STATE OF NEW YORK ________________________________________________________________________ 917 2021-2022 Regular Sessions IN SENATE (Prefiled) January 6, 2021 ___________ Introduced by Sen. MAY -- 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: 1 Section 1. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph 2 (B) of paragraph 1 of subsection (a) of section 601 of the tax law, 3 clauses (iv), (v), (vi) and (vii) as amended by section 1 of part P of 4 chapter 59 of the laws of 2019, and clause (viii) as added by section 1 5 of part R of chapter 59 of the laws of 2017, are amended to read as 6 follows: 7 (iv) For taxable years beginning in two thousand twenty-one the 8 following rates shall apply: 9 If the New York taxable income is: The tax is: 10 Not over $17,150 4% of the New York taxable income 11 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 12 $17,150 13 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 14 $23,600 15 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 16 $27,900 17 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over 18 $43,000 19 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over 20 $161,550 21 Over $323,200 but not over $19,403 plus 6.85% of excess 22 $2,155,350 over $323,200 23 Over $2,155,350 but not over $144,905 plus 8.82% of excess over 24 $5,000,000 $2,155,350 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04777-01-1

S. 917 2 1 Over $5,000,000 but not over $395,803 plus 9.32% of excess over 2 $10,000,000 $5,000,000 3 Over $10,000,000 but not over $861,803 plus 9.82% of excess over 4 $100,000,000 $10,000,000 5 Over [~~$2,155,350 $144,905 plus 8.82% of excess over~~ 6 ~~$2,155,350~~] 7 $100,000,000 $9,699,803 plus 10.32% of excess 8 over $100,000,000 9 (v) For taxable years beginning in two thousand twenty-two the follow- 10 ing rates shall apply: 11 If the New York taxable income is: The tax is: 12 Not over $17,150 4% of the New York taxable income 13 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 14 $17,150 15 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 16 $23,600 17 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 18 $27,900 19 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 20 $161,550 21 Over $323,200 but not over $19,124 plus 22 $2,155,350 6.85% of excess over $323,200 23 Over $2,155,350 but not over $144,626 plus 8.82% of excess over 24 $5,000,000 $2,155,350 25 Over $5,000,000 but not over $395,524 plus 9.32% of excess over 26 $10,000,000 $5,000,000 27 Over $10,000,000 but not over $861,524 plus 9.82% of excess over 28 $100,000,000 $10,000,000 29 Over [~~$2,155,350 $144,626 plus 8.82% of excess over~~ 30 ~~$2,155,350~~] 31 $100,000,000 $9,699,524 plus 10.32% of 32 excess over $100,000,000 33 (vi) For taxable years beginning in two thousand twenty-three the 34 following rates shall apply: 35 If the New York taxable income is: The tax is: 36 Not over $17,150 4% of the New York taxable income 37 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 38 $17,150 39 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 40 $23,600 41 Over $27,900 but not over $161,550 $1,202 plus 5.73% of excess over 42 $27,900 43 Over $161,550 but not over $323,200 $8,860 plus 6.17% of excess over 44 $161,550 45 Over $323,200 but not over $18,834 plus 6.85% of 46 $2,155,350 excess over $323,200 47 Over $2,155,350 but not over $144,336 plus 8.82% of excess over 48 $5,000,000 $2,155,350 49 Over $5,000,000 but not over $395,234 plus 9.32% of excess over 50 $10,000,000 $5,000,000 51 Over $10,000,000 but not over $861,234 plus 9.82% of excess over 52 $100,000,000 $10,000,000 53 Over [~~$2,155,350 $144,336 plus 8.82% of excess over~~ 54 ~~$2,155,350~~] 55 $100,000,000 $9,699,234 plus 10.32% of excess 56 over $100,000,000

