Bill Text: NY S07378 | 2019-2020 | General Assembly | Introduced
Bill Title: 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, and directs the revenue from such rate increases to foundation aid.
Spectrum: Partisan Bill (Democrat 22-0)
Status: (Introduced - Dead) 2020-01-22 - REFERRED TO BUDGET AND REVENUE [S07378 Detail]
Download: New_York-2019-S07378-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7378 IN SENATE January 22, 2020 ___________ Introduced by Sen. JACKSON -- 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 to amend the state finance law, in relation to foundation aid funding The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph 2 (B) of paragraph 1 of subsection (a) of section 601 of the tax law, 3 clauses (iv), (v), (vi) and (vii) as amended by section 1 of part P of 4 chapter 59 of the laws of 2019, and clause (viii) as added by section 1 5 of part R of chapter 59 of the laws of 2017, are amended to read as 6 follows: 7 (iv) For taxable years beginning in two thousand twenty-one the 8 following rates shall apply: 9 If the New York taxable income is: The tax is: 10 Not over $17,150 4% of the New York taxable income 11 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 12 $17,150 13 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 14 $23,600 15 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 16 $27,900 17 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over 18 $43,000 19 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over 20 $161,550 21 Over $323,200 but not over $19,403 plus 6.85% of excess 22 [$2,155,350] $1,000,000 over $323,200 23 Over $1,000,000 but not over $65,764 plus 9.62% of excess over 24 $5,000,000 $1,000,000 25 Over $5,000,000 but not over $450,564 plus 10.32% of excess over 26 $10,000,000 $5,000,000 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14887-02-0S. 7378 2 1 Over $10,000,000 but not over $966,564 plus 11.32% of excess over 2 $100,000,000 $10,000,000 3 Over [$2,155,350 $144,905 plus 8.82% of excess over4$2,155,350] 5 $100,000,000 $11,154,564 plus 11.82% of excess 6 over $100,000,000 7 (v) For taxable years beginning in two thousand twenty-two the follow- 8 ing rates shall apply: 9 If the New York taxable income is: The tax is: 10 Not over $17,150 4% of the New York taxable income 11 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 12 $17,150 13 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 14 $23,600 15 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 16 $27,900 17 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 18 $161,550 19 Over $323,200 but not over $19,124 plus 20 [$2,155,350] $1,000,000 6.85% of excess over $323,200 21 Over $1,000,000 but not over $65,485 plus 9.62% of excess over 22 $5,000,000 $1,000,000 23 Over $5,000,000 but not over $450,285 plus 10.32% of excess over 24 $10,000,000 $5,000,000 25 Over $10,000,000 but not over $966,285 plus 11.32% of excess over 26 $100,000,000 $10,000,000 27 Over [$2,155,350 $144,626 plus 8.82% of excess over28$2,155,350] 29 $100,000,000 $11,154,285 plus 11.85% of 30 excess over $100,000,000 31 (vi) For taxable years beginning in two thousand twenty-three the 32 following rates shall apply: 33 If the New York taxable income is: The tax is: 34 Not over $17,150 4% of the New York taxable income 35 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 36 $17,150 37 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 38 $23,600 39 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over 40 $27,900 41 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over 42 $161,550 43 Over $323,200 but not over $18,834 plus 6.85% of 44 [$2,155,350] $1,000,000 excess over $323,200 45 Over $1,000,000 but not over $65,195 plus 9.62% of excess over 46 $5,000,000 $1,000,000 47 Over $5,000,000 but not over $449,995 plus 10.32% of excess over 48 $10,000,000 $5,000,000 49 Over $10,000,000 but not over $965,995 plus 11.32% of excess over 50 $100,000,000 $10,000,000 51 Over [$2,155,350 $144,336 plus 8.82% of excess over52$2,155,350] 53 $100,000,000 $11,153,995 plus 11.82% of excess 54 over $100,000,000 55 (vii) For taxable years beginning in two thousand twenty-four the 56 following rates shall apply:S. 7378 3 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 5.61% of excess over 8 $27,900 9 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 10 $161,550 11 Over $323,200 but not over $18,544 plus 6.85% of 12 [$2,155,350] $1,000,000 excess over $323,200 13 Over $1,000,000 but not over $64,905 plus 9.62% of excess over 14 $5,000,000 $1,000,000 15 Over $5,000,000 but not over $449,705 plus 10.32% of