NY State Assembly Bill 2025-A5435

Current Bill Status - In Assembly 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
Feb 14, 2025	referred to ways and means

co-Sponsors

2025-A5435 (ACTIVE) - Details

See Senate Version of this Bill:: S4437
Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §601, Tax L

2025-A5435 (ACTIVE) - Summary

Amends high income personal income tax rates above $5,000,000.

2025-A5435 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5435
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2025
                                ___________
 
 Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation  to  top  personal  income  tax
   rates
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Clauses (vi) and (vii) of subparagraph (B) of  paragraph  1
 of subsection (a) of section 601 of the tax law, as amended by section 1
 of subpart A of part A of chapter 59 of the laws of 2022, are amended to
 read as follows:
   (vi)  For  taxable  years  beginning in two thousand twenty-three [and
 before two thousand twenty-eight] 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
 $2,155,350                            $323,200
 Over $2,155,350 but not over          $143,754 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $418,263 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,478,263 plus 10.90% of excess
                                       over $25,000,000
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08512-01-5
 A. 5435                             2

 
   (vii) For taxable years beginning after  two  thousand  [twenty-seven]
 TWENTY-FIVE 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
 $2,155,350                            over $323,200
 Over $2,155,350 BUT NOT OVER          $143,754 plus [8.82]
 $5,000,000                            9.65% of the excess over
                                       $2,155,350
 OVER $5,000,000 BUT NOT OVER          $418,263 PLUS 10.80% OF EXCESS
 $25,000,000                           OVER $5,000,000
 OVER $25,000,000                      $2,578,263 PLUS 11.40% OF EXCESS
                                       OVER $25,000,000
   §  2.  Clauses  (vi)  and  (vii) of subparagraph (B) of paragraph 1 of
 subsection (b) of section 601 of the tax law, as amended by section 2 of
 subpart A of part A of chapter 59 of the laws of 2022,  are  amended  to
 read as follows:
   (vi)  For  taxable  years  beginning in two thousand twenty-three [and
 before two thousand twenty-eight] 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 excess over
 $1,616,450                            $269,300
 Over $1,616,450 but not over          $107,651 plus 9.65% of excess over
 $5,000,000                            $1,616,450
 Over $5,000,000 but not over          $434,163 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,494,163 plus 10.90% of excess over
                                       $25,000,000
 
   (vii) For taxable years beginning after  two  thousand  [twenty-seven]
 TWENTY-FIVE 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             $512 plus 4.5% of excess over
 $17,650                               $12,800
 Over $17,650 but not over             $730 plus 5.25% of excess over
 $20,900                               $17,650
 Over $20,900 but not over             $901 plus 5.5% of excess over
 $107,650                              $20,900
 A. 5435                             3
 
 Over $107,650 but not over            $5,672 plus 6.00% of excess
 $269,300                              over $107,650
 Over $269,300 but not over            $15,371 plus 6.85% of excess
 $1,616,450                            over $269,300
 Over $1,616,450 BUT NOT OVER          $107,651 plus [8.82%]
 $5,000,000                            9.65% of excess over
                                       $1,616,450
 OVER $5,000,000 BUT NOT OVER          $434,163 PLUS 10.80% OF EXCESS
 $25,000,000                           OVER $25,000,000
 OVER $25,000,000                      $2,594,163 PLUS 11.40% OF
                                       EXCESS OVER $25,000,000
   §  3.  Clauses  (vi)  and  (vii) of subparagraph (B) of paragraph 1 of
 subsection (c) of section 601 of the tax law, as amended by section 3 of
 subpart A of part A of chapter 59 of the laws of 2022,  are  amended  to
 read as follows:
   (vi)  For  taxable  years  beginning in two thousand twenty-three [and
 before two thousand twenty-eight] 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
 $1,077,550                            $215,400
 Over $1,077,550 but not over          $71,413 plus 9.65% of excess over
 $5,000,000                            $1,077,550
 Over $5,000,000 but not over          $449,929 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,509,929 plus 10.90% of excess over
                                       $25,000,000
   (vii) For taxable years beginning after  two  thousand  [twenty-seven]
 TWENTY-FIVE 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
 $1,077,550                            over $215,400
 Over $1,077,550 BUT NOT OVER          $71,413 plus [8.82%]
 $5,000,000                            9.65% of excess over
                                       $1,077,550
 OVER $5,000,000 BUT NOT OVER          $449,929 PLUS 10.80% OF EXCESS
 $25,000,000                           OVER $25,000,000
 OVER $25,000,000                      $2,609,929 PLUS 11.40% OF EXCESS
                                       OVER $25,000,000
 A. 5435                             4
 
   §  4.  Subparagraph  (B) of paragraph 1 of subsection (d-4) of section
 601 of the tax law, as added by section 3 of subpart  B  of  part  A  of
 chapter 59 of the laws of 2022, is amended to read as follows:
   (B)  If  New  York  adjusted  gross income is greater than twenty-five
 million dollars, the supplemental tax due  shall  equal  the  difference
 between the product of [10.90] 11.40 percent and New York taxable income
 and  the  tax table computation on the New York taxable income set forth
 in paragraph one of subsection (a) of this section.
   § 5. Subparagraph (B) of paragraph 2 of subsection  (d-4)  of  section
 601  of  the  tax  law,  as added by section 3 of subpart B of part A of
 chapter 59 of the laws of 2022, is amended to read as follows:
   (B) If New York adjusted gross  income  is  greater  than  twenty-five
 million  dollars,  the  supplemental  tax due shall equal the difference
 between the product of [10.90] 11.40 percent and New York taxable income
 and the tax table computation on the New York taxable income  set  forth
 in paragraph one of subsection (b) of this section.
   §  6.  Subparagraph  (B) of paragraph 3 of subsection (d-4) of section
 601 of the tax law, as added by section 3 of subpart  B  of  part  A  of
 chapter 59 of the laws of 2022, is amended to read as follows:
   (B)  If  New  York  adjusted  gross income is greater than twenty-five
 million dollars, the supplemental tax due  shall  equal  the  difference
 between the product of [10.90] 11.40 percent and New York taxable income
 and  the  tax table computation on the New York taxable income set forth
 in paragraph one of subsection (c) of this section.
   § 7. This act shall take effect immediately.

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Assembly Bill A5435

Sponsored By

Current Bill Status - In Assembly Committee

co-Sponsors

2025-A5435 (ACTIVE) - Details

2025-A5435 (ACTIVE) - Summary

2025-A5435 (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A5435

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Sponsored By

SOLAGES

Current Bill Status - In Assembly Committee

co-Sponsors

Emily Gallagher

Al Taylor

Larinda Hooks

2025-A5435 (ACTIVE) - Details

2025-A5435 (ACTIVE) - Summary

2025-A5435 (ACTIVE) - Bill Text download pdf

Comments