Bill Text: NY S04801 | 2023-2024 | General Assembly | Introduced
Bill Title: Enacts the "Affordable NY act"; increases the STAR exemptions; adjusts personal income tax rates.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Introduced) 2024-01-03 - REFERRED TO AGING [S04801 Detail]
Download: New_York-2023-S04801-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4801 2023-2024 Regular Sessions IN SENATE February 14, 2023 ___________ Introduced by Sens. PALUMBO, BORRELLO -- read twice and ordered printed, and when printed to be committed to the Committee on Aging 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-three--two thousand twenty- 19 four 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. LBD07166-01-3S. 4801 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-three--two thousand twenty-four 15 school 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.S. 4801 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, clause (iii) of subparagraph (B) as amended by section 6 1 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 7 subparagraph (B) as amended by section 1 of part A of chapter 59 of the 8 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 9 by section 1 of subpart A of part A of chapter 59 of the laws of 2022, 10 is amended to read as follows: 11 (1) (A) For taxable years beginning after two thousand eleven and 12 before two thousand [eighteen] sixteen: 13 If the New York taxable income is: The tax is: 14 Not over $16,000 4% of taxable income 15 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over 16 $16,000 17 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over 18 $22,000 19 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over 20 $26,000 21 Over $40,000 but not over $150,000 $1,946 plus 6.45% of excess over 22 $40,000 23 Over $150,000 but not over $300,000 $9,041 plus 6.65% of excess over 24 $150,000 25 Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over 26 $300,000 27 Over $2,000,000 $135,466 plus 8.82% of excess over 28 $2,000,000 29 (B)(i) For taxable years beginning in two thousand eighteen the 30 following rates shall apply: 31 If the New York taxable income is: The tax is: 32 Not over $17,150 4% of the New York taxable 33 income 34 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 35 $17,150 36 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 37 $23,600 38 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 39 $27,900 40 Over $43,000 but not over $161,550 $2,093 plus 6.33% of excess over 41 $43,000 42 Over $161,550 but not over $323,200 $9,597 plus 6.57% of excess over 43 $161,550 44 Over $323,200 but not over $2,155,350 $20,218 plus 6.85% of excess over 45 $323,200 46 Over $2,155,350 $145,720 plus 8.82% of excess over 47 $2,155,350 48 (ii) For taxable years beginning in two thousand nineteen the follow- 49 ing rates shall apply: 50 If the New York taxable income is: The tax is: 51 Not over $17,150 4% of the New York taxable 52 income 53 Over $17,150 but not over $23,600 $686 plus 4.5% of excess overS. 4801 4 1 $17,150 2 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 3 $23,600 4 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 5 $27,900 6 Over $43,000 but not over $161,550 $2,093 plus 6.21% of excess over 7 $43,000 8 Over $161,550 but not over $323,200 $9,455 plus 6.49% of excess over 9 $161,550 10 Over $323,200 but not over $2,155,350 $19,946 plus 6.85% of excess over 11 $323,200 12 Over $2,155,350 $145,448 plus 8.82% of excess over 13 $2,155,350 14 (iii) For taxable years beginning in two thousand twenty the following 15 rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $17,150 4% of the New York taxable income 18 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 19 $17,150 20 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 21 $23,600 22 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 23 $27,900 24 Over $43,000 but not over $161,550 $2,093 plus 6.09% of excess over 25 $43,000 26 Over $161,550 but not over $323,200 $9,313 plus 6.41% of excess over 27 $161,550 28 Over $323,200 but not over $19,674 plus 6.85% of excess 29 $2,155,350 over $323,200 [over] 30 Over $2,155,350 $145,177 plus 8.82% of excess over 31 $2,155,350 32 [(iv) For taxable years beginning in two thousand twenty-one the33following rates shall apply:34If the New York taxable income is: The tax is:35Not over $17,150 4% of the New York taxable income36Over $17,150 but not over $23,600 $686 plus 