excess over 16 $10,000,000 $5,000,000 17 Over $10,000,000 but not over $965,705 plus 11.32% of excess over 18 $100,000,000 $10,000,000 19 Over [$2,155,350 $144,047 plus 8.82% of excess over20$2,155,350] 21 $100,000,000 $11,153,705 plus 11.82% of excess 22 over $100,000,000 23 (viii) For taxable years beginning after two thousand twenty-four the 24 following rates shall apply: 25 If the New York taxable income is: The tax is: 26 Not over $17,150 4% of the New York taxable income 27 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 28 $17,150 29 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 30 $23,600 31 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 32 $27,900 33 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 34 $161,550 35 Over $323,200 but not over $18,252 plus 6.85% of 36 $1,000,000 excess over $323,200 37 Over $1,000,000 but not over $64,613 plus 9.62% of excess over 38 $5,000,000 $1,000,000 39 Over $5,000,000 but not over $449,413 plus 10.32% of excess over 40 $10,000,000 $5,000,000 41 Over $10,000,000 but not over $965,413 plus 11.32% of excess over 42 $100,000,000 $10,000,000 43 Over $100,000,000 $11,152,554 plus 11.82% of excess 44 over $100,000,000 45 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 46 paragraph 1 of subsection (b) of section 601 of the tax law, clauses 47 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter 48 59 of the laws of 2019, and clause (viii) as added by section 2 of part 49 R of chapter 59 of the laws of 2017, are amended to read as follows: 50 (iv) For taxable years beginning in two thousand twenty-one the 51 following rates shall apply: 52 If the New York taxable income is: The tax is: 53 Not over $12,800 4% of the New York taxable income 54 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 55 $12,800 56 Over $17,650 but not over $20,900 $730 plus 5.25% of excess overS. 7378 4 1 $17,650 2 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 3 $20,900 4 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 5 $32,200 6 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 7 $107,650 8 Over $269,300 but not over $16,304 plus 6.85% of 9 [$1,616,450] $1,000,000 excess over $269,300 10 Over $1,000,000 but not over $66,357 plus 9.62% of excess over 11 $5,000,000 $1,000,000 12 Over $5,000,000 but not over $451,157 plus 10.32% of excess over 13 $10,000,000 $5,000,000 14 Over $10,000,000 but not over $967,157 plus 11.32% of excess over 15 $100,000,000 $10,000,000 16 Over [$1,616,450 $108,584 plus 8.82% of excess over17$1,616,450] 18 $100,000,000 $11,155,157 plus 11.82% of excess 19 over $100,000,000 20 (v) For taxable years beginning in two thousand twenty-two the follow- 21 ing rates shall apply: 22 If the New York taxable income is: The tax is: 23 Not over $12,800 4% of the New York taxable income 24 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 25 $12,800 26 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 27 $17,650 28 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over 29 $20,900 30 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over 31 $107,650 32 Over $269,300 but not over $16,079 plus 6.85% of excess 33 [$1,616,450] $1,000,000 over $269,300 34 Over $1,000,000 but not over $66,132 plus 9.62% of excess over 35 $5,000,000 $1,000,000 36 Over $5,000,000 but not over $450,932 plus 10.32% of excess over 37 $10,000,000 $5,000,000 38 Over $10,000,000 but not over $966,932 plus 11.32% of excess over 39 $100,000,000 $10,000,000 40 Over [$1,616,450 $108,359 plus 8.82% of excess over41$1,616,450] 42 $100,000,000 $11,154,932 plus 11.82% of excess 43 over $100,000,000 44 (vi) For taxable years beginning in two thousand twenty-three the 45 following 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 49 $12,800 50 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 51 $17,650 52 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over 53 $20,900 54 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess overS. 