NY State Senate Bill 2019-S7378

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 22, 2020	referred to budget and revenue

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2019-S7378 (ACTIVE) - Details

See Assembly Version of this Bill:: A10363
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§601 & 171-a, Tax L; amd §92-c, St Fin L

2019-S7378 (ACTIVE) - Summary

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.

2019-S7378 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7378

SPONSOR: JACKSON
 
TITLE OF BILL:

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

 
PURPOSE:

The purpose of this legislation is to raise sufficient revenue to fully
fund the Foundation Aid formula.

 
SUMMARY OF PROVISIONS:

Sections 1, 2, and 3 amend Section 601 of the Tax Law to create a
progressive tax structure for individuals that have incomes over $1
million. For individuals with incomes between $1 million but not over $5
million, the tax rate would be 9.62%; for individuals with incomes
between $5 million but not over $10 million, the tax rate would be

10.32%; for individuals with incomes between $10 million but not over
$100 million, the tax rate 11.32%; and for individuals with incomes
exceeding $100 million, the tax rate would be 11.85%.

Section 4 amends Section 171-A of the Tax Law by adding a new subdivi-
sion 3 to require that these funds are deposited in the state lottery
fund for the purpose of providing revenue for education.

Section 5 amends Section 92-C of the State Finance Law by adding a new
subdivision 3-A to provide that the funds derived from this revenue
shall be used to fund the Foundation Aid formula.

Section 6 is the effective date.

 
JUSTIFICATION:

New York State has a proud history of taking care of all its citizens,
no matter their social standing. But the past three decades of corporate
and individual tax cuts have sapped the resources needed to fulfill our
commitments to those who need our help the most.

This innovative tax bill is part of the effort to rectify these differ-
ences. We believe that slight increases in taxes, on those New Yorkers
who can most afford to pay, can have a state-wide beneficial effect for
every child and student in our state.

The new structure we are proposing would bring in more than $4.5 billion
in state revenues. This money could be used to fully fund Foundation
Aid, which the state's Court of Appeals has ruled is the correct way to
fund public schools. Too many of our school districts are in deep finan-
cial trouble, largely because of the holes in their budgets created by
inadequate state support.

Our children, parents, and educators should no longer suffer because of
a fiscal crisis they did not create. Our communities of color bear the
cost of this underfunding most deeply. It is time for us to put equity,
social justice, and fairness back into the budget considerations each
year. Let us make this session the one we can free our schools from the
burden of too few resources and ask the wealthiest New Yorkers to be
part of the solution.

 
LEGISLATIVE HISTORY:

New bill.

 
STATE FISCAL IMPLICATIONS:

The current tax rates for all incomes with $1 million or more is only
8.82%. The progressive tax structure created in this bill would raise
approximately $4.53 billion for education funding. (1)

 
EFFECTIVE DATE:  This act shall take effect immediately, provided,
however, that section four of this act shall take effect January 1,
2021, and shall apply to taxable years beginning on and after such date.
(1) New York State Department of Taxation and Finance: Personal Income
Tax Filers Summary Datasets through tax year 2016, Table 3; New York
State Division of the Budget: FY 2020 Economic and Revenue Outlook;
Fiscal Policy Institute estimates.

2019-S7378 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7378
 
                             I N  S E N A T E
 
                             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:
 
   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] $1,000,000               over  $323,200
 OVER $1,000,000 BUT NOT OVER          $65,764 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $450,564 PLUS 10.32% 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.

                                                            LBD14887-02-0

 S. 7378                             2
 
 OVER $10,000,000 BUT NOT OVER         $966,564 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$2,155,350                      $144,905 plus 8.82% of excess over
                                       $2,155,350]
 $100,000,000                          $11,154,564 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (v) For taxable years beginning in two thousand twenty-two the follow-
 ing 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 $161,550    $1,202 plus 5.85% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $9,021 plus 6.25% of excess over
                                       $161,550
 Over $323,200 but not over            $19,124 plus
 [$2,155,350] $1,000,000               6.85% of excess over $323,200
 OVER $1,000,000 BUT NOT OVER          $65,485 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $450,285 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $966,285 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$2,155,350                      $144,626 plus 8.82% of excess over
                                       $2,155,350]
 $100,000,000                          $11,154,285 PLUS 11.85% OF
                                       EXCESS OVER $100,000,000
   (vi)  For  taxable  years  beginning  in two thousand twenty-three 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 $161,550    $1,202 plus 5.73% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $8,860 plus 6.17% of excess over
                                       $161,550
 Over $323,200 but not over            $18,834 plus 6.85% of
 [$2,155,350] $1,000,000               excess over $323,200
 OVER $1,000,000 BUT NOT OVER          $65,195 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $449,995 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $965,995 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$2,155,350                      $144,336 plus 8.82% of excess over
                                       $2,155,350]
 $100,000,000                          $11,153,995 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (vii) For taxable years beginning  in  two  thousand  twenty-four  the
 following rates shall apply:

