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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Jan 05, 2022 |
referred to budget and revenue |
| Jan 22, 2021 |
referred to budget and revenue |
Senate Bill S2622
2021-2022 Legislative Session
Imposes a progressive income tax structure
download bill text pdfSponsored By
(D, WF) 31st Senate District
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
Actions
co-Sponsors
(D) Senate District
(D, WF) Senate District
(D, WF) 46th Senate District
(D, WF) 25th Senate District
(D, WF) 55th Senate District
(D) 14th Senate District
(D, WF) 56th Senate District
(D, WF) 12th Senate District
(D) 26th Senate District
(D, WF) 47th Senate District
(D) 16th Senate District
(D, WF) 48th Senate District
(D) 20th Senate District
(D, WF) 21st Senate District
(D, WF) 13th Senate District
(D, WF) 33rd Senate District
(D, WF) 18th Senate District
(D) 10th Senate District
(D) 32nd Senate District
(D, WF) 29th Senate District
2021-S2622 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A4604
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §601, Tax L
- Versions Introduced in 2023-2024 Legislative Session:
-
S2059, A3115
2021-S2622 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2622
SPONSOR: JACKSON
TITLE OF BILL:
An act to amend the tax law, in relation to imposing a progressive
income tax structure
PURPOSE:
The purpose of this legislation is to increase state tax revenues and
reduce economic inequality by creating a fair and progressive personal
income tax.
SUMMARY OF PROVISIONS:
Sections 1, 2, 3, 4, 5, and 6 amend Section 601 of the Tax law to
provide comprehensive progressive income tax reform. For married couples
filing jointly, the following tax rates and brackets are imposed: 7.5%
for incomes over $450,000; 8.0% for incomes over $600,000; 8.5% for
incomes over $700,000; 9.0% for incomes over $800,000; 9.5% for incomes
over $900,000; 10% for incomes over $1,000,000; 11% for incomes over $1,100,000; 12% for incomes over $1,200,000; 13% for incomes over $5,500,000; 14% for incomes over $11,000,000; and 15% for incomes over $110,000,000. The new rates and brackets for heads of household conform to these new rates and brackets for married taxpayers filing jointly. For single filers, the following tax rates and brackets are imposed: 7.5% for incomes over $300,000; 8.0% for incomes over $400,000; 8.5% for incomes over $500,000; 9.0% for incomes over $600,000; 9.5% for incomes over $700,000; 10% for incomes over $800,000; 11% for incomes over $900,000; 12% for incomes over $1,000,000; 13% for incomes over $5,000,000; 14% for incomes over $10,000,000; and 15% for incomes over $100,000,000. Section 7 is the effective date. JUSTIFICATION: New York is an exceptionally wealthy state. Treated as a separate coun- try, it would have one of the world's largest economies. With such a strong economy, all New Yorkers should have fundamental economic rights: access to high-quality education, affordable healthcare, guaranteed housing, and basic social services and social insurance. New York must also finance investments in green energy, green jobs, and green infras- tructure in order to mitigate the catastrophic risks of climate change. Unfortunately, New York is also the most unequal state in the nation. This is due in part because the tax system has not kept pace with chang- es in the economy, leaving the many high-earning professionals and weal- thy families in this state undertaxed. Economic growth from recent decades has overwhelmingly benefited a small segment of elites, while inflation-adjusted wages have stagnated for the vast majority of working people since the 1970s. The state government, lacking adequate tax revenues, has been unable to afford essential public investment and social spending, including upgrading our infrastructure, repairing public housing, sufficiently funding public education, and financing Medicaid. Too many years of allowing the wealthiest residents to not pay their fair share in taxes has thrown our state budget into a massive hole. The COVID-19 pandemic, which exacerbated existing budgetary chal- lenges, has shown just how urgently these reforms are needed. The State Fiscal Year 2021-2022 shortfall alone is estimated at $16.3 billion. Our state is in dire need of tax reform. The rich pay far less than their fair share, while the tax burden falls on the backs of working and middle class families. In order to remedy the state's budgetary problems and fairly distribute the tax burden, the personal income tax must be transformed into a meaningfully progressive tax. The personal income tax is the state's largest source of revenue, but it is not a fair tax. The income tax rate is approximately a flat 6.5% for all taxpayers making less than $1 million per year, leaving Wall Street bankers bearing the same tax burden as working class families. While it is widely observed that the rich pay a majority of the state's tax revenues, this is only because there are so many extraordinarily rich people in New York. Less discussed is that a flat tax rate is regres- sive: it places a disproportionate burden on the working class and middle class. When combined with the sales tax, an even more regressive tax that hits working people hardest, it makes for a state tax system that raises inadequate revenue, burdens working people and communities of color, exacerbates the racial wealth gap, and leaves the wealthy and the economic elite paying less than their fair share. This bill reforms the personal income tax to make it a progressive tax. New