Bill Text: NY S01513 | 2021-2022 | General Assembly | Introduced
Bill Title: Establishes the millionaire's tax and economic equity act; extends the top state income tax rate to 11.82% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S01513 Detail]
Download: New_York-2021-S01513-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1513 2021-2022 Regular Sessions IN SENATE January 12, 2021 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to extending the top state income tax rate, and establishing the millionaire's tax and economic equity act of 2021 The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Short title. This act shall be known and cited as the 2 "millionaire's tax and economic equity act of 2021". 3 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 4 paragraph 1 of subsection (a) of section 601 of the tax law, clauses 5 (iv), (v), (vi) and (vii) as amended by section 1 of part P of chapter 6 59 of the laws of 2019, and clause (viii) as added by section 1 of part 7 R of chapter 59 of the laws of 2017, are amended to read as follows: 8 (iv) For taxable years beginning in two thousand twenty-one the 9 following rates shall apply: 10 If the New York taxable income is: The tax is: 11 Not over $17,150 4% of the New York taxable income 12 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 13 $17,150 14 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 15 $23,600 16 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 17 $27,900 18 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over 19 $43,000 20 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over 21 $161,550 22 Over $323,200 but not over $19,403 plus 6.85% of excess 23 [$2,155,350] $1,000,000 over $323,200 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06312-01-1S. 1513 2 1 Over $1,000,000 but not over $65,764 plus 9.62% of excess over 2 $5,000,000 $1,000,000 3 Over $5,000,000 but not over $450,564 plus 10.32% of excess over 4 $10,000,000 $5,000,000 5 Over $10,000,000 but not over $966,564 plus 11.32% of excess over 6 $100,000,000 $10,000,000 7 Over [$2,155,350 $144,905 plus 8.82% of excess over8$2,155,350] 9 $100,000,000 $11,154,564 plus 11.82% of excess 10 over $100,000,000 11 (v) For taxable years beginning in two thousand twenty-two the follow- 12 ing rates shall apply: 13 If the New York taxable income is: The tax is: 14 Not over $17,150 4% of the New York taxable income 15 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 16 $17,150 17 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 18 $23,600 19 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 20 $27,900 21 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 22 $161,550 23 Over $323,200 but not over $19,124 plus 24 [$2,155,350] $1,000,000 6.85% of excess over $323,200 25 Over $1,000,000 but not over $65,485 plus 9.62% of excess over 26 $5,000,000 $1,000,000 27 Over $5,000,000 but not over $450,285 plus 10.32% of excess over 28 $10,000,000 $5,000,000 29 Over $10,000,000 but not over $966,285 plus 11.32% of excess over 30 $100,000,000 $10,000,000 31 Over [$2,155,350 $144,626 plus 8.82% of excess over32$2,155,350] 33 $100,000,000 $11,154,285 plus 11.85% of 34 excess over $100,000,000 35 (vi) For taxable years beginning in two thousand twenty-three the 36 following rates shall apply: 37 If the New York taxable income is: The tax is: 38 Not over $17,150 4% of the New York taxable income 39 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 40 $17,150 41 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 42 $23,600 43 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over 44 $27,900 45 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over 46 $161,550 47 Over $323,200 but not over $18,834 plus 6.85% of 48 [$2,155,350] $1,000,000 excess over $323,200 49 Over $1,000,000 but not over $65,195 plus 9.62% of excess over 50 $5,000,000 $1,000,000 51 Over $5,000,000 but not over $449,995 plus 10.32% of excess over 52 $10,000,000 $5,000,000 53 Over $10,000,000 but not over $965,995 plus 11.32% of excess over 54 $100,000,000 $10,000,000 55 Over [$2,155,350 $144,336 plus 8.82% of excess over56$2,155,350]S. 1513 3 1 $100,000,000 $11,153,995 plus 11.82% of excess 2 over $100,000,000 3 (vii) For taxable years beginning in two thousand twenty-four the 4 following