 S. 7378                             3
 
 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 $161,550    $1,202 plus 5.61% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $8,700 plus 6.09% of excess over
                                       $161,550
 Over $323,200 but not over            $18,544 plus 6.85% of
 [$2,155,350] $1,000,000               excess over $323,200
 OVER $1,000,000 BUT NOT OVER          $64,905 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $449,705 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $965,705 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$2,155,350                      $144,047 plus 8.82% of excess over
                                       $2,155,350]
 $100,000,000                          $11,153,705 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (viii)  For taxable years beginning after two thousand twenty-four 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 $161,550    $1,202 plus 5.5% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $8,553 plus 6.00% of excess over
                                       $161,550
 Over $323,200 BUT NOT OVER            $18,252 plus 6.85% of
 $1,000,000                            excess over $323,200
 OVER $1,000,000 BUT NOT OVER          $64,613 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $449,413 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $965,413 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 OVER $100,000,000                     $11,152,554 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B)  of
 paragraph  1  of  subsection  (b) of section 601 of the tax law, clauses
 (iv), (v), (vi) and (vii) as amended by section 2 of part P  of  chapter
 59  of the laws of 2019, and clause (viii) as added by section 2 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 $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over

 S. 7378                             4
 
                                       $17,650
 Over $20,900 but not over $32,200     $901 plus 5.9% of excess over
                                       $20,900
 Over $32,200 but not over $107,650    $1,568 plus 5.97% of excess over
                                       $32,200
 Over $107,650 but not over $269,300   $6,072 plus 6.33% of excess over
                                       $107,650
 Over $269,300 but not over            $16,304 plus 6.85% of
 [$1,616,450] $1,000,000               excess over $269,300
 OVER $1,000,000 BUT NOT OVER          $66,357 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $451,157 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $967,157 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,616,450                      $108,584 plus 8.82% of excess over
                                       $1,616,450]
 $100,000,000                          $11,155,157 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (v) For taxable years beginning in two thousand twenty-two the follow-
 ing rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.85% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,976 plus 6.25% of excess over
                                       $107,650
 Over $269,300 but not over            $16,079 plus 6.85% of excess
 [$1,616,450] $1,000,000               over $269,300
 OVER $1,000,000 BUT NOT OVER          $66,132 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $450,932 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $966,932 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,616,450                      $108,359 plus 8.82% of excess over
                                       $1,616,450]
 $100,000,000                          $11,154,932 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (vi)  For  taxable  years  beginning  in two thousand twenty-three the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.73% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,872 plus 6.17% of excess over

 S. 7378                             5

                                       $107,650
 Over $269,300 but not over            $15,845 plus 6.85% of excess
 [$1,616,450] $1,000,000               over $269,300
 OVER $1,000,000 BUT NOT OVER          $65,898 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $450,698 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $966,698 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,616,450                      $108,125 plus 8.82% of excess over
                                       $1,616,450]
 $100,000,000                          $11,154,698 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (vii)  For  taxable  years  beginning  in two thousand twenty-four the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.61% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,768 plus 6.09% of excess over
                                       $107,650
 Over $269,300 but not over            $15,612 plus 6.85% of excess
 [$1,616,450] $1,000,000               over $269,300
 OVER $1,000,000 BUT NOT OVER          $65,665 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $450,465 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $966,465 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,616,450                      $107,892 plus 8.82% of excess over
                                       $1,616,450]
 $100,000,000                          $11,154,465 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (viii) For taxable years beginning after two thousand twenty-four  the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.5% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,672 plus 6.00% of excess over
                                       $107,650
 Over $269,300 BUT NOT OVER            $15,371 plus 6.85% of
 $1,000,000                            excess over $269,300
 OVER $1,000,000 BUT NOT OVER          $65,424 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $ 450,224 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $966,224 PLUS 11.32% OF EXCESS OVER

 S. 7378                             6
 
 $100,000,000                          $10,000,000
 OVER $100,000,000                     $11,154,224 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   §  3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
 paragraph 1 of subsection (c) of section 601 of  the  tax  law,  clauses
 (iv),  (v),  (vi) and (vii) as amended by section 3 of part P of chapter
 59 of the laws of 2019, and clause (viii) as added by section 3 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 $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 5.97% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,579 plus 6.33% of excess over
                                       $80,650
 Over $215,400 but not over            $13,109 plus 6.85% of excess
 [$1,077,550] $1,000,000               over $215,400
 OVER $1,000,000 BUT NOT OVER          $66,855 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $451,655 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $967,655 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,077,550                      $72,166 plus 8.82% of excess over
                                       $1,077,550]
 $100,000,000                          $11,155,655 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (v) For taxable years beginning in two thousand twenty-two the follow-
 ing rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.85% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,504 plus 6.25% of excess over
                                       $80,650
 Over $215,400 but not over            $12,926 plus 6.85% of excess
 [$1,077,550] $1,000,000               over $215,400
 OVER $1,000,000 BUT NOT OVER          $66,672 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $ 451,472 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $967,472 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,077,550                      $71,984 plus 8.82% of excess over
                                       $1,077,550]