rates are added for single taxpayers earning more than $300,000 per year and married taxpayers earning more than $450,000. The tax increases for these brackets are just .065%. Additional brackets are added in roughly $100,000 increments, with 0.5% tax increases per brack- et, such that the tax rate rises to 12% for an individual making $1 million per year or a married couple making $1.2 million per year. The rates continue to rise, reaching 15% for an individual making $100 million per year. These changes do not burden the middle class. U.S. Census data shows the median household income in New York for 2018 to be just under $68,000, which is far below the range in which these tax increases take effect. Moreover, even those taxpayers making $500,000 per year will only see a small increase in their tax rate. These reforms do not just make the personal income tax fair. They dramatically increase its revenue raising power, bringing in another $12 billion to $18 billion per year. A properly funded state government can protect the livelihoods of public sector workers, invest in infrastruc- ture, and secure quality education, housing, and healthcare for all. LEGISLATIVE HISTORY: New bill. STATE AND LOCAL FISCAL IMPLICATIONS: This bill is projected to raise between $12 billion and $18 billion annually in new revenue. EFFECTIVE DATE: This act shall take effect immediately.
2021-S2622 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2622
2021-2022 Regular Sessions
I N S E N A T E
January 22, 2021
___________
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 imposing a progressive
income tax structure
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] $450,000 over $323,200
Over [$2,155,350 $144,905 plus 8.82% of excess over
$2,155,350]
$450,000 BUT NOT OVER $600,000 $28,089 PLUS 7.5% OF EXCESS OVER
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04685-02-1
S. 2622 2
$450,000
OVER $600,000 BUT NOT OVER $700,000 $39,339 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $47,339 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $55,839 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $64,839 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $74,339 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $84,339 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $95,339 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $611,339 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,326,339 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,186,339 PLUS 15% OF EXCESS OVER
$110,000,000
(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] $450,000 6.85% of excess over $323,200
Over [$2,155,350 $144,626 plus 8.82% of excess over
$2,155,350]
$450,000 BUT NOT OVER $600,000 $27,810 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $39,060 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $47,060 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $55,560 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $64,560 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $74,060 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $84,060 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $95,060 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $611,060 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,326,060 PLUS 14% OF EXCESS OVER
S. 2622 3
$110,000,000 $11,000,000
OVER $110,000,000 $15,186,060 PLUS 15% OF EXCESS OVER
$110,000,000
(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] $450,000 excess over $323,200
Over [$2,155,350 $144,336 plus 8.82% of excess over
$2,155,350]
$450,000 BUT NOT OVER $600,000 $27,520 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $38,770 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $46,770 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $55,270 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $64,270 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $73,770 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $83,770 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $94,770 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $610,770 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,325,770 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,185,770 PLUS 15% OF EXCESS OVER
$110,000,000
(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] $450,000 excess over $323,200
Over [$2,155,350 $144,047 plus 8.82% of excess over
S. 2622 4
$2,155,350]
$450,000 BUT NOT OVER $600,000 $27,230 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $38,480 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $46,480 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $54,980 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $63,980 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $73,480 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $83,480 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $94,480 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $610,480 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,325,480 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,185,480 PLUS 15% OF EXCESS OVER
$110,000,000
(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 excess over
$450,000 $323,200
OVER $450,000 BUT NOT OVER $600,000 $26,938 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $38,188 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $46,188 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $54,688 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $63,688 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $73,188 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $83,188 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $94,188 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $610,188 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,325,188 PLUS 14% OF EXCESS OVER