rates shall apply: 5 If the New York taxable income is: The tax is: 6 Not over $17,150 4% of the New York taxable income 7 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 8 $17,150 9 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 10 $23,600 11 Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over 12 $27,900 13 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 14 $161,550 15 Over $323,200 but not over $18,544 plus 6.85% of 16 [$2,155,350] $1,000,000 excess over $323,200 17 Over $1,000,000 but not over $64,905 plus 9.62% of excess over 18 $5,000,000 $1,000,000 19 Over $5,000,000 but not over $449,705 plus 10.32% of excess over 20 $10,000,000 $5,000,000 21 Over $10,000,000 but not over $965,705 plus 11.32% of excess over 22 $100,000,000 $10,000,000 23 Over [$2,155,350 $144,047 plus 8.82% of excess over24$2,155,350] 25 $100,000,000 $11,153,705 plus 11.82% of excess 26 over $100,000,000 27 (viii) For taxable years beginning after two thousand twenty-four the 28 following rates shall apply: 29 If the New York taxable income is: The tax is: 30 Not over $17,150 4% of the New York taxable 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 $161,550 $1,202 plus 5.5% of excess over 36 $27,900 37 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 38 $161,550 39 Over $323,200 but not over $18,252 plus 6.85% of 40 $1,000,000 excess over $323,200 41 Over $1,000,000 but not over $64,613 plus 9.62% of excess over 42 $5,000,000 $1,000,000 43 Over $5,000,000 but not over $449,413 plus 10.32% of excess over 44 $10,000,000 $5,000,000 45 Over $10,000,000 but not over $965,413 plus 11.32% of excess over 46 $100,000,000 $10,000,000 47 Over $100,000,000 $11,152,554 plus 11.82% of excess 48 over $100,000,000 49 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 50 paragraph 1 of subsection (b) of section 601 of the tax law, clauses 51 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter 52 59 of the laws of 2019, and clause (viii) as added by section 2 of part 53 R of chapter 59 of the laws of 2017, are amended to read as follows: 54 (iv) For taxable years beginning in two thousand twenty-one the 55 following rates shall apply:S. 1513 4 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 $17,650 $512 plus 4.5% of excess over 4 $12,800 5 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 6 $17,650 7 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 8 $20,900 9 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 10 $32,200 11 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 12 $107,650 13 Over $269,300 but not over $16,304 plus 6.85% of 14 [$1,616,450] $1,000,000 excess over $269,300 15 Over $1,000,000 but not over $66,357 plus 9.62% of excess over 16 $5,000,000 $1,000,000 17 Over $5,000,000 but not over $451,157 plus 10.32% of excess over 18 $10,000,000 $5,000,000 19 Over $10,000,000 but not over $967,157 plus 11.32% of excess over 20 $100,000,000 $10,000,000 21 Over [$1,616,450 $108,584 plus 8.82% of excess over22$1,616,450] 23 $100,000,000 $11,155,157 plus 11.82% of excess 24 over $100,000,000 25 (v) For taxable years beginning in two thousand twenty-two the follow- 26 ing 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] $1,000,000 over $269,300 39 Over $1,000,000 but not over $66,132 plus 9.62% of excess over 40 $5,000,000 $1,000,000 41 Over $5,000,000 but not over $450,932 plus 10.32% of excess over 42 $10,000,000 $5,000,000 43 Over $10,000,000 but not over $966,932 plus 11.32% of excess over 44 $100,000,000 $10,000,000 45 Over [$1,616,450 $108,359 plus 8.82% of excess over46$1,616,450] 47 $100,000,000 $11,154,932 plus 11.82% of excess 48 over $100,000,000 49 (vi) For taxable years beginning in two thousand twenty-three the 50 following 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 overS. 