STATE OF NEW YORK ________________________________________________________________________ 1281 2025-2026 Regular Sessions IN ASSEMBLY January 9, 2025 ___________ Introduced by M. of A. MEEKS, STECK, ROSENTHAL, EPSTEIN, REYES, GONZA- LEZ-ROJAS, MITAYNES, HUNTER, R. CARROLL, SIMON, GALLAGHER, CRUZ, MAMDANI, BICHOTTE HERMELYN, KELLES, SEAWRIGHT, DAVILA, ANDERSON, LUPARDO, WALKER, JACKSON, CLARK, KIM, ZINERMAN, SHRESTHA, LEVENBERG, RAGA, FORREST, RAMOS, DE LOS SANTOS, LEE, CUNNINGHAM, SIMONE, TAYLOR, SAYEGH, ALVAREZ, SHIMSKY -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to extending the top state income tax rate; and to repeal certain provisions of such law related thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 2 of subsection (a) of section 601 of the tax law, as amended by section 1 3 of subpart A of part A of chapter 59 of the laws of 2022, are amended to 4 read as follows: 5 (vi) For taxable years beginning in two thousand twenty-three [and 6 before two thousand twenty-eight] the following rates shall apply: 7 If the New York taxable income is: The tax is: 8 Not over $17,150 4% of the New York taxable income 9 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 10 $17,150 11 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 12 $23,600 13 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 14 $27,900 15 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 16 $161,550 17 Over $323,200 but not over $18,252 plus 6.85% of excess over 18 $2,155,350 $323,200 19 Over $2,155,350 but not over $143,754 plus 9.65% of excess over EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03886-01-5
A. 1281 2 1 $5,000,000 $2,155,350 2 Over $5,000,000 but not over $418,263 plus 10.30% of excess over 3 $25,000,000 $5,000,000 4 Over $25,000,000 $2,478,263 plus 10.90% of excess 5 over $25,000,000 6 (vii) For taxable years beginning after two thousand [twenty-seven] 7 twenty-five the following rates shall apply: 8 If the New York taxable income is: The tax is: 9 Not over $17,150 4% of the New York taxable income 10 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 11 $17,150 12 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 13 $23,600 14 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 15 $27,900 16 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess 17 over $161,550 18 Over $323,200 but not over $18,252 plus 6.85% of excess 19 [$2,155,350] $500,000 over $323,200 20 [Over $2,155,350 $143,754 plus 8.82% of excess 21 over $2,155,350] 22 Over $500,000 but not over $700,000 $30,363 plus 7.50% of 23 excess over $500,000 24 Over $700,000 but not over $900,000 $45,363 plus 8.00% of 25 excess over $700,000 26 Over $900,000 but not over $61,363 plus 9.00% of excess 27 $1,000,000 over $900,000 28 Over $1,000,000 but not over $70,363 plus 10.00% of excess 29 $2,000,000 over $1,000,000 30 Over $2,000,000 but not over $170,363 plus 12.00% of 31 $3,000,000 excess over $2,000,000 32 Over $3,000,000 but not over $290,363 plus 14.00% of 33 $4,000,000 excess over $3,000,000 34 Over $4,000,000 but not over $430,363 plus 16.00% of 35 $5,000,000 excess over $4,000,000 36 Over $5,000,000 but not over $590,363 plus 18.00% of 37 $10,000,000 excess over $5,000,000 38 Over $10,000,000 but not over $1,490,363 plus 20.00% of 39 $15,000,000 excess over $10,000,000 40 Over $15,000,000 but not over $2,490,363 plus 22.00% of 41 $20,000,000 excess over $15,000,000 42 Over $20,000,000 $3,590,363 plus 24.00% of 43 excess over $20,000,000 44 § 2. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of 45 subsection (b) of section 601 of the tax law, as amended by section 2 of 46 subpart A of part A of chapter 59 of the laws of 2022, are amended to 47 read as follows: 48 (vi) For taxable years beginning in two thousand twenty-three [and 49 before two thousand twenty-eight] the following rates shall apply: 50 If the New York taxable income is: The tax is: 51 Not over $12,800 4% of the New York taxable income 52 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 53 $12,800 54 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
