S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8532
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 9, 2019
                                ___________
 
 Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to personal  income  tax  rates
   and  in  relation to directing revenue generated from certain taxes to
   be deposited to the credit of the New York city housing authority  and
   the division of housing and community renewal
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (B)  of  paragraph  1  of  subsection  (a)  of
 section  601  of  the  tax law is amended by adding a new clause (ix) to
 read as follows:
   (IX) FOR TAXABLE YEARS BEGINNING  AFTER  TWO  THOUSAND  NINETEEN,  THE
 FOLLOWING RATES SHALL APPLY:
 
 IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
 OVER $1,000,000 BUT NOT OVER          $66,578 PLUS 8.82% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $419,378 PLUS 9.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $885,378 PLUS 9.82% OF EXCESS OVER
 $100,000,000                          $10,000,000
 OVER $100,000,000                     $9,723,378 PLUS 10.32% OF EXCESS
                                        OVER $100,000,000
   §  2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
 of the tax law is amended by  adding  a  new  clause  (ix)  to  read  as
 follows:
   (IX)  FOR  TAXABLE  YEARS  BEGINNING  AFTER TWO THOUSAND NINETEEN, THE
 FOLLOWING RATES SHALL APPLY:
 
 IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
 OVER $1,000,000 BUT NOT OVER          $67,017 PLUS 8.82% OF EXCESS OVER

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09982-04-9

 A. 8532                             2
 
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $419,817 PLUS 9.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $885,817 PLUS 9.82% OF EXCESS OVER
 $100,000,000                          $10,000,000
 OVER $100,000,000                     $9,723,817 PLUS 10.32% OF EXCESS
                                       OVER $100,000,000
   §  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
 of the tax law is amended by  adding  a  new  clause  (ix)  to  read  as
 follows:
   (IX)  FOR  TAXABLE  YEARS  BEGINNING  AFTER TWO THOUSAND NINETEEN, THE
 FOLLOWING RATES SHALL APPLY:
 
 IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
 OVER $1,000,000 BUT NOT OVER          $67,391 PLUS 8.82% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $420,191 PLUS 9.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000                      $886,191 PLUS 9.82% OF EXCESS OVER
                                       $10,000,000
 OVER $100,000,000                     $9,724,191 PLUS 10.32% OF EXCESS
                                       OVER $100,000,000
   § 4. Section 601 of the tax law is amended by adding a new  subsection
 (d-2) to read as follows:
   (D-2)  ALTERNATIVE  TAX  TABLE  BENEFIT  RECAPTURE.  FOR TAXABLE YEARS
 BEGINNING AFTER TWO THOUSAND NINETEEN FOR  A  TAXPAYER  WHOSE  NEW  YORK
 TAXABLE  INCOME  IS  OVER  $1,000,000, THERE IS HEREBY IMPOSED A SUPPLE-
 MENTAL TAX IN ADDITION TO THE TAX IMPOSED UNDER SUBSECTIONS (A), (B) AND
 (C) OF THIS SECTION FOR THE PURPOSE OF RECAPTURING THE  BENEFIT  OF  THE
 TAX  TABLES  CONTAINED  IN SUCH SUBSECTIONS. DURING THESE TAXABLE YEARS,
 ANY REFERENCE IN THIS CHAPTER TO SUBSECTION (D) OF THIS SECTION SHALL BE
 READ AS A REFERENCE TO THIS SUBSECTION.
   (1) FOR RESIDENT MARRIED INDIVIDUALS FILING JOINT RETURNS AND RESIDENT
 SURVIVING SPOUSES, THE SUPPLEMENTAL TAX SHALL BE AN AMOUNT EQUAL TO  THE
 SUM  OF  THE TAX TABLE BENEFITS DESCRIBED IN SUBPARAGRAPHS (A), (B), (C)
 AND (D) OF THIS PARAGRAPH MULTIPLIED BY THEIR  RESPECTIVE  FRACTIONS  IN
 SUCH SUBPARAGRAPHS.
   (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B) OF PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION  NOT  SUBJECT  TO
 THE  8.82  PERCENT  RATE  OF TAX FOR THE TAXABLE YEAR MULTIPLIED BY SUCH
 RATE AND (II) THE DOLLAR DENOMINATED TAX  FOR  SUCH  AMOUNT  OF  TAXABLE
 INCOME  SET  FORTH  IN  THE  TAX TABLE APPLICABLE TO THE TAXABLE YEAR IN
 CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (A)  OF
 THIS  SECTION  LESS  THE SUM OF TAX TABLE BENEFITS IN SUBPARAGRAPHS (A),
 (B) AND (C) OF PARAGRAPH ONE OF SUBSECTION (D-1) OF THIS SECTION.    THE
 FRACTION  FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS
 THE LESSER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW YORK  ADJUSTED
 GROSS  INCOME  FOR  THE  TAXABLE  YEAR  OVER ONE MILLION DOLLARS AND THE
 DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B)  OF  PARAGRAPH  ONE OF SUBSECTION (A) OF THIS SECTION NOT SUBJECT TO
 THE 9.32 PERCENT RATE OF TAX FOR THE TAXABLE  YEAR  MULTIPLIED  BY  SUCH
 RATE  AND  (II)  THE  DOLLAR  DENOMINATED TAX FOR SUCH AMOUNT OF TAXABLE
 INCOME SET FORTH IN THE TAX TABLE APPLICABLE  TO  THE  TAXABLE  YEAR  IN