1513 5 1 $17,650 2 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over 3 $20,900 4 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over 5 $107,650 6 Over $269,300 but not over $15,845 plus 6.85% of excess 7 [$1,616,450] $1,000,000 over $269,300 8 Over $1,000,000 but not over $65,898 plus 9.62% of excess over 9 $5,000,000 $1,000,000 10 Over $5,000,000 but not over $450,698 plus 10.32% of excess over 11 $10,000,000 $5,000,000 12 Over $10,000,000 but not over $966,698 plus 11.32% of excess over 13 $100,000,000 $10,000,000 14 Over [$1,616,450 $108,125 plus 8.82% of excess over15$1,616,450] 16 $100,000,000 $11,154,698 plus 11.82% of excess 17 over $100,000,000 18 (vii) For taxable years beginning in two thousand twenty-four the 19 following rates shall apply: 20 If the New York taxable income is: The tax is: 21 Not over $12,800 4% of the New York taxable income 22 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 23 $12,800 24 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 25 $17,650 26 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 27 $20,900 28 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 29 $107,650 30 Over $269,300 but not over $15,612 plus 6.85% of excess 31 [$1,616,450] $1,000,000 over $269,300 32 Over $1,000,000 but not over $65,665 plus 9.62% of excess over 33 $5,000,000 $1,000,000 34 Over $5,000,000 but not over $450,465 plus 10.32% of excess over 35 $10,000,000 $5,000,000 36 Over $10,000,000 but not over $966,465 plus 11.32% of excess over 37 $100,000,000 $10,000,000 38 Over [$1,616,450 $107,892 plus 8.82% of excess over39$1,616,450] 40 $100,000,000 $11,154,465 plus 11.82% of excess 41 over $100,000,000 42 (viii) For taxable years beginning after two thousand twenty-four the 43 following 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 5.5% of excess over 51 $20,900 52 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 53 $107,650 54 Over $269,300 but not over $15,371 plus 6.85% of 55 $1,000,000 excess over $269,300S. 1513 6 1 Over $1,000,000 but not over $65,424 plus 9.62% of excess over 2 $5,000,000 $1,000,000 3 Over $5,000,000 but not over $ 450,224 plus 10.32% of excess over 4 $10,000,000 $5,000,000 5 Over $10,000,000 but not over $966,224 plus 11.32% of excess over 6 $100,000,000 $10,000,000 7 Over $100,000,000 $11,154,224 plus 11.82% of excess 8 over $100,000,000 9 § 4. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 10 paragraph 1 of subsection (c) of section 601 of the tax law, clauses 11 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter 12 59 of the laws of 2019, and clause (viii) as added by section 3 of part 13 R of chapter 59 of the laws of 2017, are amended to read as follows: 14 (iv) For taxable years beginning in two thousand twenty-one the 15 following rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $8,500 4% of the New York taxable income 18 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 19 $8,500 20 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 21 $11,700 22 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 23 $13,900 24 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 25 $21,400 26 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 27 $80,650 28 Over $215,400 but not over $13,109 plus 6.85% of excess 29 [$1,077,550] $1,000,000 over $215,400 30 Over $1,000,000 but not over $66,855 plus 9.62% of excess over 31 $5,000,000 $1,000,000 32 Over $5,000,000 but not over $451,655 plus 10.32% of excess over 33 $10,000,000 $5,000,000 34 Over $10,000,000 but not over $967,655 plus 11.32% of excess over 35 $100,000,000 $10,000,000 36 Over [$1,077,550 $72,166 plus 8.82% of excess over37$1,077,550] 38 $100,000,000 $11,155,655 plus 11.82% of excess 39 over $100,000,000 40 (v) For taxable years beginning in two thousand twenty-two the follow- 41 ing 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 5.85% of excess over 49 $13,900 50 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 51 $80,650 52 Over $215,400 but not over $12,926 plus 6.85% of excess 53 [$1,077,550] $1,000,000 over $215,400 54 Over $1,000,000 but not over $66,672 plus 9.62% of excess over 55 $5,000,000 $1,000,000 56 Over $5,000,000 but not over $ 451,472 plus 10.32% of excess overS. 