of chapter 59 of the laws of 2021,   are amended  to
    24  read as follows:
    25    (v)  [For  taxable  years  beginning  in  two  thousand twenty-two the
    26  following rates shall apply:
    27  If the New York taxable income is:    The tax is:
    28  Not over $12,800                      4% of the New York taxable income
    29  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    30                                        $12,800
    31  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    32                                        $17,650
    33  Over $20,900 but not over $107,650    $901 plus 5.85% of excess over
    34                                        $20,900
    35  Over $107,650 but not over $269,300   $5,976 plus 6.25% of excess over
    36                                        $107,650
    37  Over $269,300 but not over            $16,079 plus 6.85% of excess
    38  $1,616,450                            over $269,300
    39  Over $1,616,450 but not over          $108,359 plus 9.65% of excess over
    40  $5,000,000                            $1,616,450
    41  Over $5,000,000 but not over          $434,871 plus 10.30% of excess over
    42  $25,000,000                           $5,000,000
    43  Over $25,000,000                      $2,494,871 plus 10.90% of excess over
    44                                        $25,000,000
    45    (vi) For taxable years beginning  in  two  thousand  twenty-three  the
    46  following rates shall apply:
    47  If the New York taxable income is:    The tax is:
    48  Not over $12,800                      4% of the New York taxable income
    49  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    50                                        $12,800
    51  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    52                                        $17,650
    53  Over $20,900 but not over $107,650    $901 plus 5.73% of excess over
        A. 8862                             4

     1                                        $20,900
     2  Over $107,650 but not over $269,300   $5,872 plus 6.17% of excess over
     3                                        $107,650
     4  Over $269,300 but not over            $15,845 plus 6.85% of excess
     5  $1,616,450                            over $269,300
     6  Over $1,616,450 but not over          $108,125 plus 9.65% of excess over
     7  $5,000,000                            $1,616,450
     8  Over $5,000,000 but not over          $434,638 plus 10.30% of excess over
     9  $25,000,000                           $5,000,000
    10  Over $25,000,000                      $2,494,638 plus 10.90% of excess over
    11                                        $25,000,000
    12    (vii)  For  taxable  years  beginning  in two thousand twenty-four the
    13  following rates shall apply:
    14  If the New York taxable income is:    The tax is:
    15  Not over $12,800                      4% of the New York taxable income
    16  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    17                                        $12,800
    18  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    19                                        $17,650
    20  Over $20,900 but not over $107,650    $901 plus 5.61% of excess over
    21                                        $20,900
    22  Over $107,650 but not over $269,300   $5,768 plus 6.09% of excess over
    23                                        $107,650
    24  Over $269,300 but not over            $15,612 plus 6.85% of excess
    25  $1,616,450                            over $269,300
    26  Over $1,616,450 but not over          $107,892 plus 9.65% of excess over
    27  $5,000,000                            $1,616,450
    28  Over $5,000,000 but not over          $434,404 plus 10.30% of excess over
    29  $25,000,000                           $5,000,000
    30  Over $25,000,000                      $2,494,404 plus 10.90% of excess over
    31                                        $25,000,000
    32    (viii)] For taxable years beginning after two  thousand  [twenty-four]
    33  twenty-one  and  before  two  thousand  twenty-eight the following rates
    34  shall apply:
    35  If the New York taxable income is:    The tax is:
    36  Not over $12,800                      4% of the New York taxable income
    37  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    38                                        $12,800
    39  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    40                                        $17,650
    41  Over $20,900 but not over $107,650    $901 plus 5.5% of excess over
    42                                        $20,900
    43  Over $107,650 but not over $269,300   $5,672 plus 6.00% of excess over
    44                                        $107,650
    45  Over $269,300 but not over            $15,371 plus 6.85% of excess over
    46  $1,616,450                            $269,300
    47  Over $1,616,450 but not over          $107,651 plus 9.65% of excess over
    48  $5,000,000                            $1,616,450
    49  Over $5,000,000 but not over          $434,163 plus 10.30% of excess over
    50  $25,000,000                           $5,000,000
    51  Over $25,000,000                      $2,494,163 plus 10.90% of excess over
    52                                        $25,000,000

    53    [(ix)] (vi) For taxable years beginning after two thousand twenty-sev-
    54  en the following rates shall apply:
        A. 8862                             5

     1  If the New York taxable income is:    The tax is:
     2  Not over $12,800                      4% of the New York taxable income
     3  Over $12,800 but not over             $512 plus 4.5% of excess over
     4  $17,650                               $12,800
     5  Over $17,650 but not over             $730 plus 5.25% of excess over
     6  $20,900                               $17,650
     7  Over $20,900 but not over             $901 plus 5.5% of excess over
     8  $107,650                              $20,900
     9  Over $107,650 but not over            $5,672 plus 6.00% of excess
    10  $269,300                              over $107,650
    11  Over $269,300 but not over            $15,371 plus 6.85% of excess
    12  $1,616,450                            over $269,300
    13  Over $1,616,450                       $107,651 plus  8.82% of excess
    14                                        over $1,616,450

