Senate Bill S8164

2019-2020 Legislative Session

Extends the top state income tax rate

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S8164 (ACTIVE) - Details

See Assembly Version of this Bill:
A10364
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §601, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S917

2019-S8164 (ACTIVE) - Summary

Extends the top state income tax rate to 10.32% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate.

2019-S8164 (ACTIVE) - Sponsor Memo

2019-S8164 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8164
 
                             I N  S E N A T E
 
                              April 13, 2020
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation  to  extending  the  top  state
   income tax rate
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Clauses (iv), (v), (vi), (vii) and (viii)  of  subparagraph
 (B)  of  paragraph  1  of  subsection (a) of section 601 of the tax law,
 clauses (iv), (v), (vi) and (vii) as amended by section 1 of part  P  of
 chapter  59 of the laws of 2019, and clause (viii) as added by section 1
 of part R of chapter 59 of the laws of 2017,  are  amended  to  read  as
 follows:
   (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 5.97% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
                                       $161,550
 Over $323,200 but not over            $19,403 plus 6.85% of excess
 $2,155,350                            over  $323,200
 OVER $2,155,350 BUT NOT OVER          $144,905 PLUS 8.82% OF EXCESS OVER
 $5,000,000                            $2,155,350
 OVER $5,000,000 BUT NOT OVER          $395,803 PLUS 9.32% OF EXCESS OVER
 $10,000,000                           $5,000,000

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

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