7378 5 1 $107,650 2 Over $269,300 but not over $15,845 plus 6.85% of excess 3 [$1,616,450] $1,000,000 over $269,300 4 Over $1,000,000 but not over $65,898 plus 9.62% of excess over 5 $5,000,000 $1,000,000 6 Over $5,000,000 but not over $450,698 plus 10.32% of excess over 7 $10,000,000 $5,000,000 8 Over $10,000,000 but not over $966,698 plus 11.32% of excess over 9 $100,000,000 $10,000,000 10 Over [$1,616,450 $108,125 plus 8.82% of excess over11$1,616,450] 12 $100,000,000 $11,154,698 plus 11.82% of excess 13 over $100,000,000 14 (vii) For taxable years beginning in two thousand twenty-four the 15 following rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $12,800 4% of the New York taxable income 18 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 19 $12,800 20 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 21 $17,650 22 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 23 $20,900 24 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 25 $107,650 26 Over $269,300 but not over $15,612 plus 6.85% of excess 27 [$1,616,450] $1,000,000 over $269,300 28 Over $1,000,000 but not over $65,665 plus 9.62% of excess over 29 $5,000,000 $1,000,000 30 Over $5,000,000 but not over $450,465 plus 10.32% of excess over 31 $10,000,000 $5,000,000 32 Over $10,000,000 but not over $966,465 plus 11.32% of excess over 33 $100,000,000 $10,000,000 34 Over [$1,616,450 $107,892 plus 8.82% of excess over35$1,616,450] 36 $100,000,000 $11,154,465 plus 11.82% of excess 37 over $100,000,000 38 (viii) For taxable years beginning after two thousand twenty-four the 39 following rates shall apply: 40 If the New York taxable income is: The tax is: 41 Not over $12,800 4% of the New York taxable income 42 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 43 $12,800 44 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 45 $17,650 46 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 47 $20,900 48 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 49 $107,650 50 Over $269,300 but not over $15,371 plus 6.85% of 51 $1,000,000 excess over $269,300 52 Over $1,000,000 but not over $65,424 plus 9.62% of excess over 53 $5,000,000 $1,000,000 54 Over $5,000,000 but not over $ 450,224 plus 10.32% of excess over 55 $10,000,000 $5,000,000 56 Over $10,000,000 but not over $966,224 plus 11.32% of excess overS. 7378 6 1 $100,000,000 $10,000,000 2 Over $100,000,000 $11,154,224 plus 11.82% of excess 3 over $100,000,000 4 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 5 paragraph 1 of subsection (c) of section 601 of the tax law, clauses 6 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter 7 59 of the laws of 2019, and clause (viii) as added by section 3 of part 8 R of chapter 59 of the laws of 2017, are amended to read as follows: 9 (iv) For taxable years beginning in two thousand twenty-one the 10 following rates shall apply: 11 If the New York taxable income is: The tax is: 12 Not over $8,500 4% of the New York taxable income 13 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 14 $8,500 15 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 16 $11,700 17 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 18 $13,900 19 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 20 $21,400 21 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 22 $80,650 23 Over $215,400 but not over $13,109 plus 6.85% of excess 24 [$1,077,550] $1,000,000 over $215,400 25 Over $1,000,000 but not over $66,855 plus 9.62% of excess over 26 $5,000,000 $1,000,000 27 Over $5,000,000 but not over $451,655 plus 10.32% of excess over 28 $10,000,000 $5,000,000 29 Over $10,000,000 but not over $967,655 plus 11.32% of excess over 30 $100,000,000 $10,000,000 31 Over [$1,077,550 $72,166 plus 8.82% of excess over32$1,077,550] 33 $100,000,000 $11,155,655 plus 11.82% of excess 34 over $100,000,000 35 (v) For taxable years beginning in two thousand twenty-two the follow- 36 ing rates shall apply: 37 If the New York taxable income is: The tax is: 38 Not over $8,500 4% of the New York taxable income 39 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 40 $8,500 41 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 42 $11,700 43 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 44 $13,900 45 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 46 $80,650 47 Over $215,400 but not over $12,926 plus 6.85% of excess 48 [$1,077,550] $1,000,000 over $215,400 49 Over $1,000,000 but not over $66,672 plus 9.62% of excess over 50 $5,000,000 $1,000,000 51 Over $5,000,000 but not over $ 451,472 plus 10.32% of excess over 52 $10,000,000 $5,000,000 53 Over $10,000,000 but not over $967,472 plus 11.32% of excess over 54 $100,000,000 $10,000,000 55 Over [$1,077,550 $71,984 plus 8.82% of excess over56$1,077,550]S. 7378 7 1 $100,000,000 $11,155,472 plus 11.82% of excess 2 over $100,000,000 3 (vi) For taxable years beginning in two thousand twenty-three the 4 following rates shall apply: 5 If the New York taxable income is: The tax is: 6 Not over $8,500 4% of the New York taxable income 7 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 8 $8,500 9 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 10 $11,700 11 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over 12 $13,900 13 