 A. 8532                             3
 
 CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (A) OF
 THIS SECTION LESS THE SUM OF THE TAX  TABLE  BENEFITS  IN  SUBPARAGRAPHS
 (A),  (B)  AND  (C) OF PARAGRAPH ONE OF SUBSECTION (D-1) OF THIS SECTION
 AND  SUCH  TAX  TABLE BENEFIT IN SUBPARAGRAPH (A) OF THIS PARAGRAPH. THE
 FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR  IS
 THE  LESSER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW YORK ADJUSTED
 GROSS INCOME FOR THE TAXABLE YEAR OVER  FIVE  MILLION  DOLLARS  AND  THE
 DENOMINATOR  IS FIFTY THOUSAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARA-
 GRAPH SHALL NOT APPLY TO TAXPAYERS WHO  ARE  NOT  SUBJECT  TO  THE  9.32
 PERCENT TAX RATE.
   (C)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B) OF PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION  NOT  SUBJECT  TO
 THE  9.82  PERCENT  RATE  OF TAX FOR THE TAXABLE YEAR MULTIPLIED BY SUCH
 RATE AND (II) THE DOLLAR DENOMINATED TAX  FOR  SUCH  AMOUNT  OF  TAXABLE
 INCOME  SET  FORTH  IN  THE  TAX TABLE APPLICABLE TO THE TAXABLE YEAR IN
 CLAUSE (II) OF PARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (A) OF  THIS
 SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B)
 AND  (C)  OF  PARAGRAPH ONE OF SUBSECTION (D-1) OF THIS SECTION AND SUCH
 TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS  PARAGRAPH.  THE
 FRACTION  FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS
 THE LESSER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW YORK  ADJUSTED
 GROSS  INCOME  FOR  THE  TAXABLE  YEAR  OVER TEN MILLION DOLLARS AND THE
 DENOMINATOR IS FIFTY THOUSAND DOLLARS.  PROVIDED, HOWEVER, THIS SUBPARA-
 GRAPH SHALL NOT APPLY TO TAXPAYERS WHO  ARE  NOT  SUBJECT  TO  THE  9.82
 PERCENT TAX RATE.
   (D)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B) OF PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION  NOT  SUBJECT  TO
 THE  10.32  PERCENT  RATE OF TAX FOR THE TAXABLE YEAR MULTIPLIED BY SUCH
 RATE AND (II) THE DOLLAR DENOMINATED TAX  FOR  SUCH  AMOUNT  OF  TAXABLE
 INCOME  SET  FORTH  IN  THE  TAX TABLE APPLICABLE TO THE TAXABLE YEAR IN
 CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (A)  OF
 THIS  SECTION  LESS  THE  SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS
 (A), (B) AND (C) OF PARAGRAPH ONE OF SUBSECTION (D-1)  OF  THIS  SECTION
 AND  SUCH  TAX  TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS
 PARAGRAPH. THE FRACTION FOR THIS SUBPARAGRAPH IS  COMPUTED  AS  FOLLOWS:
 THE  NUMERATOR  IS THE LESSER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF
 NEW YORK ADJUSTED GROSS INCOME FOR THE TAXABLE  YEAR  OVER  ONE  HUNDRED
 MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (E)  PROVIDED,  HOWEVER, THE TOTAL TAX PRIOR TO THE APPLICATION OF ANY
 TAX CREDITS SHALL NOT EXCEED THE HIGHEST RATE OF TAX SET  FORTH  IN  THE
 TAX  TABLES  IN SUBSECTION (A) OF THIS SECTION MULTIPLIED BY THE TAXPAY-
 ER'S TAXABLE INCOME.
   (2) FOR RESIDENT HEADS OF HOUSEHOLDS, THE SUPPLEMENTAL TAX SHALL BE AN
 AMOUNT EQUAL TO THE SUM OF THE TAX TABLE BENEFITS DESCRIBED IN  SUBPARA-
 GRAPHS  (A),  (B),  (C)  AND  (D)  OF THIS PARAGRAPH MULTIPLIED BY THEIR
 RESPECTIVE FRACTIONS IN SUCH SUBPARAGRAPHS.
   (A) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B)  OF  PARAGRAPH  ONE OF SUBSECTION (B) OF THIS SECTION NOT SUBJECT TO
 THE 8.82 PERCENT RATE OF TAX FOR THE TAXABLE  YEAR  MULTIPLIED  BY  SUCH
 RATE  AND  (II)  THE  DOLLAR  DENOMINATED TAX FOR SUCH AMOUNT OF TAXABLE
 INCOME SET FORTH IN THE TAX TABLE APPLICABLE  TO  THE  TAXABLE  YEAR  IN
 CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (B) OF
 THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)