S. 917 3 1 (vii) For taxable years beginning in two thousand twenty-four the 2 following rates shall apply: 3 If the New York taxable income is: The tax is: 4 Not over $17,150 4% of the New York taxable income 5 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 6 $17,150 7 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 8 $23,600 9 Over $27,900 but not over $161,550 $1,202 plus 5.61% of excess over 10 $27,900 11 Over $161,550 but not over $323,200 $8,700 plus 6.09% of excess over 12 $161,550 13 Over $323,200 but not over $18,544 plus 6.85% of 14 $2,155,350 excess over $323,200 15 Over $2,155,350 but not over $144,047 plus 8.82% of excess over 16 $5,000,000 $2,155,350 17 Over $5,000,000 but not over $394,945 plus 9.32% of excess over 18 $10,000,000 $5,000,000 19 Over $10,000,000 but not over $860,945 plus 9.82% of excess over 20 $100,000,000 $10,000,000 21 Over [~~$2,155,350 $144,047 plus 8.82% of excess over~~ 22 ~~$2,155,350~~] 23 $100,000,000 $9,698,945 plus 10.32% of excess 24 over $100,000,000 25 (viii) For taxable years beginning after two thousand twenty-four the 26 following rates shall apply: 27 If the New York taxable income is: The tax is: 28 Not over $17,150 4% of the New York taxable income 29 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 30 $17,150 31 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 32 $23,600 33 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 34 $27,900 35 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 36 $161,550 37 Over $323,200 but not over $18,252 plus 6.85% of excess 38 $2,155,350 over $323,200 39 Over $2,155,350 but not over $143,754 plus 8.82% of excess over 40 $5,000,000 $2,155,350 41 Over $5,000,000 but not over $394,652 plus 9.32% of excess over 42 $10,000,000 $5,000,000 43 Over $10,000,000 but not over $860,652 plus 9.82% of excess over 44 $100,000,000 $10,000,000 45 Over $100,000,000 $9,698,652 plus 10.32% of excess 46 over $100,000,000 47 § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 48 paragraph 1 of subsection (b) of section 601 of the tax law, clauses 49 (iv), (v), (vi) and (vii) as amended by section 2 of part P of chapter 50 59 of the laws of 2019, and clause (viii) as added by section 2 of part 51 R of chapter 59 of the laws of 2017, are amended to read as follows: 52 (iv) For taxable years beginning in two thousand twenty-one the 53 following rates shall apply: 54 If the New York taxable income is: The tax is: 55 Not over $12,800 4% of the New York taxable income 56 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over

S. 917 4 1 $12,800 2 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 3 $17,650 4 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 5 $20,900 6 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 7 $32,200 8 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 9 $107,650 10 Over $269,300 but not over $16,304 plus 6.85% of 11 $1,616,450 excess over $269,300 12 Over $1,616,450 but not over $108,584 plus 8.82% of excess over 13 $5,000,000 $1,616,450 14 Over $5,000,000 but not over $407,013 plus 9.32% of excess over 15 $10,000,000 $5,000,000 16 Over $10,000,000 but not over $873,013 plus 9.82% of excess over 17 $100,000,000 $10,000,000 18 Over [~~$1,616,450 $108,584 plus 8.82% of excess over~~ 19 ~~$1,616,450~~] 20 $100,000,000 $9,711,013 plus 10.32% of excess 21 over $100,000,000 22 (v) For taxable years beginning in two thousand twenty-two the follow- 23 ing rates shall apply: 24 If the New York taxable income is: The tax is: 25 Not over $12,800 4% of the New York taxable income 26 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 27 $12,800 28 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 29 $17,650 30 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over 31 $20,900 32 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over 33 $107,650 34 Over $269,300 but not over $16,079 plus 6.85% of excess 35 $1,616,450 over $269,300 36 Over $1,616,450 but not over $108,359 plus 8.82% of excess over 37 $5,000,000 $1,616,450 38 Over $5,000,000 but not over $406,788 plus 9.32% of excess over 39 $10,000,000 $5,000,000 40 Over $10,000,000 but not over $872,788 plus 9.82% of excess over 41 $100,000,000 $10,000,000 42 Over [~~$1,616,450 $108,359 plus 8.82% of excess over~~ 43 ~~$1,616,450~~] 44 $100,000,000 $9,710,788 plus 10.32% of excess 45 over $100,000,000 46 (vi) For taxable years beginning in two thousand twenty-three the 47 following rates shall apply: 48 If the New York taxable income is: The tax is: 49 Not over $12,800 4% of the New York taxable income 50 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 51 $12,800 52 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 53 $17,650 54 Over $20,900 but not over $107,650 $901 plus 5.73% of excess over 55 $20,900 56 Over $107,650 but not over $269,300 $5,872 plus 6.17% of excess over