4.5% of excess over37$17,15038Over $23,600 but not over $27,900 $976 plus 5.25% of excess over39$23,60040Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over41$27,90042Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over43$43,00044Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over45$161,55046Over $323,200 but not over $19,403 plus 6.85% of excess47$2,155,350 over $323,20048Over $2,155,350 but not over $144,905 plus 9.65% of excess over49$5,000,000 $2,155,35050Over $5,000,000 but not over $419,414 plus 10.30% of excess over51$25,000,000 $5,000,00052Over $25,000,000 $2,479,414 plus 10.90% of excess over53$25,000,00054(v) For taxable years beginning in two thousand twenty-two the follow-55ing rates shall apply:S. 4801 5 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 5.85% of excess over8$27,9009Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over10$161,55011Over $323,200 but not over $19,124 plus12$2,155,350 6.85% of excess over $323,20013Over $2,155,350 but not over $144,626 plus 9.65% of excess over14$5,000,000 $2,155,35015Over $5,000,000 but not over $419,135 plus 10.30% of excess over16$25,000,000 $5,000,00017Over $25,000,000 $2,479,135 plus 10.90% of excess over18$25,000,00019(vi) For taxable years beginning in two thousand twenty-three and20before two thousand twenty-eight the following 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 5.5% of excess over28$27,90029Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over30$161,55031Over $323,200 but not over $18,252 plus 6.85% of excess over32$2,155,350 $323,20033Over $2,155,350 but not over $143,754 plus 9.65% of excess over34$5,000,000 $2,155,35035Over $5,000,000 but not over $418,263 plus 10.30% of excess over36$25,000,000 $5,000,00037Over $25,000,000 $2,478,263 plus 10.90% of excess over38$25,000,00039(vii) For taxable years beginning after two thousand twenty-seven the40following rates shall apply:41If the New York taxable income is: The tax is:42Not over $17,150 4% of the New York taxable income43Over $17,150 but not over $23,600 $686 plus 4.5% of excess over44$17,15045Over $23,600 but not over $27,900 $976 plus 5.25% of excess over46$23,60047Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over48$27,90049Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess50over $161,55051Over $323,200 but not over $18,252 plus 6.85% of excess52$2,155,350 over $323,20053Over $2,155,350 $143,754 plus 8.82% of excess54over $2,155,350]S. 4801 6 1 § 2. Paragraph 1 of subsection (b) of section 601 of the tax law, as 2 amended by section 2 of part FF of chapter 59 of the laws of 2013, 3 subparagraph (B) as added by section 2 of part R of chapter 59 of the 4 laws of 2017, clause (iii) of subparagraph (B) as amended by section 2 5 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 6 subparagraph (B) as amended by section 2 of part A of chapter 59 of the 7 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 8 by section 2 of subpart A of part A of chapter 59 of the laws of 2022, 9 is amended to read as follows: 10 (1) (A) For taxable years beginning after two thousand eleven and 11 before two thousand [eighteen] sixteen: 12 If the New York taxable income is: The tax is: 13 Not over $12,000 4% of taxable income 14 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over 15 $12,000 16 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over 17 $16,500 18 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over 19 $19,500 20 Over $30,000 but not over $100,000 $1,460 plus 6.45% of excess over 21 $30,000 22 Over $100,000 but not over $250,000 $5,975 plus 6.65% of excess over 23 $100,000 24 Over $250,000 but not over $1,500,000 $15,950 plus 6.85% of excess over 25 $250,000 26 Over $1,500,000 $101,575 plus 8.82% of excess over 27 $1,500,000 28 (B)(i) For taxable years beginning in two thousand eighteen the 29 following rates shall apply: 30 If the New York taxable income is: The tax is: 31 Not over $12,800 4% of the New York taxable income 32 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 33 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 34 $17,650 35 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 36 Over $32,200 but not over $107,650 $1,568 plus 6.33% of excess over 37 $32,200 38 Over $107,650 but not over $269,300 $6,344 plus 6.57% of excess over 39 $107,650 40 Over $269,300 but not over $1,616,450 $16,964 plus 6.85% of excess over 41 $269,300 42 Over $1,616,450 $109,244 plus 8.82% of excess over 43 $1,616,450 44 (ii) For taxable years beginning in two thousand nineteen the follow- 45 ing rates shall apply: 46 If the New York taxable income is: The tax is: 47 Not over $12,800 4% of the New York taxable income 48 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 49 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 50 $17,650 51 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 52 Over $32,200 but not over $107,650 $1,568 plus 6.21% of excess overS. 