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.
LBD06312-01-1
S. 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 over
8 $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 over
32 $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 over
56 $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 over
24 $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 over
22 $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 over
46 $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 over
S. 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 over
15 $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 over
39 $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 $269,300
S. 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 over
37 $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 over
S. 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 over
5 $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 over
29 $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 over
53 $1,077,550]
54 $100,000,000 $11,155,096 plus 11.82% of excess
55 over $100,000,000
S. 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.