S. 917 5 1 $107,650 2 Over $269,300 but not over $15,845 plus 6.85% of excess 3 $1,616,450 over $269,300 4 Over $1,616,450 but not over $108,125 plus 8.82% of excess over 5 $5,000,000 $1,616,450 6 Over $5,000,000 but not over $406,544 plus 9.32% of excess over 7 $10,000,000 $5,000,000 8 Over $10,000,000 but not over $872,544 plus 9.82% of excess over 9 $100,000,000 $10,000,000 10 Over [~~$1,616,450 $108,125 plus 8.82% of excess over~~ 11 ~~$1,616,450~~] 12 $100,000,000 $9,710,544 plus 10.32% of excess 13 over $100,000,000 14 (vii) For taxable years beginning in two thousand twenty-four the 15 following rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $12,800 4% of the New York taxable income 18 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 19 $12,800 20 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 21 $17,650 22 Over $20,900 but not over $107,650 $901 plus 5.61% of excess over 23 $20,900 24 Over $107,650 but not over $269,300 $5,768 plus 6.09% of excess over 25 $107,650 26 Over $269,300 but not over $15,612 plus 6.85% of excess 27 $1,616,450 over $269,300 28 Over $1,616,450 but not over $107,892 plus 8.82% of excess over 29 $5,000,000 $1,616,450 30 Over $5,000,000 but not over $406,321 plus 9.32% of excess over 31 $10,000,000 $5,000,000 32 Over $10,000,000 but not over $872,321 plus 9.82% of excess over 33 $100,000,000 $10,000,000 34 Over [~~$1,616,450 $107,892 plus 8.82% of excess over~~ 35 ~~$1,616,450~~] 36 $100,000,000 $9,710,321 plus 10.32% of excess 37 over $100,000,000 38 (viii) For taxable years beginning after two thousand twenty-four the 39 following rates shall apply: 40 If the New York taxable income is: The tax is: 41 Not over $12,800 4% of the New York taxable income 42 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 43 $12,800 44 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 45 $17,650 46 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 47 $20,900 48 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 49 $107,650 50 Over $269,300 but not over $15,371 plus 6.85% of excess 51 $1,616,450 over $269,300 52 Over $1,616,450 but not over $107,651 plus 8.82% of excess over 53 $5,000,000 $1,616,450 54 Over $5,000,000 but not over $406,080 plus 9.32% of excess over 55 $10,000,000 $5,000,000 56 Over $10,000,000 but not over $872,080 plus 9.82% of excess over

S. 917 6 1 $100,000,000 $10,000,000 2 Over $100,000,000 $9,710,080 plus 10.32% of excess 3 over $100,000,000 4 § 3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of 5 paragraph 1 of subsection (c) of section 601 of the tax law, clauses 6 (iv), (v), (vi) and (vii) as amended by section 3 of part P of chapter 7 59 of the laws of 2019, and clause (viii) as added by section 3 of part 8 R of chapter 59 of the laws of 2017, are amended to read as follows: 9 (iv) For taxable years beginning in two thousand twenty-one the 10 following rates shall apply: 11 If the New York taxable income is: The tax is: 12 Not over $8,500 4% of the New York taxable income 13 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 14 $8,500 15 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 16 $11,700 17 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 18 $13,900 19 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 20 $21,400 21 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 22 $80,650 23 Over $215,400 but not over $13,109 plus 6.85% of excess 24 $1,077,550 over $215,400 25 Over $1,077,550 but not over $72,166 plus 8.82% of excess over 26 $5,000,000 $1,077,550 27 Over $5,000,000 but not over $418,126 plus 9.32% of excess over 28 $10,000,000 $5,000,000 29 Over $10,000,000 but not over $884,126 plus 9.82% of excess over 30 $100,000,000 $10,000,000 31 Over [~~$1,077,550 $72,166 plus 8.82% of excess over~~ 32 ~~$1,077,550~~] 33 $100,000,000 $9,722,126 plus 10.32% of excess 34 over $100,000,000 35 (v) For taxable years beginning in two thousand twenty-two the follow- 36 ing rates shall apply: 37 If the New York taxable income is: The tax is: 38 Not over $8,500 4% of the New York taxable income 39 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 40 $8,500 41 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 42 $11,700 43 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 44 $13,900 45 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 46 $80,650 47 Over $215,400 but not over $12,926 plus 6.85% of excess 48 $1,077,550 over $215,400 49 Over $1,077,550 but not over $71,984 plus 8.82% of excess over 50 $5,000,000 $1,077,550 51 Over $5,000,000 but not over $ 417,944 plus 9.32% of excess over 52 $10,000,000 $5,000,000 53 Over $10,000,000 but not over $883,994 plus 9.82% of excess over 54 $100,000,000 $10,000,000 55 Over [~~$1,077,550 $71,984 plus 8.82% of excess over~~ 56 ~~$1,077,550~~]