4801 7 1 $32,200 2 Over $107,650 but not over $269,300 $6,253 plus 6.49% of excess over 3 $107,650 4 Over $269,300 but not over $1,616,450 $16,744 plus 6.85% of excess over 5 $269,300 6 Over $1,616,450 $109,024 plus 8.82% of excess over 7 $1,616,450 8 (iii) For taxable years beginning in two thousand twenty the following 9 rates shall apply: 10 If the New York taxable income is: The tax is: 11 Not over $12,800 4% of the New York taxable income 12 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 13 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 14 $17,650 15 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 16 Over $32,200 but not over $107,650 $1,568 plus 6.09% of excess over 17 $32,200 18 Over $107,650 but not over $269,300 $6,162 plus 6.41% of excess over 19 $107,650 20 Over $269,300 but not over $16,524 plus 6.85% of 21 $1,616,450 excess over $269,300 22 Over $1,616,450 $108,804 plus 8.82% of excess over 23 $1,616,450 24 [(iv) For taxable years beginning in two thousand twenty-one the25following rates shall apply:26If the New York taxable income is: The tax is:27Not over $12,800 4% of the New York taxable income28Over $12,800 but not over $17,650 $512 plus 4.5% of excess over29$12,80030Over $17,650 but not over $20,900 $730 plus 5.25% of excess over31$17,65032Over $20,900 but not over $32,200 $901 plus 5.9% of excess over33$20,90034Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over35$32,20036Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over37$107,65038Over $269,300 but not over $16,304 plus 6.85% of excess over39$1,616,450 $269,30040Over $1,616,450 but not over $108,584 plus 9.65% of excess over41$5,000,000 $1,616,45042Over $5,000,000 but not over $435,097 plus 10.30% of excess over43$25,000,000 $5,000,00044Over $25,000,000 $2,495,097 plus 10.90% of excess over45$25,000,00046(v) For taxable years beginning in two thousand twenty-two the follow-47ing rates shall apply:48If the New York taxable income is: The tax is:49Not over $12,800 4% of the New York taxable income50Over $12,800 but not over $17,650 $512 plus 4.5% of excess over51$12,80052Over $17,650 but not over $20,900 $730 plus 5.25% of excess over53$17,65054Over $20,900 but not over $107,650 $901 plus 5.85% of excess over55$20,90056Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess overS. 4801 8 1$107,6502Over $269,300 but not over $16,079 plus 6.85% of excess3$1,616,450 over $269,3004Over $1,616,450 but not over $108,359 plus 9.65% of excess over5$5,000,000 $1,616,4506Over $5,000,000 but not over $434,871 plus 10.30% of excess over7$25,000,000 $5,000,0008Over $25,000,000 $2,494,871 plus 10.90% of excess over9$25,000,00010(vi) For taxable years beginning in two thousand twenty-three and11before two thousand twenty-eight the following rates shall apply:12If the New York taxable income is: The tax is:13Not over $12,800 4% of the New York taxable income14Over $12,800 but not over $17,650 $512 plus 4.5% of excess over15$12,80016Over $17,650 but not over $20,900 $730 plus 5.25% of excess over17$17,65018Over $20,900 but not over $107,650 $901 plus 5.5% of excess over19$20,90020Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over21$107,65022Over $269,300 but not over $15,371 plus 6.85% of excess over23$1,616,450 $269,30024Over $1,616,450 but not over $107,651 plus 9.65% of excess over25$5,000,000 $1,616,45026Over $5,000,000 but not over $434,163 plus 10.30% of excess over27$25,000,000 $5,000,00028Over $25,000,000 $2,494,163 plus 10.90% of excess over29$25,000,00030(vii) For taxable years beginning after two thousand twenty-seven the31following rates shall apply:32If the New York taxable income is: The tax is:33Not over $12,800 4% of the New York taxable income34Over $12,800 but not over $512 plus 4.5% of excess over35$17,650 $12,80036Over $17,650 but not over $730 plus 5.25% of excess over37$20,900 $17,65038Over $20,900 but not over $901 plus 5.5% of excess over39$107,650 $20,90040Over $107,650 but not over $5,672 plus 6.00% of excess41$269,300 over $107,65042Over $269,300 but not over $15,371 plus 6.85% of excess43$1,616,450 over $269,30044Over $1,616,450 $107,651 plus 8.82% of excess45over $1,616,450] 46 (C) For taxable years beginning in two thousand twenty-three, the 47 following brackets and dollar amounts shall apply: 48 If the New York taxable income is: The tax is: 49 Not over $12,000 2% of taxable income 50 Over $12,000 but not over $16,500 $240 plus 2.5% of excess over 51 $12,000 52 Over $16,500 but not over $19,500 $353 plus 3.25% of excess overS. 