 A. 8532                             4
 
 AND (B) OF PARAGRAPH TWO OF SUBSECTION (D-1) OF THIS SECTION.  THE FRAC-
 TION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS  THE
 LESSER  OF  FIFTY  THOUSAND  DOLLARS  OR THE EXCESS OF NEW YORK ADJUSTED
 GROSS  INCOME  FOR  THE  TAXABLE  YEAR  OVER ONE MILLION DOLLARS AND THE
 DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B)  OF  PARAGRAPH  ONE OF SUBSECTION (B) OF THIS SECTION NOT SUBJECT TO
 THE 9.32 PERCENT RATE OF TAX FOR THE TAXABLE  YEAR  MULTIPLIED  BY  SUCH
 RATE  AND  (II)  THE  DOLLAR  DENOMINATED TAX FOR SUCH AMOUNT OF TAXABLE
 INCOME SET FORTH IN THE TAX TABLE APPLICABLE  TO  THE  TAXABLE  YEAR  IN
 CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (B) OF
 THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)
 AND (B) OF PARAGRAPH TWO OF SUBSECTION (D-1) OF THIS  SECTION  AND  SUCH
 TAX  TABLE  BENEFIT  IN SUBPARAGRAPH (A) OF THIS PARAGRAPH. THE FRACTION
 FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESS-
 ER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW  YORK  ADJUSTED  GROSS
 INCOME  FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINA-
 TOR IS FIFTY THOUSAND  DOLLARS.  PROVIDED,  HOWEVER,  THIS  SUBPARAGRAPH
 SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 9.32 PERCENT TAX
 RATE.
   (C)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B) OF PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION  NOT  SUBJECT  TO
 THE  9.82  PERCENT  RATE  OF TAX FOR THE TAXABLE YEAR MULTIPLIED BY SUCH
 RATE AND (II) THE DOLLAR DENOMINATED TAX  FOR  SUCH  AMOUNT  OF  TAXABLE
 INCOME  SET  FORTH  IN  THE  TAX TABLE APPLICABLE TO THE TAXABLE YEAR IN
 CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (B)  OF
 THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)
 AND  (B)  OF  PARAGRAPH TWO OF SUBSECTION (D-1) OF THIS SECTION AND SUCH
 TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS  PARAGRAPH.  THE
 FRACTION  FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS
 THE LESSER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW YORK  ADJUSTED
 GROSS  INCOME  FOR  THE  TAXABLE  YEAR  OVER TEN MILLION DOLLARS AND THE
 DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (D) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B)  OF  PARAGRAPH  ONE OF SUBSECTION (B) OF THIS SECTION NOT SUBJECT TO
 THE 10.32 PERCENT RATE OF TAX FOR THE TAXABLE YEAR  MULTIPLIED  BY  SUCH
 RATE  AND  (II)  THE  DOLLAR  DENOMINATED TAX FOR SUCH AMOUNT OF TAXABLE
 INCOME SET FORTH IN THE TAX TABLE APPLICABLE  TO  THE  TAXABLE  YEAR  IN
 CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (B) OF
 THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)
 AND (B) OF PARAGRAPH TWO OF SUBSECTION (D-1) OF THIS  SECTION  AND  SUCH
 TAX  TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS PARAGRAPH.
 THE FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR
 IS THE LESSER OF FIFTY THOUSAND  DOLLARS  OR  THE  EXCESS  OF  NEW  YORK
 ADJUSTED  GROSS  INCOME  FOR  THE  TAXABLE YEAR OVER ONE HUNDRED MILLION
 DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (E) PROVIDED, HOWEVER, THE TOTAL TAX PRIOR TO THE APPLICATION  OF  ANY
 TAX  CREDITS  SHALL  NOT EXCEED THE HIGHEST RATE OF TAX SET FORTH IN THE
 TAX TABLES IN SUBSECTION (B) OF THIS SECTION MULTIPLIED BY  THE  TAXPAY-
 ER'S TAXABLE INCOME.
   (3)  FOR  RESIDENT UNMARRIED INDIVIDUALS, RESIDENT MARRIED INDIVIDUALS
 FILING SEPARATE RETURNS AND RESIDENT ESTATES  AND  TRUSTS,  THE  SUPPLE-
 MENTAL TAX SHALL BE AN AMOUNT EQUAL TO THE SUM OF THE TAX TABLE BENEFITS

