NY State Senate Bill 2021-S1513

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 05, 2022	referred to budget and revenue
Jan 12, 2021	referred to budget and revenue

2021-S1513 (ACTIVE) - Details

See Assembly Version of this Bill:: A5442
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§601 & 171-a, Tax L
Versions Introduced in 2019-2020 Legislative Session:: S7677

2021-S1513 (ACTIVE) - Summary

Establishes the millionaire's tax and economic equity act; 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.

2021-S1513 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1513

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the tax law, in relation to extending the top state
income tax rate, and establishing the millionaire's tax and economic
equity act of 2021

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes the Millionaire's Tax and Economic Equity Act of 2020 that
increases the state personal income tax rates for incomes over $1
million per taxable year for the purpose of promoting economic equity
and avoiding cuts in spending to public education and Medicaid.

 
SUMMARY OF PROVISIONS:

This legislation would amend the Tax Law by raising the personal income
tax rates for those making over $1 million per taxable year.  For
incomes from $1 million up to $5 million, the tax rate increases from

6.8545/8.82% up to 9.62%. For incomes from $5 million to $10 million,
the tax rate increases from 8.82% to 10.32%. For incomes from $10
million up to $100 million, the tax rate increases from 8.82% up to
11.32%. The top tax rate, which is for those with annual incomes over
$100 million, increases from 8.82% to 11.82%. Half the revenue would go
to public education and the other half would go to Medicaid for SFY
2020-21.

 
JUSTIFICATION:

This legislation would increase the state personal income tax rates for
incomes over $1 million per taxable year for the purpose of promoting
economic equity and avoiding cuts in spending to public education and
Medicaid. Half the revenue would go to public education and the other
half would go to Medicaid for SFY 2021-22.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

This bill is estimated to increase state revenues over $4.5 billion
annually.

 
EFFECTIVE DATE:
This act shall take effect immediately, provided, however, that section
five of this act shall take effect January 1, 2022 and shall apply to
taxable years beginning on and after such date.

2021-S1513 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1513
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- 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 establishing the millionaire's tax and economic
   equity act of 2021

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title.  This  act  shall be known and cited as the
 "millionaire's tax and economic equity act of 2021".
   § 2. 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06312-01-1

 S. 1513                             2
 
 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
 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]

 S. 1513                             3

 $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:
 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
   §  3. 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:

 S. 1513                             4
 
 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 $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

 S. 1513                             5
 
                                       $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
                                       $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

 S. 1513                             6
 
 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
 $100,000,000                          $10,000,000
 OVER $100,000,000                     $11,154,224 PLUS 11.82% OF EXCESS
                                       OVER $100,000,000
   §  4. 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

 S. 1513                             7
 
 $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]
 $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

 S. 1513                             8
 
   (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
                                       $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
   §  5.  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, WITH REGARDS TO 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,  FIFTY
 PERCENT  SHALL  BE DEPOSITED IN THE STATE LOTTERY FUND, CREATED PURSUANT
 TO SECTION NINETY-TWO-C OF THE STATE  FINANCE  LAW,  AND  FIFTY  PERCENT
 SHALL  BE  DEPOSITED  WITH  THE  NEW YORK STATE DEPARTMENT OF HEALTH FOR
 MEDICAID EXPENSES, AS SUCH TAXES ARE RECEIVED. THE AMOUNT  FOR  ADMINIS-
 TRATIVE  COSTS  SHALL  BE  DETERMINED  BY  THE COMMISSIONER TO REPRESENT
 REASONABLE COSTS OF THE DEPARTMENT IN ADMINISTERING, COLLECTING,  DETER-
 MINING,  AND  DISTRIBUTING SUCH TAXES. OF THE TOTAL REVENUE COLLECTED OR
 RECEIVED UNDER SUCH SECTIONS OF  THIS  CHAPTER,  THE  COMPTROLLER  SHALL
 RETAIN IN HIS OR HER 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.
   § 6. This act shall take effect immediately and shall apply to taxable
 years beginning on and after such date.

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Senate Bill S1513

Sponsored By

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

2021-S1513 (ACTIVE) - Details

2021-S1513 (ACTIVE) - Summary

2021-S1513 (ACTIVE) - Sponsor Memo

2021-S1513 (ACTIVE) - Bill Text download pdf

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Senate Bill S1513

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Sponsored By

James Sanders Jr.

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

2021-S1513 (ACTIVE) - Details

2021-S1513 (ACTIVE) - Summary

2021-S1513 (ACTIVE) - Sponsor Memo

2021-S1513 (ACTIVE) - Bill Text download pdf

Comments