S. 917 7 1 $100,000,000 $9,721,944 plus 10.32% of excess 2 over $100,000,000 3 (vi) For taxable years beginning in two thousand twenty-three the 4 following rates shall apply: 5 If the New York taxable income is: The tax is: 6 Not over $8,500 4% of the New York taxable income 7 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 8 $8,500 9 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 10 $11,700 11 Over $13,900 but not over $80,650 $600 plus 5.73% of excess over 12 $13,900 13 Over $80,650 but not over $215,400 $4,424 plus 6.17% of excess over 14 $80,650 15 Over $215,400 but not over $12,738 plus 6.85% of excess 16 $1,077,550 over $215,400 17 Over $1,077,550 but not over $71,796 plus 8.82% of excess over 18 $5,000,000 $1,077,550 19 Over $5,000,000 but not over $417,756 plus 9.32% of excess over 20 $10,000,000 $5,000,000 21 Over $10,000,000 but not over $883,756 plus 9.82% of excess over 22 $100,000,000 $10,000,000 23 Over [~~$1,077,550 $71,796 plus 8.82% of excess over~~ 24 ~~$1,077,550~~] 25 $100,000,000 $9,721,756 plus 10.32% of excess 26 over $100,000,000 27 (vii) For taxable years beginning in two thousand twenty-four the 28 following rates shall apply: 29 If the New York taxable income is: The tax is: 30 Not over $8,500 4% of the New York taxable income 31 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 32 $8,500 33 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 34 $11,700 35 Over $13,900 but not over $80,650 $600 plus 5.61% of excess over 36 $13,900 37 Over $80,650 but not over $215,400 $4,344 plus 6.09% of excess over 38 $80,650 39 Over $215,400 but not over $12,550 plus 6.85% of excess 40 $1,077,550 over $215,400 41 Over $1,077,550 but not over $71,608 plus 8.82% of excess over 42 $5,000,000 $1,077,550 43 Over $5,000,000 but not over $417,568 plus 9.32% of excess over 44 $10,000,000 $5,000,000 45 Over $10,000,000 but not over $883,568 plus 9.82% of excess over 46 $100,000,000 $10,000,000 47 Over [~~$1,077,550 $71,608 plus 8.82% of excess over~~ 48 ~~$1,077,550~~] 49 $100,000,000 $9,721,568 plus 10.32% of excess 50 over $100,000,000 51 (viii) For taxable years beginning after two thousand twenty-four the 52 following rates shall apply: 53 If the New York taxable income is: The tax is: 54 Not over $8,500 4% of the New York taxable income 55 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over

S. 917 8 1 $8,500 2 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 3 $11,700 4 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 5 $13,900 6 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 7 $80,650 8 Over $215,400 but not over $12,356 plus 6.85% of excess 9 $1,077,550 over $215,400 10 Over $1,077,550 but not over $71,413 plus 8.82% of excess over 11 $5,000,000 $1,077,550 12 Over $5,000,000 but not over $417,373 plus 9.32% of excess over 13 $10,000,000 $5,000,000 14 Over $10,000,000 but not over $883,373 plus 9.82% of excess over 15 $100,000,000 $10,000,000 16 Over $100,000,000 $9,721,373 plus 10.32% of excess 17 over $100,000,000 18 § 4. This act shall take effect immediately.

Extends the top state income tax rate

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