 S. 7378                             7
 
 $100,000,000                          $11,155,472 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (vi)  For  taxable  years  beginning  in two thousand twenty-three the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.73% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,424 plus 6.17% of excess over
                                       $80,650
 Over $215,400 but not over            $12,738 plus 6.85% of excess
 [$1,077,550] $1,000,000               over $215,400
 OVER $1,000,000 BUT NOT OVER          $66,484 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $ 451,284 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $967,284 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,077,550                      $71,796 plus 8.82% of excess over
                                       $1,077,550]
 $100,000,000                          $11,155,284 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (vii) For taxable years beginning  in  two  thousand  twenty-four  the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.61% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,344 plus 6.09% of excess over
                                       $80,650
 Over $215,400 but not over            $12,550 plus 6.85% of excess
 [$1,077,550] $1,000,000               over $215,400
 OVER $1,000,000 BUT NOT OVER          $66,296 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $ 451,096 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $967,096 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 Over [$1,077,550                      $71,608 plus 8.82% of excess over
                                       $1,077,550]
 $100,000,000                          $11,155,096 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   (viii)  For taxable years beginning after two thousand twenty-four the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over

 S. 7378                             8

                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.50% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess over
                                       $80,650
 Over $215,400 BUT NOT OVER            $12,356 plus 6.85% of
 $1,000,000                            excess over $215,400
 OVER $1,000,000 BUT NOT OVER          $66,102 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $450,902 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $966,902 PLUS 11.32% OF EXCESS OVER
 $100,000,000                          $10,000,000
 OVER $100,000,000                     $11,154,902 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   §  4.  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, ANY  INCREASE  IN  THE  TAXES  IMPOSED
 PURSUANT  TO SECTION SIX HUNDRED ONE OF THIS CHAPTER ATTRIBUTABLE TO THE
 DIFFERENCE IN THE RATE OF SUCH TAXES FOR TAXABLE YEARS BEGINNING IN  AND
 AFTER  TWO  THOUSAND  TWENTY-ONE  AND THE RATE OF SUCH TAXES FOR TAXABLE
 YEARS BEGINNING IN TWO THOUSAND TWENTY SHALL BE DEPOSITED IN  THE  STATE
 LOTTERY  FUND,  CREATED  PURSUANT  TO  SECTION NINETY-TWO-C OF THE STATE
 FINANCE LAW, AS SUCH TAXES ARE RECEIVED. THE AMOUNT  FOR  ADMINISTRATIVE
 COSTS  SHALL  BE  DETERMINED BY THE COMMISSIONER TO REPRESENT REASONABLE
 COSTS OF THE DEPARTMENT 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 SECTIONS OF THIS CHAPTER OUT OF
 WHICH AMOUNT THE COMPTROLLER SHALL PAY ANY REFUNDS OR REIMBURSEMENTS  TO
 WHICH TAXPAYERS SHALL BE ENTITLED UNDER PROVISIONS OF SUCH SECTIONS. THE
 COMMISSIONER  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.
   § 5.  Section 92-c of the state finance law is amended by adding a new
 subdivision 3-a to read as follows:
   3-A.  MONEYS  IN  SUCH  FUND  DEPOSITED  PURSUANT TO THE PROVISIONS OF
 SUBDIVISION THREE OF SECTION ONE HUNDRED SEVENTY-ONE-A OF  THE  TAX  LAW
 SHALL BE APPROPRIATED OR TRANSFERRED ONLY FOR FOUNDATION AID PURSUANT TO
 SECTION THIRTY-SIX HUNDRED TWO OF THE EDUCATION LAW.
   §  6.  This act shall take effect immediately, provided, however, that
 section four of this act shall take effect January  1,  2021  and  shall
 apply to taxable years beginning on and after such date.

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Senate Bill S7378

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

2019-S7378 (ACTIVE) - Details

2019-S7378 (ACTIVE) - Summary

2019-S7378 (ACTIVE) - Sponsor Memo

2019-S7378 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S7378

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Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

2019-S7378 (ACTIVE) - Details

2019-S7378 (ACTIVE) - Summary

2019-S7378 (ACTIVE) - Sponsor Memo

2019-S7378 (ACTIVE) - Bill Text download pdf

Comments