A. 1281 3 1 $17,650 2 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 3 $20,900 4 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 5 $107,650 6 Over $269,300 but not over $15,371 plus 6.85% of excess over 7 $1,616,450 $269,300 8 Over $1,616,450 but not over $107,651 plus 9.65% of excess over 9 $5,000,000 $1,616,450 10 Over $5,000,000 but not over $434,163 plus 10.30% of excess over 11 $25,000,000 $5,000,000 12 Over $25,000,000 $2,494,163 plus 10.90% of excess over 13 $25,000,000 14 (vii) For taxable years beginning after two thousand [twenty-seven] 15 twenty-five the 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 $512 plus 4.5% of excess over 19 $17,650 $12,800 20 Over $17,650 but not over $730 plus 5.25% of excess over 21 $20,900 $17,650 22 Over $20,900 but not over $901 plus 5.5% of excess over 23 $107,650 $20,900 24 Over $107,650 but not over $5,672 plus 6.00% of excess 25 $269,300 over $107,650 26 Over $269,300 but not over $15,371 plus 6.85% of excess 27 [$1,616,450] $500,000 over $269,300 28 [Over $1,616,450] [$107,651 plus 8.82% of excess 29 over $1,616,450] 30 Over $500,000 but not over $700,000 $30,363 plus 7.50% 31 of excess over $500,000 32 Over $700,000 but not over $900,000 $45,363 plus 8.00% of 33 excess over $700,000 34 Over $900,000 but not over $61,363 plus 9.00% of excess 35 $1,000,000 over $900,000 36 Over $1,000,000 but not over $70,363 plus 10.00% of excess 37 $2,000,000 over $1,000,000 38 Over $2,000,000 but not over $170,363 plus 12.00% of 39 $3,000,000 excess over $2,000,000 40 Over $3,000,000 but not over $290,363 plus 14.00% of 41 $4,000,000 excess over $3,000,000 42 Over $4,000,000 but not over $430,363 plus 16.00% of 43 $5,000,000 excess over $4,000,000 44 Over $5,000,000 but not over $590,363 plus 18.00% of 45 $10,000,000 excess over $5,000,000 46 Over $10,000,000 but not over $1,490,363 plus 20.00% of 47 $15,000,000 excess over $10,000,000 48 Over $15,000,000 but not over $2,490,363 plus 22.00% of 49 $20,000,000 excess over $15,000,000 50 Over $20,000,000 $3,590,363 plus 24.00% of 51 excess over $20,000,000 52 § 3. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of 53 subsection (c) of section 601 of the tax law, as amended by section 3 of 54 subpart A of part A of chapter 59 of the laws of 2022, are amended to 55 read as follows:
A. 1281 4 1 (vi) For taxable years beginning in two thousand twenty-three [and 2 before two thousand twenty-eight] the following rates shall apply: 3 If the New York taxable income is: The tax is: 4 Not over $8,500 4% of the New York taxable income 5 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 6 $8,500 7 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 8 $11,700 9 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 10 $13,900 11 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 12 $80,650 13 Over $215,400 but not over $12,356 plus 6.85% of excess over 14 $1,077,550 $215,400 15 Over $1,077,550 but not over $71,413 plus 9.65% of excess over 16 $5,000,000 $1,077,550 17 Over $5,000,000 but not over $449,929 plus 10.30% of excess over 18 $25,000,000 $5,000,000 19 Over $25,000,000 $2,509,929 plus 10.90% of excess over 20 $25,000,000 21 (vii) For taxable years beginning after two thousand [twenty-seven] 22 twenty-five the following rates shall apply: 23 If the New York taxable income is: The tax is: 24 Not over $8,500 4% of the New York taxable income 25 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 26 $8,500 27 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 28 $11,700 29 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 30 $13,900 31 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess 32 over $80,650 33 Over $215,400 but not over $12,356 plus 6.85% of excess 34 [$1,077,550] $450,000 over $215,400 35 [Over $1,077,550 $71,413 plus 8.82% of excess 36 over $1,077,550] 37 Over $450,000 but not over $600,000 $26,938 plus 7.50% 38 of excess over $450,000 39 Over $600,000 but not over $700,000 $38,188 plus 8.00% of 40 excess over $600,000 41 Over $700,000 but not over $800,000 $46,188 plus 8.50% of 42 excess over $700,000 43 Over $800,000 but not over $900,000 $54,688 plus 9.00% of 44 excess over $800,000 45 Over $900,000 but not over $63,688 plus 10.00% of excess 46 $1,000,000 over $900,000 47 Over $1,000,000 but not over $73,188 plus 11.00% of excess 48 $2,000,000 over $1,000,000 49 Over $2,000,000 but not over $183,188 plus 12.00% of 50 $3,000,000 excess over $2,000,000 51 Over $3,000,000 but not over $303,188 plus 14.00% of 52 $4,000,000 excess over $3,000,000 53 Over $4,000,000 but not over $443,188 plus 16.00% of 54 $5,000,000 excess over $4,000,000 55 Over $5,000,000 but not over $543,188 plus 18.00% of 56 $10,000,000 excess over $5,000,000