1513 7 1 $10,000,000 $5,000,000 2 Over $10,000,000 but not over $967,472 plus 11.32% of excess over 3 $100,000,000 $10,000,000 4 Over [$1,077,550 $71,984 plus 8.82% of excess over5$1,077,550] 6 $100,000,000 $11,155,472 plus 11.82% of excess 7 over $100,000,000 8 (vi) For taxable years beginning in two thousand twenty-three the 9 following rates shall apply: 10 If the New York taxable income is: The tax is: 11 Not over $8,500 4% of the New York taxable income 12 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 13 $8,500 14 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 15 $11,700 16 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over 17 $13,900 18 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over 19 $80,650 20 Over $215,400 but not over $12,738 plus 6.85% of excess 21 [$1,077,550] $1,000,000 over $215,400 22 Over $1,000,000 but not over $66,484 plus 9.62% of excess over 23 $5,000,000 $1,000,000 24 Over $5,000,000 but not over $ 451,284 plus 10.32% of excess over 25 $10,000,000 $5,000,000 26 Over $10,000,000 but not over $967,284 plus 11.32% of excess over 27 $100,000,000 $10,000,000 28 Over [$1,077,550 $71,796 plus 8.82% of excess over29$1,077,550] 30 $100,000,000 $11,155,284 plus 11.82% of excess 31 over $100,000,000 32 (vii) For taxable years beginning in two thousand twenty-four the 33 following rates shall apply: 34 If the New York taxable income is: The tax is: 35 Not over $8,500 4% of the New York taxable income 36 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 37 $8,500 38 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 39 $11,700 40 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 41 $13,900 42 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 43 $80,650 44 Over $215,400 but not over $12,550 plus 6.85% of excess 45 [$1,077,550] $1,000,000 over $215,400 46 Over $1,000,000 but not over $66,296 plus 9.62% of excess over 47 $5,000,000 $1,000,000 48 Over $5,000,000 but not over $ 451,096 plus 10.32% of excess over 49 $10,000,000 $5,000,000 50 Over $10,000,000 but not over $967,096 plus 11.32% of excess over 51 $100,000,000 $10,000,000 52 Over [$1,077,550 $71,608 plus 8.82% of excess over53$1,077,550] 54 $100,000,000 $11,155,096 plus 11.82% of excess 55 over $100,000,000S. 1513 8 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 $8,500 4% of the New York taxable income 5 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 6 $8,500 7 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 8 $11,700 9 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 10 $13,900 11 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 12 $80,650 13 Over $215,400 but not over $12,356 plus 6.85% of 14 $1,000,000 excess over $215,400 15 Over $1,000,000 but not over $66,102 plus 9.62% of excess over 16 $5,000,000 $1,000,000 17 Over $5,000,000 but not over $450,902 plus 10.32% of excess over 18 $10,000,000 $5,000,000 19 Over $10,000,000 but not over $966,902 plus 11.32% of excess over 20 $100,000,000 $10,000,000 21 Over $100,000,000 $11,154,902 plus 11.82% of excess 22 over $100,000,000 23 § 5. Section 171-a of the tax law, as separately amended by chapters 24 481 and 484 of the laws of 1981, is amended by adding a new subdivision 25 3 to read as follows: 26 3. Notwithstanding subdivision one of this section or any other 27 provision of law to the contrary, with regards to any increase in the 28 taxes imposed pursuant to section six hundred one of this chapter 29 attributable to the difference in the rate of such taxes for taxable 30 years beginning in and after two thousand twenty-one and the rate of 31 such taxes for taxable years beginning in two thousand twenty, fifty 32 percent shall be deposited in the state lottery fund, created pursuant 33 to section ninety-two-c of the state finance law, and fifty percent 34 shall be deposited with the New York state department of health for 35 medicaid expenses, as such taxes are received. The amount for adminis- 36 trative costs shall be determined by the commissioner to represent 37 reasonable costs of the department in administering, collecting, deter- 38 mining, and distributing such taxes. Of the total revenue collected or 39 received under such sections of this chapter, the comptroller shall 40 retain in his or her hands such amount as the commissioner may determine 41 to be necessary for refunds or reimbursements under such sections of 42 this chapter out of which amount the comptroller shall pay any refunds 43 or reimbursements to which taxpayers shall be entitled under provisions 44 of such sections. The commissioner and the comptroller shall maintain a 45 system of accounts showing the amount of revenue collected or received 46 from each of the taxes imposed by such sections. 47 § 6. This act shall take effect immediately and shall apply to taxable 48 years beginning on and after such date.