4801 9 1 $16,500 2 Over $19,500 but not over $30,000 $451 plus 3.90% of excess over 3 $19,500 4 Over $30,000 but not over $100,000 $861 plus 4.45% of excess over 5 $30,000 6 Over $100,000 but not over $250,000 $3,976 plus 4.65% of excess over 7 $100,000 8 Over $250,000 but not over $10,951 plus 6.85% of excess over 9 $1,500,000 $250,000 10 Over $1,500,000 $96,576 plus 8.82% of excess over 11 $1,500,000 12 § 3. Paragraph 1 of subsection (c) of section 601 of the tax law, as 13 amended by section 3 of part FF of chapter 59 of the laws of 2013, 14 subparagraph (B) as added by section 3 of part R of chapter 59 of the 15 laws of 2017, clause (iii) of subparagraph (B) as amended by section 3 16 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 17 subparagraph (B) as amended by section 3 of part A of chapter 59 of the 18 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 19 by section 3 of subpart A of part A of chapter 59 of the laws of 2022, 20 is amended to read as follows: 21 (1) (A) For taxable years beginning after two thousand eleven and 22 before two thousand [eighteen] sixteen: 23 If the New York taxable income is: The tax is: 24 Not over $8,000 4% of taxable income 25 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over 26 $8,000 27 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over 28 $11,000 29 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over 30 $13,000 31 Over $20,000 but not over $75,000 $973 plus 6.45% of excess over 32 $20,000 33 Over $75,000 but not over $200,000 $4,521 plus 6.65% of excess over 34 $75,000 35 Over $200,000 but not over $1,000,000 $12,833 plus 6.85% of excess over 36 $200,000 37 Over $1,000,000 $67,633 plus 8.82% of excess over 38 $1,000,000 39 (B)(i) For taxable years beginning in two thousand eighteen the 40 following rates shall apply: 41 If the New York taxable income is: The tax is: 42 Not over $8,500 4% of the New York taxable income 43 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 44 $8,500 45 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 46 $11,700 47 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 48 $13,900 49 Over $21,400 but not over $80,650 $1,042 plus 6.33% of excess over 50 $21,400 51 Over $80,650 but not over $215,400 $4,793 plus 6.57% of excess over 52 $80,650 53 Over $215,400 but not over $1,077,550 $13,646 plus 6.85% of excess overS. 4801 10 1 $215,400 2 Over $1,077,550 $72,703 plus 8.82% of excess over 3 $1,077,550 4 (ii) For taxable years beginning in two thousand nineteen the follow- 5 ing rates shall apply: 6 If the New York taxable income is: The tax is: 7 Not over $8,500 4% of the New York taxable income 8 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 9 $8,500 10 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 11 $11,700 12 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 13 $13,900 14 Over $21,400 but not over $80,650 $1,042 plus 6.21% of excess over 15 $21,400 16 Over $80,650 but not over $215,400 $4,721 plus 6.49% of excess over 17 $80,650 18 Over $215,400 but not over $1,077,550 $13,467 plus 6.85% of excess over 19 $215,400 20 Over $1,077,550 $72,524 plus 8.82% of excess over 21 $1,077,550 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 $8,500 4% of the New York taxable income 26 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 27 $8,500 28 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 29 $11,700 30 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 31 $13,900 32 Over $21,400 but not over $80,650 $1,042 plus 6.09% of excess over 33 $21,400 34 Over $80,650 but not over $215,400 $4,650 plus 6.41% of excess over 35 $80,650 36 Over $215,400 but not over $13,288 plus 6.85% of excess 37 $1,077,550 over $215,400 38 Over $1,077,550 $72,345 plus 8.82% of excess over 39 $1,077,550 40 [(iv) For taxable years beginning in two thousand twenty-one 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 $21,400 $600 plus 5.9% of excess over49$13,90050Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over51$21,40052Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over53$80,65054Over $215,400 but not over $13,109 plus 6.85% of excess55$1,077,550 over $215,40056Over $1,077,550 but not over $72,166 plus 9.65% of excess overS. 