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over 14 $80,650 15 Over $215,400 but not over $12,738 plus 6.85% of excess 16 [$1,077,550] $1,000,000 over $215,400 17 Over $1,000,000 but not over $66,484 plus 9.62% of excess over 18 $5,000,000 $1,000,000 19 Over $5,000,000 but not over $ 451,284 plus 10.32% of excess over 20 $10,000,000 $5,000,000 21 Over $10,000,000 but not over $967,284 plus 11.32% of excess over 22 $100,000,000 $10,000,000 23 Over [$1,077,550 $71,796 plus 8.82% of excess over24$1,077,550] 25 $100,000,000 $11,155,284 plus 11.82% of excess 26 over $100,000,000 27 (vii) For taxable years beginning in two thousand twenty-four the 28 following rates shall apply: 29 If the New York taxable income is: The tax is: 30 Not over $8,500 4% of the New York taxable income 31 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 32 $8,500 33 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 34 $11,700 35 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 36 $13,900 37 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 38 $80,650 39 Over $215,400 but not over $12,550 plus 6.85% of excess 40 [$1,077,550] $1,000,000 over $215,400 41 Over $1,000,000 but not over $66,296 plus 9.62% of excess over 42 $5,000,000 $1,000,000 43 Over $5,000,000 but not over $ 451,096 plus 10.32% of excess over 44 $10,000,000 $5,000,000 45 Over $10,000,000 but not over $967,096 plus 11.32% of excess over 46 $100,000,000 $10,000,000 47 Over [$1,077,550 $71,608 plus 8.82% of excess over48$1,077,550] 49 $100,000,000 $11,155,096 plus 11.82% of excess 50 over $100,000,000 51 (viii) For taxable years beginning after two thousand twenty-four the 52 following rates shall apply: 53 If the New York taxable income is: The tax is: 54 Not over $8,500 4% of the New York taxable income 55 Over $8,500 but not over $11,700 $340 plus 4.5% of excess overS. 7378 8 1 $8,500 2 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 3 $11,700 4 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 5 $13,900 6 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 7 $80,650 8 Over $215,400 but not over $12,356 plus 6.85% of 9 $1,000,000 excess over $215,400 10 Over $1,000,000 but not over $66,102 plus 9.62% of excess over 11 $5,000,000 $1,000,000 12 Over $5,000,000 but not over $450,902 plus 10.32% of excess over 13 $10,000,000 $5,000,000 14 Over $10,000,000 but not over $966,902 plus 11.32% of excess over 15 $100,000,000 $10,000,000 16 Over $100,000,000 $11,154,902 plus 11.82% of excess 17 over $100,000,000 18 § 4. Section 171-a of the tax law, as separately amended by chapters 19 481 and 484 of the laws of 1981, is amended by adding a new subdivision 20 3 to read as follows: 21 3. Notwithstanding subdivision one of this section or any other 22 provision of law to the contrary, any increase in the taxes imposed 23 pursuant to section six hundred one of this chapter attributable to the 24 difference in the rate of such taxes for taxable years beginning in and 25 after two thousand twenty-one and the rate of such taxes for taxable 26 years beginning in two thousand twenty shall be deposited in the state 27 lottery fund, created pursuant to section ninety-two-c of the state 28 finance law, as such taxes are received. The amount for administrative 29 costs shall be determined by the commissioner to represent reasonable 30 costs of the department in administering, collecting, determining and 31 distributing such taxes. Of the total revenue collected or received 32 under such sections of this chapter, the comptroller shall retain in his 33 hands such amount as the commissioner may determine to be necessary for 34 refunds or reimbursements under such sections of this chapter out of 35 which amount the comptroller shall pay any refunds or reimbursements to 36 which taxpayers shall be entitled under provisions of such sections. The 37 commissioner and the comptroller shall maintain a system of accounts 38 showing the amount of revenue collected or received from each of the 39 taxes imposed by such sections. 40 § 5. Section 92-c of the state finance law is amended by adding a new 41 subdivision 3-a to read as follows: 42 3-a. Moneys in such fund deposited pursuant to the provisions of 43 subdivision three of section one hundred seventy-one-a of the tax law 44 shall be appropriated or transferred only for foundation aid pursuant to 45 section thirty-six hundred two of the education law. 46 § 6. This act shall take effect immediately, provided, however, that 47 section four of this act shall take effect January 1, 2021 and shall 48 apply to taxable years beginning on and after such date.