 A. 8532                             5
 
 DESCRIBED  IN  SUBPARAGRAPHS  (A),  (B),  (C)  AND (D) OF THIS PARAGRAPH
 MULTIPLIED BY THEIR RESPECTIVE FRACTIONS IN SUCH SUBPARAGRAPHS.
   (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B) OF PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION  NOT  SUBJECT  TO
 THE  8.82  PERCENT  RATE  OF TAX FOR THE TAXABLE YEAR MULTIPLIED BY SUCH
 RATE AND (II) THE DOLLAR DENOMINATED TAX  FOR  SUCH  AMOUNT  OF  TAXABLE
 INCOME  SET  FORTH  IN  THE  TAX TABLE APPLICABLE TO THE TAXABLE YEAR IN
 CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (C)  OF
 THIS SECTION LESS THE SUM OF TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND
 (B)  OF  PARAGRAPH THREE OF SUBSECTION (D-1) OF THIS SECTION.  THE FRAC-
 TION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY  THOU-
 SAND  DOLLARS  OR  THE  EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE
 TAXABLE YEAR OVER ONE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
 SAND DOLLARS.
   (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B)  OF  PARAGRAPH  ONE OF SUBSECTION (C) OF THIS SECTION NOT SUBJECT TO
 THE 9.32 PERCENT RATE OF TAX FOR THE TAXABLE  YEAR  MULTIPLIED  BY  SUCH
 RATE  AND  (II)  THE  DOLLAR  DENOMINATED TAX FOR SUCH AMOUNT OF TAXABLE
 INCOME SET FORTH IN THE TAX TABLE APPLICABLE  TO  THE  TAXABLE  YEAR  IN
 CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (C) OF
 THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)
 AND (B) OF PARAGRAPH THREE OF SUBSECTION (D-1) OF THIS SECTION AND  SUCH
 TAX  TABLE  BENEFIT  IN SUBPARAGRAPH (A) OF THIS PARAGRAPH. THE FRACTION
 FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESS-
 ER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW  YORK  ADJUSTED  GROSS
 INCOME  FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINA-
 TOR IS FIFTY THOUSAND  DOLLARS.  PROVIDED,  HOWEVER,  THIS  SUBPARAGRAPH
 SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 9.32 PERCENT TAX
 RATE.
   (C)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B) OF PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION  NOT  SUBJECT  TO
 THE  9.82  PERCENT  RATE  OF TAX FOR THE TAXABLE YEAR MULTIPLIED BY SUCH
 RATE AND (II) THE DOLLAR DENOMINATED TAX  FOR  SUCH  AMOUNT  OF  TAXABLE
 INCOME  SET  FORTH  IN  THE  TAX TABLE APPLICABLE TO THE TAXABLE YEAR IN
 CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (C)  OF
 THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)
 AND  (B) OF PARAGRAPH THREE OF SUBSECTION (D-1) OF THIS SECTION AND SUCH
 TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS  PARAGRAPH.  THE
 FRACTION  FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS
 THE LESSER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW YORK  ADJUSTED
 GROSS  INCOME  FOR  THE  TAXABLE  YEAR  OVER TEN MILLION DOLLARS AND THE
 DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (D) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
 (B)  OF  PARAGRAPH  ONE OF SUBSECTION (C) OF THIS SECTION NOT SUBJECT TO
 THE 10.32 PERCENT RATE OF TAX FOR THE TAXABLE YEAR  MULTIPLIED  BY  SUCH
 RATE  AND  (II)  THE  DOLLAR  DENOMINATED TAX FOR SUCH AMOUNT OF TAXABLE
 INCOME SET FORTH IN THE TAX TABLE APPLICABLE  TO  THE  TAXABLE  YEAR  IN
 CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (C) OF
 THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)
 AND (B) OF PARAGRAPH THREE OF SUBSECTION (D-1) OF THIS SECTION AND  SUCH
 TAX  TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS PARAGRAPH.
 THE FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR

