Senate Bill S3804

2021-2022 Legislative Session

Relates to extending the top state income tax rate

download bill text pdf

Sponsored By

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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2021-S3804 (ACTIVE) - Details

See Assembly Version of this Bill:
A5454
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L

2021-S3804 (ACTIVE) - Summary

Extends the top state income tax rate to 10.75% for taxpayers whose New York taxable income is over $1,000,000.

2021-S3804 (ACTIVE) - Sponsor Memo

2021-S3804 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3804
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 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
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Clauses (iv), (v), (vi), (vii) and (viii)  of  subparagraph
 (B)  of  paragraph  1  of  subsection (a) of section 601 of the tax law,
 clauses (iv), (v), (vi) and (vii) as amended by section 1 of part  P  of
 chapter  59 of the laws of 2019, and clause (viii) as added by section 1
 of part R of chapter 59 of the laws of 2017,  are  amended  to  read  as
 follows:
   (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 5.97% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
                                       $161,550
 Over $323,200 but not over            $19,403 plus 6.85% of excess
 [$2,155,350] $1,000,000               over  $323,200
 [Over $2,155,350                      $144,905 plus 8.82% of excess over
                                       $2,155,350]
 OVER $1,000,000                       $65,764 PLUS 10.75% OF EXCESS OVER
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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