NY State Senate Bill 2021-S3804

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 30, 2021	referred to budget and revenue

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.

                                                            LBD02773-02-1

 S. 3804                             2
 
                                       $1,000,000
   (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 6.85% of excess over
 [$2,155,350] $1,000,000               $323,200
 [Over $2,155,350                      $144,626 plus 8.82% of excess over
                                       $2,155,350]
 OVER $1,000,000                       $65,485 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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 $2,155,350                      $144,336 plus 8.82% of excess over
                                       $2,155,350]
 OVER $1,000,000                       $65,195 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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 $2,155,350                      $144,047 plus 8.82% of excess over
                                       $2,155,350]
 OVER $1,000,000                       $64,905 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000

 S. 3804                             3
 
   (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                       $64,613 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   §  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] $1,000,000               excess over $269,300
 [Over $1,616,450                      $108,584 plus 8.82% of excess over
                                       $1,616,450]
 OVER $1,000,000                       $66,357 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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 $1,616,450                      $108,359 plus 8.82% of excess over

 S. 3804                             4

                                       $1,616,450]
 OVER $1,000,000                       $66,132 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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] $1,000,000               over $269,300
 [Over $1,616,450                      $108,125 plus 8.82% of excess over
                                       $1,616,450]
 OVER $1,000,000                       $65,898 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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 $1,616,450                      $107,892 plus 8.82% of excess over
                                       $1,616,450]
 OVER $1,000,000                       $65,665 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (viii)  For taxable years beginning after two thousand twenty-four the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.5% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,672 plus 6.00% of excess over
                                       $107,650
 Over $269,300 BUT NOT OVER            $15,371 plus 6.85% of
 $1,000,000                            excess over $269,300
 OVER $1,000,000                       $65,424 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000

 S. 3804                             5
 
   § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B)  of
 paragraph  1  of  subsection  (c) of section 601 of the tax law, clauses
 (iv), (v), (vi) and (vii) as amended by section 3 of part P  of  chapter
 59  of the laws of 2019, and clause (viii) as added by section 3 of part
 R of chapter 59 of the laws of 2017, are amended to read as follows:
   (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 5.97% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,579 plus 6.33% of excess over
                                       $80,650
 Over $215,400 but not over            $13,109 plus 6.85% of excess
 [$1,077,550] $1,000,000               over $215,400
 [Over $1,077,550                      $72,166 plus 8.82% of excess over
                                       $1,077,550]
 OVER $1,000,000                       $66,855 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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 $1,077,550                      $71,984 plus 8.82% of excess over
                                       $1,077,550]
 OVER $1,000,000                       $66,672 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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

 S. 3804                             6
 
 [$1,077,550] $1,000,000               over $215,400
 [Over $1,077,550                      $71,796 plus 8.82% of excess over
                                       $1,077,550]
 OVER $1,000,000                       $66,484 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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 $1,077,550                      $71,608 plus 8.82% of excess over
                                       $1,077,550]
 OVER $1,000,000                       $66,296 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   (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
 $1,000,000                            excess over $215,400
 OVER $1,000,000                       $66,102 PLUS 10.75% OF EXCESS OVER
                                       $1,000,000
   §  4.  Section 171-a of the tax law, as separately amended by chapters
 481 and 484 of the laws of 1981, is amended by adding a new  subdivision
 3 to read as follows:
   3.  NOTWITHSTANDING  SUBDIVISION  ONE  OF  THIS  SECTION  OR ANY OTHER
 PROVISION OF LAW TO THE CONTRARY, 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,  SUCH
 REVENUE  SHALL BE DEPOSITED INTO THE STATE TREASURY TO THE CREDIT OF THE
 GENERAL FUND. THE AMOUNT FOR ADMINISTRATIVE COSTS SHALL BE DETERMINED BY
 THE COMMISSIONER TO REPRESENT REASONABLE  COSTS  OF  THE  DEPARTMENT  IN
 ADMINISTERING,  COLLECTING, DETERMINING, AND DISTRIBUTING SUCH TAXES. OF
 THE TOTAL REVENUE COLLECTED OR RECEIVED  UNDER  SUCH  SECTIONS  OF  THIS
 CHAPTER, THE COMPTROLLER SHALL RETAIN IN HIS OR HER HANDS SUCH AMOUNT AS
 THE COMMISSIONER MAY DETERMINE TO BE NECESSARY FOR REFUNDS OR REIMBURSE-
 MENTS  UNDER SUCH SECTIONS OF THIS CHAPTER OUT OF WHICH AMOUNT THE COMP-

 S. 3804                             7
 
 TROLLER SHALL PAY ANY REFUNDS OR REIMBURSEMENTS TO WHICH TAXPAYERS SHALL
 BE ENTITLED UNDER PROVISIONS OF SUCH SECTIONS. THE COMMISSIONER AND  THE
 COMPTROLLER  SHALL  MAINTAIN  A SYSTEM OF ACCOUNTS SHOWING THE AMOUNT OF
 REVENUE  COLLECTED  OR  RECEIVED  FROM EACH OF THE TAXES IMPOSED BY SUCH
 SECTIONS.
   § 5. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2021.

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Senate Bill S3804

Sponsored By

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

2021-S3804 (ACTIVE) - Details

2021-S3804 (ACTIVE) - Summary

2021-S3804 (ACTIVE) - Sponsor Memo

2021-S3804 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S3804

Share this bill

Sponsored By

James Sanders Jr.

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

2021-S3804 (ACTIVE) - Details

2021-S3804 (ACTIVE) - Summary

2021-S3804 (ACTIVE) - Sponsor Memo

2021-S3804 (ACTIVE) - Bill Text download pdf

Comments