 A. 8532                             6
 
 IS THE LESSER OF FIFTY THOUSAND  DOLLARS  OR  THE  EXCESS  OF  NEW  YORK
 ADJUSTED  GROSS  INCOME  FOR  THE  TAXABLE YEAR OVER ONE HUNDRED MILLION
 DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (E)  PROVIDED,  HOWEVER, THE TOTAL TAX PRIOR TO THE APPLICATION OF ANY
 TAX CREDITS SHALL NOT EXCEED THE HIGHEST RATE OF TAX SET  FORTH  IN  THE
 TAX  TABLES  IN SUBSECTION (C) OF THIS SECTION MULTIPLIED BY THE TAXPAY-
 ER'S TAXABLE INCOME.
   § 5. Subsection (f) of section 614 of  the  tax  law,  as  amended  by
 section  11  of part FF of chapter 59 of the laws of 2013, is amended to
 read as follows:
   (f) Adjusted standard deduction. For taxable years beginning after two
 thousand [seventeen] NINETEEN, the standard deductions set forth in this
 section shall be the amounts set forth in this section adjusted  by  the
 cost  of  living  adjustment  prescribed in section six hundred one-a of
 this part for tax years two  thousand  thirteen  [through  two  thousand
 seventeen] AND THEREAFTER.
   §  6.  Section 171-a of the tax law, as separately amended by chapters
 481 and 484 of the laws of 1981, is amended by adding a new  subdivision
 3 to read as follows:
   3.  NOTWITHSTANDING  SUBDIVISION  ONE  OF  THIS  SECTION  OR ANY OTHER
 PROVISION OF LAW TO THE CONTRARY, THE TAXES IMPOSED PURSUANT  TO  CLAUSE
 (IX) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (A), CLAUSE (IX)
 OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (B), AND CLAUSE (IX)
 OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (C)  OF  SECTION  SIX
 HUNDRED  ONE  OF  THIS  CHAPTER, REDUCED BY AN AMOUNT FOR ADMINISTRATIVE
 COSTS, SHALL BE DEPOSITED, AS SUCH TAXES ARE RECEIVED, AS  FOLLOWS:  (A)
 EIGHTY  PERCENT  OF  THE REVENUE SHALL BE DEPOSITED TO THE CREDIT OF THE
 NEW YORK CITY HOUSING AUTHORITY; AND (B) TWENTY PERCENT OF  THE  REVENUE
 SHALL BE DEPOSITED TO THE CREDIT OF THE DIVISION OF HOUSING AND COMMUNI-
 TY  RENEWAL FOR THE PURPOSES OF CONSTRUCTION, IMPROVEMENT, AND PRESERVA-
 TION OF PUBLIC HOUSING AUTHORITIES OUTSIDE THE CITY  OF  NEW  YORK.  THE
 AMOUNT  FOR ADMINISTRATIVE COSTS SHALL BE DETERMINED BY THE COMMISSIONER
 TO REPRESENT REASONABLE COSTS OF THE DEPARTMENT OF TAXATION AND  FINANCE
 IN  ADMINISTERING,  COLLECTING, DETERMINING AND DISTRIBUTING SUCH TAXES.
 OF THE TOTAL REVENUE COLLECTED OR RECEIVED UNDER SUCH SECTIONS  OF  THIS
 CHAPTER,  THE  COMPTROLLER  SHALL RETAIN IN HIS HANDS SUCH AMOUNT AS THE
 COMMISSIONER MAY DETERMINE TO BE NECESSARY FOR REFUNDS OR REIMBURSEMENTS
 UNDER SUCH CLAUSES OF SUCH SECTION OF THIS CHAPTER OUT OF  WHICH  AMOUNT
 THE COMPTROLLER SHALL PAY ANY REFUNDS OR REIMBURSEMENTS TO WHICH TAXPAY-
 ERS  SHALL  BE  ENTITLED UNDER PROVISIONS OF SUCH SECTIONS.  THE COMMIS-
 SIONER AND THE COMPTROLLER SHALL MAINTAIN A SYSTEM OF  ACCOUNTS  SHOWING
 THE  AMOUNT  OF  REVENUE  COLLECTED  OR  RECEIVED FROM EACH OF THE TAXES
 IMPOSED BY SUCH SECTIONS.
   § 7. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2020.