S. 2622 5
$110,000,000 $11,000,000
OVER $110,000,000 $15,185,188 PLUS 15% OF EXCESS OVER
$110,000,000
§ 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
$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] $450,000 excess over $269,300
Over [$1,616,450 $108,584 plus 8.82% of excess over
$1,616,450]
$450,000 BUT NOT OVER $600,000 $28,682 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $39,932 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $47,932 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $56,432 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $65,432 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $74,932 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $84,932 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $95,932 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $611,932 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,326,932 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,186,932 PLUS 15% OF EXCESS OVER
$110,000,000
(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
S. 2622 6
$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] $450,000 over $269,300
Over [$1,616,450 $108,359 plus 8.82% of excess over
$1,616,450]
$450,000 BUT NOT OVER $600,000 $28,457 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $39,707 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $47,707 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $56,207 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $65,207 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $74,707 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $84,707 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $95,707 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $611,707 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,326,707 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,186,707 PLUS 15% OF EXCESS OVER
$110,000,000
(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
$107,650
Over $269,300 but not over $15,845 plus 6.85% of excess
[$1,616,450] $450,000 over $269,300
Over [$1,616,450 $108,125 plus 8.82% of excess over
$1,616,450]
$450,000 BUT NOT OVER $600,000 $28,223 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $39,473 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $47,473 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $55,973 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $64,973 PLUS 9.5% OF EXCESS OVER
S. 2622 7
$900,000
OVER $1,000,000 BUT NOT OVER $74,473 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $84,473 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $95,473 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $611,473 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,326,473 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,186,473 PLUS 15% OF EXCESS OVER
$110,000,000
(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] $450,000 over $269,300
Over [$1,616,450 $107,892 plus 8.82% of excess over
$1,616,450]
$450,000 BUT NOT OVER $600,000 $27,990 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $39,240 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $47,240 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $55,740 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $64,740 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $74,240 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $84,240 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $95,240 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $611,240 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,326,240 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,186,240 PLUS 15% OF EXCESS OVER
$110,000,000
(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
S. 2622 8
$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 excess over
$450,000 $269,300
OVER $450,000 BUT NOT OVER $600,000 $27,749 PLUS 7.5% OF EXCESS OVER
$450,000
OVER $600,000 BUT NOT OVER $700,000 $38,999 PLUS 8% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $46,999 PLUS 8.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $55,499 PLUS 9% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $1,000,000 $64,499 PLUS 9.5% OF EXCESS OVER
$900,000
OVER $1,000,000 BUT NOT OVER $73,999 PLUS 10% OF EXCESS OVER
$1,100,000 $1,000,000
OVER $1,100,000 BUT NOT OVER $83,999 PLUS 11% OF EXCESS OVER
$1,200,000 $1,100,000
OVER $1,200,000 BUT NOT OVER $94,999 PLUS 12% OF EXCESS OVER
$5,500,000 $1,200,000
OVER $5,500,000 BUT NOT OVER $610,999 PLUS 13% OF EXCESS OVER
$11,000,000 $5,500,000
OVER $11,000,000 BUT NOT OVER $1,325,999 PLUS 14% OF EXCESS OVER
$110,000,000 $11,000,000
OVER $110,000,000 $15,185,999 PLUS 15% OF EXCESS OVER
$110,000,000
§ 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] $300,000 over $215,400
Over [$1,077,550 $72,166 plus 8.82% of excess over
$1,077,550]
$300,000 BUT NOT OVER $400,000 $18,904 PLUS 7.5% OF EXCESS OVER
S. 2622 9
$300,000
OVER $400,000 BUT NOT OVER $500,000 $26,404 PLUS 8% OF EXCESS OVER
$400,000
OVER $500,000 BUT NOT OVER $600,000 $34,404 PLUS 8.5% OF EXCESS OVER
$500,000
OVER $600,000 BUT NOT OVER $700,000 $42,904 PLUS 9% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $51,904 PLUS 9.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $61,404 PLUS 10% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $71,404 PLUS 11% OF EXCESS OVER
$1,000,000 $900,000
OVER $1,000,000 BUT NOT OVER $82,404 PLUS 12% OF EXCESS OVER