    15    § 3. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph (B) of
    16  paragraph  1  of  subsection  (c) of section 601 of the tax law, clauses
    17  (v), (vi), (vii), and (viii) as amended and  clause  (ix)  as  added  by
    18  section  3  of  part A of chapter 59 of the laws of 2021, are amended to
    19  read as follows:
    20    (v) [For taxable  years  beginning  in  two  thousand  twenty-two  the
    21  following rates shall apply:
    22  If the New York taxable income is:    The tax is:
    23  Not over $8,500                       4% of the New York taxable income
    24  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    25                                        $8,500
    26  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    27                                        $11,700
    28  Over $13,900 but not over $80,650     $600 plus 5.85% of excess over
    29                                        $13,900
    30  Over $80,650 but not over $215,400    $4,504 plus 6.25% of excess over
    31                                        $80,650
    32  Over $215,400 but not over            $12,926 plus 6.85% of excess
    33  $1,077,550                            over $215,400
    34  Over $1,077,550 but not over          $71,984 plus 9.65% of excess over
    35  $5,000,000                            $1,077,550
    36  Over $5,000,000 but not over          $450,500 plus 10.30% of excess over
    37  $25,000,000                           $5,000,000
    38  Over $25,000,000                      $2,510,500 plus 10.90% of excess over
    39                                        $25,000,000
    40    (vi)  For  taxable  years  beginning  in two thousand twenty-three the
    41  following rates shall apply:
    42  If the New York taxable income is:    The tax is:
    43  Not over $8,500                       4% of the New York taxable income
    44  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    45                                        $8,500
    46  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    47                                        $11,700
    48  Over $13,900 but not over $80,650     $600 plus 5.73% of excess over
    49                                        $13,900
    50  Over $80,650 but not over $215,400    $4,424 plus 6.17% of excess over
    51                                        $80,650
    52  Over $215,400 but not over            $12,738 plus 6.85% of excess
    53  $1,077,550                            over $215,400
    54  Over $1,077,550 but not over          $71,796 plus 9.65% of excess over
    55  $5,000,000                            $1,077,550
        A. 8862                             6

     1  Over $5,000,000 but not over          $450,312 plus 10.30% of excess over
     2  $25,000,000                           $5,000,000
     3  Over $25,000,000                      $2,510,312 plus 10.90% of excess over
     4                                        $25,000,000
     5    (vii)  For  taxable  years  beginning  in two thousand twenty-four the
     6  following rates shall apply:
     7  If the New York taxable income is:    The tax is:
     8  Not over $8,500                       4% of the New York taxable income
     9  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    10                                        $8,500
    11  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    12                                        $11,700
    13  Over $13,900 but not over $80,650     $600 plus 5.61% of excess over
    14                                        $13,900
    15  Over $80,650 but not over $215,400    $4,344 plus 6.09% of excess over
    16                                        $80,650
    17  Over $215,400 but not over            $12,550 plus 6.85% of excess
    18  $1,077,550                            over $215,400
    19  Over $1,077,550 but not over          $71,608 plus 9.65% of excess over
    20  $5,000,000                            $1,077,550
    21  Over $5,000,000 but not over          $450,124 plus 10.30% of excess over
    22  $25,000,000                           $5,000,000
    23  Over $25,000,000                      $2,510,124 plus 10.90% of excess over
    24                                        $25,000,000
    25    (viii)] For taxable years beginning after two  thousand  [twenty-four]
    26  twenty-one  and  before  two  thousand  twenty-eight the following rates
    27  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 5.50% of excess over
    35                                        $13,900
    36  Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess over
    37                                        $80,650
    38  Over $215,400 but not over            $12,356 plus 6.85% of excess over
    39  $1,077,550                            $215,400
    40  Over $1,077,550 but not over          $71,413 plus 9.65% of excess over
    41  $5,000,000                            $1,077,550
    42  Over $5,000,000 but not over          $449,929 plus 10.30% of excess over
    43  $25,000,000                           $5,000,000
    44  Over $25,000,000                      $2,509,929 plus 10.90% of excess over
    45                                        $25,000,000
    46    [(ix)] (vi) For taxable years beginning after two thousand twenty-sev-
    47  en the following rates shall apply:
    48  If the New York taxable income is:    The tax is:
    49  Not over $8,500                       4% of the New York taxable income
    50  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    51                                        $8,500
    52  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    53                                        $11,700
    54  Over $13,900 but not over $80,650     $600 plus 5.50% of excess over
    55                                        $13,900
    56  Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess
        A. 8862                             7

     1                                        over $80,650
     2  Over $215,400 but not over            $12,356 plus 6.85% of excess
     3  $1,077,550                            over $215,400
     4  Over $1,077,550                       $71,413 plus 8.82% of excess
     5                                        over $1,077,550

     6    § 4. This act shall take effect immediately.