4801 11 1$5,000,000 $1,077,5502Over $5,000,000 but not over $450,683 plus 10.30% of excess over3$25,000,000 $5,000,0004Over $25,000,000 $2,510,683 plus 10.90% of excess over5$25,000,0006(v) For taxable years beginning in two thousand twenty-two the follow-7ing rates shall apply:8If the New York taxable income is: The tax is:9Not over $8,500 4% of the New York taxable income10Over $8,500 but not over $11,700 $340 plus 4.5% of excess over11$8,50012Over $11,700 but not over $13,900 $484 plus 5.25% of excess over13$11,70014Over $13,900 but not over $80,650 $600 plus 5.85% of excess over15$13,90016Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over17$80,65018Over $215,400 but not over $12,926 plus 6.85% of excess19$1,077,550 over $215,40020Over $1,077,550 but not over $71,984 plus 9.65% of excess over21$5,000,000 $1,077,55022Over $5,000,000 but not over $450,500 plus 10.30% of excess over23$25,000,000 $5,000,00024Over $25,000,000 $2,510,500 plus 10.90% of excess over25$25,000,00026(vi) For taxable years beginning in two thousand twenty-three and27before two thousand twenty-eight the following rates shall apply:28If the New York taxable income is: The tax is:29Not over $8,500 4% of the New York taxable income30Over $8,500 but not over $11,700 $340 plus 4.5% of excess over31$8,50032Over $11,700 but not over $13,900 $484 plus 5.25% of excess over33$11,70034Over $13,900 but not over $80,650 $600 plus 5.50% of excess over35$13,90036Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over37$80,65038Over $215,400 but not over $12,356 plus 6.85% of excess over39$1,077,550 $215,40040Over $1,077,550 but not over $71,413 plus 9.65% of excess over41$5,000,000 $1,077,55042Over $5,000,000 but not over $449,929 plus 10.30% of excess over43$25,000,000 $5,000,00044Over $25,000,000 $2,509,929 plus 10.90% of excess over45$25,000,00046(vii) For taxable years beginning after two thousand twenty-seven the47following rates shall apply:48If the New York taxable income is: The tax is:49Not over $8,500 4% of the New York taxable income50Over $8,500 but not over $11,700 $340 plus 4.5% of excess over51$8,50052Over $11,700 but not over $13,900 $484 plus 5.25% of excess over53$11,70054Over $13,900 but not over $80,650 $600 plus 5.50% of excess over55$13,90056Over $80,650 but not over $215,400 $4,271 plus 6.00% of excessS. 4801 12 1over $80,6502Over $215,400 but not over $12,356 plus 6.85% of excess3$1,077,550 over $215,4004Over $1,077,550 $71,413 plus 8.82% of excess5over $1,077,550] 6 (C) For taxable years beginning in two thousand twenty-three, the 7 following brackets and dollar amounts shall apply: 8 If the New York taxable income is: The tax is: 9 Not over $8,000 2% of taxable income 10 Over $8,000 but not over $11,000 $160 plus 2.5% of excess over 11 $8,000 12 Over $11,000 but not over $13,000 $235 plus 3.25% of excess over 13 $11,000 14 Over $13,000 but not over $20,000 $300 plus 3.90% of excess over 15 $13,000 16 Over $20,000 but not over $75,000 $573 plus 4.45% of excess over 17 $20,000 18 Over $75,000 but not over $200,000 $3,021 plus 4.65% of excess over 19 $75,000 20 Over $200,000 to $1,000,000 $8,834 plus 6.85% of excess over 21 $200,000 22 § 4. This act shall take effect immediately. 23 § 2. Severability clause. If any clause, sentence, paragraph, subdivi- 24 sion, section or part of this act shall be adjudged by a court of compo- 25 nent jurisdiction to be invalid, such judgment shall not affect, impair 26 or invalidate the remainder thereof, but shall be confined in its opera- 27 tion to the clause, sentence, paragraph, subdivision, section or part 28 thereof directly involved in the controversy in which such judgment 29 shall have been rendered. It is hereby declared to be the intent of the 30 legislature that this act would have been enacted even if such invalid 31 provisions had not been included herein. 32 § 3. This act shall take effect immediately provided, however, that 33 the applicable effective date of Parts A through B of this act shall be 34 as specifically set forth in the last section of such Parts.