$5,000,000 $1,000,000
OVER $5,000,000 BUT NOT OVER $562,404 PLUS 13% OF EXCESS OVER
$10,000,000 $5,000,000
OVER $10,000,000 BUT NOT OVER $1,212,404 PLUS 14% OF EXCESS OVER
$100,000,000 $10,000,000
OVER $100,000,000 $13,812,404 PLUS 15% 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] $300,000 over $215,400
Over [$1,077,550 $71,984 plus 8.82% of excess over
$1,077,550]
$300,000 BUT NOT OVER $400,000 $18,721 PLUS 7.5% OF EXCESS OVER
$300,000
OVER $400,000 BUT NOT OVER $500,000 $26,221 PLUS 8% OF EXCESS OVER
$400,000
OVER $500,000 BUT NOT OVER $600,000 $34,221 PLUS 8.5% OF EXCESS OVER
$500,000
OVER $600,000 BUT NOT OVER $700,000 $42,721 PLUS 9% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $51,721 PLUS 9.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $61,221 PLUS 10% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $71,221 PLUS 11% OF EXCESS OVER
$1,000,000 $900,000
OVER $1,000,000 BUT NOT OVER $82,221 PLUS 12% OF EXCESS OVER
$5,000,000 $1,000,000
OVER $5,000,000 BUT NOT OVER $562,221 PLUS 13% OF EXCESS OVER
$10,000,000 $5,000,000
OVER $10,000,000 BUT NOT OVER $1,212,221 PLUS 14% OF EXCESS OVER
S. 2622 10
$100,000,000 $10,000,000
OVER $100,000,000 $13,812,221 PLUS 15% 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] $300,000 over $215,400
Over [$1,077,550 $71,796 plus 8.82% of excess over
$1,077,550]
$300,000 BUT NOT OVER $400,000 $18,533 PLUS 7.5% OF EXCESS OVER
$300,000
OVER $400,000 BUT NOT OVER $500,000 $26,033 PLUS 8% OF EXCESS OVER
$400,000
OVER $500,000 BUT NOT OVER $600,000 $34,033 PLUS 8.5% OF EXCESS OVER
$500,000
OVER $600,000 BUT NOT OVER $700,000 $42,533 PLUS 9% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $51,533 PLUS 9.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $61,033 PLUS 10% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $71,033 PLUS 11% OF EXCESS OVER
$1,000,000 $900,000
OVER $1,000,000 BUT NOT OVER $82,033 PLUS 12% OF EXCESS OVER
$5,000,000 $1,000,000
OVER $5,000,000 BUT NOT OVER $562,033 PLUS 13% OF EXCESS OVER
$10,000,000 $5,000,000
OVER $10,000,000 BUT NOT OVER $1,212,033 PLUS 14% OF EXCESS OVER
$100,000,000 $10,000,000
OVER $100,000,000 $13,812,033 PLUS 15% 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] $300,000 over $215,400
Over [$1,077,550 $71,608 plus 8.82% of excess over
S. 2622 11
$1,077,550]
$300,000 BUT NOT OVER $400,000 $18,345 PLUS 7.5% OF EXCESS OVER
$300,000
OVER $400,000 BUT NOT OVER $500,000 $25,845 PLUS 8% OF EXCESS OVER
$400,000
OVER $500,000 BUT NOT OVER $600,000 $33,845 PLUS 8.5% OF EXCESS OVER
$500,000
OVER $600,000 BUT NOT OVER $700,000 $42,345 PLUS 9% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $51,345 PLUS 9.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $60,845 PLUS 10% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $70,845 PLUS 11% OF EXCESS OVER
$1,000,000 $900,000
OVER $1,000,000 BUT NOT OVER $81,845 PLUS 12% OF EXCESS OVER
$5,000,000 $1,000,000
OVER $5,000,000 BUT NOT OVER $561,845 PLUS 13% OF EXCESS OVER
$10,000,000 $5,000,000
OVER $10,000,000 BUT NOT OVER $1,211,845 PLUS 14% OF EXCESS OVER
$100,000,000 $10,000,000
OVER $100,000,000 $13,811,845 PLUS 15% 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
$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 excess over
$300,000 $215,400
OVER $300,000 BUT NOT OVER $400,000 $18,151 PLUS 7.5% OF EXCESS OVER
$300,000
OVER $400,000 BUT NOT OVER $500,000 $25,651 PLUS 8% OF EXCESS OVER
$400,000
OVER $500,000 BUT NOT OVER $600,000 $33,651 PLUS 8.5% OF EXCESS OVER
$500,000
OVER $600,000 BUT NOT OVER $700,000 $42,151 PLUS 9% OF EXCESS OVER
$600,000
OVER $700,000 BUT NOT OVER $800,000 $51,151 PLUS 9.5% OF EXCESS OVER
$700,000
OVER $800,000 BUT NOT OVER $900,000 $60,651 PLUS 10% OF EXCESS OVER
$800,000
OVER $900,000 BUT NOT OVER $70,651 PLUS 11% OF EXCESS OVER
$1,000,000 $900,000
OVER $1,000,000 BUT NOT OVER $81,651 PLUS 12% OF EXCESS OVER
$5,000,000 $1,000,000
OVER $5,000,000 BUT NOT OVER $561,651 PLUS 13% OF EXCESS OVER
$10,000,000 $5,000,000
OVER $10,000,000 BUT NOT OVER $1,211,651 PLUS 14% OF EXCESS OVER
S. 2622 12
$100,000,000 $10,000,000
OVER $100,000,000 $13,811,651 PLUS 15% OF EXCESS OVER
$100,000,000
§ 4. Subparagraphs (A), (B), (C), (D) and (E) of paragraph 1 of
subsection (d-1) of section 601 of the tax law, as added by section 7 of
part A of chapter 56 of the laws of 2011, subparagraph (D) as amended by
section 4 of part P of chapter 59 of the laws of 2019, are amended to
read as follows:
(A) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [6.45] 6.33 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (a) 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
hundred SIXTY-ONE THOUSAND, FIVE HUNDRED FIFTY thousand 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 paragraph one of subsection
(a) of this section not subject to the [6.65] 6.85 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (a) of
this section less the 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 [one] THREE
hundred [fifty] TWENTY-THREE thousand, TWO HUNDRED dollars and the
denominator is fifty thousand dollars. Provided, however, this subpara-
graph shall not apply to taxpayers who are not subject to the [6.65]
6.85 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 paragraph one of subsection
(a) of this section not subject to the [6.85] 7.5 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (a) of
this section less the sum of the tax table benefit 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 [three] FOUR hundred FIFTY thousand dollars and the denomina-
