Bill Text: NY A08862 | 2021-2022 | General Assembly | Introduced
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
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 the7following rates shall apply:8If the New York taxable income is: The tax is:9Not over $17,150 4% of the New York taxable income10Over $17,150 but not over $23,600 $686 plus 4.5% of excess over11$17,15012Over $23,600 but not over $27,900 $976 plus 5.25% of excess over13$23,60014Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over15$27,90016Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over17$161,55018Over $323,200 but not over $19,124 plus19$2,155,350 6.85% of excess over $323,20020Over $2,155,350 but not over $144,626 plus 9.65% of excess over21$5,000,000 $2,155,35022Over $5,000,000 but not over $419,135 plus 10.30% of excess over23$25,000,000 $5,000,00024Over $25,000,000 $2,479,135 plus 10.90% of excess over25$25,000,00026(vi) For taxable years beginning in two thousand twenty-three the27following rates shall apply:EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14243-01-2A. 8862 2 1If the New York taxable income is: The tax is:2Not over $17,150 4% of the New York taxable income3Over $17,150 but not over $23,600 $686 plus 4.5% of excess over4$17,1505Over $23,600 but not over $27,900 $976 plus 5.25% of excess over6$23,6007Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over8$27,9009Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over10$161,55011Over $323,200 but not over $18,834 plus 6.85% of12$2,155,350 excess over $323,20013Over $2,155,350 but not over $144,336 plus 9.65% of excess over14$5,000,000 $2,155,35015Over $5,000,000 but not over $418,845 plus 10.30% of excess over16$25,000,000 $5,000,00017Over $25,000,000 $2,478,845 plus 10.90% of excess over18$25,000,00019(vii) For taxable years beginning in two thousand twenty-four the20following rates shall apply:21If the New York taxable income is: The tax is:22Not over $17,150 4% of the New York taxable income23Over $17,150 but not over $23,600 $686 plus 4.5% of excess over24$17,15025Over $23,600 but not over $27,900 $976 plus 5.25% of excess over26$23,60027Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over28$27,90029Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over30$161,55031Over $323,200 but not over $18,544 plus 6.85% of excess over32$2,155,350 $323,20033Over $2,155,350 but not over $144,047 plus 9.65% of excess over34$5,000,000 $2,155,35035Over $5,000,000 but not over $418,555 plus 10.30% of excess over36$25,000,000 $5,000,00037Over $25,000,000 $2,478,555 plus 10.90% of excess over38$25,000,00039(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 overA. 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 the26following rates shall apply:27If the New York taxable income is: The tax is:28Not over $12,800 4% of the New York taxable income29Over $12,800 but not over $17,650 $512 plus 4.5% of excess over30$12,80031Over $17,650 but not over $20,900 $730 plus 5.25% of excess over32$17,65033Over $20,900 but not over $107,650 $901 plus 5.85% of excess over34$20,90035Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over36$107,65037Over $269,300 but not over $16,079 plus 6.85% of excess38$1,616,450 over $269,30039Over $1,616,450 but not over $108,359 plus 9.65% of excess over40$5,000,000 $1,616,45041Over $5,000,000 but not over $434,871 plus 10.30% of excess over42$25,000,000 $5,000,00043Over $25,000,000 $2,494,871 plus 10.90% of excess over44$25,000,00045(vi) For taxable years beginning in two thousand twenty-three the46following rates shall apply:47If the New York taxable income is: The tax is:48Not over $12,800 4% of the New York taxable income49Over $12,800 but not over $17,650 $512 plus 4.5% of excess over50$12,80051Over $17,650 but not over $20,900 $730 plus 5.25% of excess over52$17,65053Over $20,900 but not over $107,650 $901 plus 5.73% of excess overA. 8862 4 1$20,9002Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over3$107,6504Over $269,300 but not over $15,845 plus 6.85% of excess5$1,616,450 over $269,3006Over $1,616,450 but not over $108,125 plus 9.65% of excess over7$5,000,000 $1,616,4508Over $5,000,000 but not over $434,638 plus 10.30% of excess over9$25,000,000 $5,000,00010Over $25,000,000 $2,494,638 plus 10.90% of excess over11$25,000,00012(vii) For taxable years beginning in two thousand twenty-four the13following rates shall apply:14If the New York taxable income is: The tax is:15Not over $12,800 4% of the New York taxable income16Over $12,800 but not over $17,650 $512 plus 4.5% of excess over17$12,80018Over $17,650 but not over $20,900 $730 plus 5.25% of excess over19$17,65020Over $20,900 but not over $107,650 $901 plus 5.61% of excess over21$20,90022Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over23$107,65024Over $269,300 but not over $15,612 plus 6.85% of excess25$1,616,450 over $269,30026Over $1,616,450 but not over $107,892 plus 9.65% of excess over27$5,000,000 $1,616,45028Over $5,000,000 but not over $434,404 plus 10.30% of excess over29$25,000,000 $5,000,00030Over $25,000,000 $2,494,404 plus 10.90% of excess over31$25,000,00032(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 the21following rates shall apply:22If the New York taxable income is: The tax is:23Not over $8,500 4% of the New York taxable income24Over $8,500 but not over $11,700 $340 plus 4.5% of excess over25$8,50026Over $11,700 but not over $13,900 $484 plus 5.25% of excess over27$11,70028Over $13,900 but not over $80,650 $600 plus 5.85% of excess over29$13,90030Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over31$80,65032Over $215,400 but not over $12,926 plus 6.85% of excess33$1,077,550 over $215,40034Over $1,077,550 but not over $71,984 plus 9.65% of excess over35$5,000,000 $1,077,55036Over $5,000,000 but not over $450,500 plus 10.30% of excess over37$25,000,000 $5,000,00038Over $25,000,000 $2,510,500 plus 10.90% of excess over39$25,000,00040(vi) For taxable years beginning in two thousand twenty-three the41following rates shall apply:42If the New York taxable income is: The tax is:43Not over $8,500 4% of the New York taxable income44Over $8,500 but not over $11,700 $340 plus 4.5% of excess over45$8,50046Over $11,700 but not over $13,900 $484 plus 5.25% of excess over47$11,70048Over $13,900 but not over $80,650 $600 plus 5.73% of excess over49$13,90050Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over51$80,65052Over $215,400 but not over $12,738 plus 6.85% of excess53$1,077,550 over $215,40054Over $1,077,550 but not over $71,796 plus 9.65% of excess over55$5,000,000 $1,077,550A. 8862 6 1Over $5,000,000 but not over $450,312 plus 10.30% of excess over2$25,000,000 $5,000,0003Over $25,000,000 $2,510,312 plus 10.90% of excess over4$25,000,0005(vii) For taxable years beginning in two thousand twenty-four the6following rates shall apply:7If the New York taxable income is: The tax is:8Not over $8,500 4% of the New York taxable income9Over $8,500 but not over $11,700 $340 plus 4.5% of excess over10$8,50011Over $11,700 but not over $13,900 $484 plus 5.25% of excess over12$11,70013Over $13,900 but not over $80,650 $600 plus 5.61% of excess over14$13,90015Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over16$80,65017Over $215,400 but not over $12,550 plus 6.85% of excess18$1,077,550 over $215,40019Over $1,077,550 but not over $71,608 plus 9.65% of excess over20$5,000,000 $1,077,55021Over $5,000,000 but not over $450,124 plus 10.30% of excess over22$25,000,000 $5,000,00023Over $25,000,000 $2,510,124 plus 10.90% of excess over24$25,000,00025(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 excessA. 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.