tor is fifty thousand dollars. Provided, however, this subparagraph
shall not apply to taxpayers who are not subject to the [6.85] 7.5
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 paragraph one of subsection
(a) of this section not subject to the [8.82] 8 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 appli-
cable to the taxable year in paragraph one of subsection (a) of this
section less the sum of the 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
S. 2622 13
dollars or the excess of New York adjusted gross income for the taxable
year over [two million] SIX HUNDRED THOUSAND dollars and the denominator
is fifty thousand dollars. [This subparagraph shall apply only to taxa-
ble years beginning on or after January first, two thousand twelve and
before January first, two thousand twenty-five] PROVIDED, HOWEVER, THIS
SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 8
PERCENT TAX RATE.
(E) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 8.5 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (D)
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 SEVEN
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 8.5 PERCENT TAX RATE.
(F) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 9 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (E)
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 EIGHT
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 9 PERCENT TAX RATE.
(G) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 9.5 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (F)
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 NINE
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 9.5 PERCENT TAX RATE.
(H) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 10 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (G)
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
S. 2622 14
MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS. PROVIDED,
HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT
SUBJECT TO THE 10 PERCENT TAX RATE.
(I) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 11 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (H)
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
MILLION ONE HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO
TAXPAYERS WHO ARE NOT SUBJECT TO THE 11 PERCENT TAX RATE.
(J) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 12 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (I)
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
MILLION TWO HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO
TAXPAYERS WHO ARE NOT SUBJECT TO THE 12 PERCENT TAX RATE.
(K) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 13 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (J)
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 FIVE HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO
TAXPAYERS WHO ARE NOT SUBJECT TO THE 13 PERCENT TAX RATE.
(L) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 14 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (K)
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 ELEV-
EN MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 14 PERCENT TAX RATE.
S. 2622 15
(M) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 15 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 PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (L)
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 TEN MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND
DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAY-
ERS WHO ARE NOT SUBJECT TO THE 15 PERCENT TAX RATE.
(N) 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.
§ 5. Subparagraphs (A), (B), (C) and (D) of paragraph 2 of subsection
(d-1) of section 601 of the tax law, as added by section 7 of part A of
chapter 56 of the laws of 2011, subparagraph (C) as amended by section 5
of part P of chapter 59 of the laws of 2019, are amended to read as
follows:
(A) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(b) of this section not subject to the [6.65] 6.33 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (b) 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
hundred SEVEN thousand SIX HUNDRED FIFTY 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 paragraph one of subsection
(b) of this section not subject to the 6.85 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 paragraph one of subsection (b) of this section
less the 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 two hundred [fifty] SIXTY-NINE
thousand THREE HUNDRED dollars and the denominator is fifty thousand
dollars. Provided, however, this subparagraph shall not apply to taxpay-
ers who are not subject to the 6.85 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 paragraph one of subsection
(b) of this section not subject to the [8.82] 7.5 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (b) of
this section less the sum of the 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
S. 2622 16
year over [one million five] FOUR hundred FIFTY thousand dollars and the
denominator is fifty thousand dollars. [This subparagraph shall apply
only to taxable years beginning on or after January first, two thousand
twelve and before January first, two thousand twenty-five] PROVIDED,
HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT
SUBJECT TO THE 7.5 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 PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 8 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT 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 SIX
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 8 PERCENT TAX RATE.
(E) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 8.5 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (D)
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 SEVEN
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 8.5 PERCENT TAX RATE.
(F) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 9 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (E)
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 EIGHT
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 9 PERCENT TAX RATE.
(G) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 9.5 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (F)
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 NINE
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
S. 2622 17
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 9.5 PERCENT TAX RATE.
(H) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 10 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (G)
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
MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS. PROVIDED,
HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT
SUBJECT TO THE 10 PERCENT TAX RATE.
(I) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 11 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (H)
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
MILLION ONE HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO
TAXPAYERS WHO ARE NOT SUBJECT TO THE 11 PERCENT TAX RATE.
(J) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 12 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (I)
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
MILLION TWO HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO
TAXPAYERS WHO ARE NOT SUBJECT TO THE 12 PERCENT TAX RATE.
(K) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 13 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (J)
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 FIVE HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO
TAXPAYERS WHO ARE NOT SUBJECT TO THE 13 PERCENT TAX RATE.
(L) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
S. 2622 18
(B) OF THIS SECTION NOT SUBJECT TO THE 14 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (K)
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 ELEV-
EN MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 14 PERCENT TAX RATE.
(M) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(B) OF THIS SECTION NOT SUBJECT TO THE 15 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 PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (L)
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 TEN MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND
DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAY-
ERS WHO ARE NOT SUBJECT TO THE 15 PERCENT TAX RATE.
(N) 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.
§ 6. Subparagraphs (A), (B), (C) and (D) of paragraph 3 of subsection
(d-1) of section 601 of the tax law, as added by section 7 of part A of
chapter 56 of the laws of 2011, subparagraph (C) as amended by section 6
of part P of chapter 59 of the laws of 2019, are amended to read as
follows:
(A) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(c) of this section not subject to the [6.65] 6.33 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (c) of
this section. The fraction 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 thousand 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 paragraph one of subsection
(c) of this section not subject to the 6.85 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 paragraph one of subsection (c) of this section
less the 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 two hundred FIFTEEN thousand FOUR
HUNDRED dollars and the denominator is fifty thousand dollars. Provided,
however, this subparagraph shall not apply to taxpayers who are not
subject to the 6.85 percent tax rate.
S. 2622 19
(C) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(c) of this section not subject to the [8.82] 7.5 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (c) of
this section less the sum of the 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 [one million] THREE HUNDRED THOUSAND dollars and the denomina-
tor is fifty thousand dollars. [This subparagraph shall apply only to
taxable years beginning on or after January first, two thousand twelve
and before January first, two thousand twenty-five] PROVIDED, HOWEVER,
THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO
THE 7.5 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 PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 8 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT 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 FOUR
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 8 PERCENT TAX RATE.
(E) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 8.5 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (D)
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
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 8.5 PERCENT TAX RATE.
(F) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 9 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (E)
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 SIX
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 9 PERCENT TAX RATE.
S. 2622 20
(G) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 9.5 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (F)
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 SEVEN
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 9.5 PERCENT TAX RATE.
(H) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 10 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (G)
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 EIGHT
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 10 PERCENT TAX RATE.
(I) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 11 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (H)
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 NINE
HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 11 PERCENT TAX RATE.
(J) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 12 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (I)
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
MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS. PROVIDED,
HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT
SUBJECT TO THE 12 PERCENT TAX RATE.
(K) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 13 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
S. 2622 21
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (J)
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 SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT
SUBJECT TO THE 13 PERCENT TAX RATE.
(L) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 14 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (K)
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 SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT
SUBJECT TO THE 14 PERCENT TAX RATE.
(M) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(C) OF THIS SECTION NOT SUBJECT TO THE 15 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 PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFIT IN SUBPARAGRAPHS (A) THROUGH (L)
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.
PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT APPLY TO TAXPAYERS WHO
ARE NOT SUBJECT TO THE 15 PERCENT TAX RATE.
(N) 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.
§ 7. This act shall take effect immediately.
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