A. 1281 5 1 Over $10,000,000 but not over $1,443,188 plus 20.00% of 2 $15,000,000 excess over $10,000,000 3 Over $15,000,000 but not over $2,443,188 plus 22.00% of 4 $20,000,000 excess over $15,000,000 5 Over $20,000,000 $3,543,188 plus 24.00% of 6 excess over $20,000,000 7 § 4. Subparagraphs (D), (E), (F), (G) and (H) of paragraph 1 of 8 subsection (d-1) of section 601 of the tax law, subparagraphs (D), (E) 9 and (H) as amended and subparagraphs (F) and (G) as added by section 4 10 of part A of chapter 59 of the laws of 2021, are amended and six new 11 subparagraphs (I), (J), (K), (L), (M) and (N) are added to read as 12 follows: 13 (D) The tax table benefit is the difference between (i) the amount of 14 taxable income set forth in the tax table in paragraph one of subsection 15 (a) of this section not subject to the [8.82] 7.5 percent rate of tax 16 for the taxable year multiplied by such rate and (ii) the dollar denomi- 17 nated tax for such amount of taxable income set forth in the tax table 18 applicable to the taxable year in paragraph one of subsection (a) of 19 this section less the sum of the tax table benefits in subparagraphs 20 (A), (B) and (C) of this paragraph. The fraction for this subparagraph 21 is computed as follows: the numerator is the lesser of fifty thousand 22 dollars or the excess of New York adjusted gross income for the taxable 23 year over [two million] five hundred thousand dollars and the denomina- 24 tor is fifty thousand dollars. This subparagraph shall apply only to 25 taxable years beginning on or after January first, two thousand twelve 26 and before January first, two thousand twenty-one [and for tax years 27 beginning on or after January first, two thousand twenty-eight]. 28 (E) The tax table benefit is the difference between (i) the amount of 29 taxable income set forth in the tax table in paragraph one of subsection 30 (a) of this section not subject to the [9.65] 8 percent rate of tax for 31 the taxable year multiplied by such rate and (ii) the dollar denominated 32 tax for such amount of taxable income set forth in the tax table appli- 33 cable to the taxable year in paragraph one of subsection (a) of this 34 section less the sum of the tax table benefits in subparagraphs (A), 35 (B), [and] (C), and (D) of this paragraph. The fraction for this subpar- 36 agraph is computed as follows: the numerator is the lesser of fifty 37 thousand dollars or excess of New York adjusted gross income for the 38 taxable year over [two million] seven hundred thousand dollars and the 39 denominator is fifty thousand dollars. This subparagraph shall apply 40 only to the taxable years beginning on or after January first, two thou- 41 sand twenty-one [and before January first, two thousand twenty-eight]. 42 (F) The tax table benefit is the difference between (i) the amount of 43 taxable income set forth in the tax table in paragraph one of subsection 44 (a) of this section not subject to the [10.30] 9 percent rate of tax for 45 the taxable year multiplied by such rate and (ii) the dollar denominated 46 tax for such amount of taxable income set forth in the tax table appli- 47 cable to the taxable year in paragraph one of subsection (a) of this 48 section less the sum of the tax table benefits in subparagraphs (A), 49 (B), (C) and (E) of this paragraph. The fraction for this subparagraph 50 is computed as follows: the numerator is the lesser of fifty thousand 51 dollars or excess of New York adjusted gross income for the taxable year 52 over [five million] nine hundred thousand dollars and the denominator is 53 fifty thousand dollars. This subparagraph shall apply only to the taxa- 54 ble years beginning on or after January first, two thousand twenty-one 55 [and before January first, two thousand twenty-eight].
A. 1281 6 1 (G) The tax table benefit is the difference between (i) the amount of 2 taxable income set forth in the tax table in paragraph one of subsection 3 (a) of this section not subject to the [10.90] 10 percent rate of tax 4 for the taxable year multiplied by such rate and (ii) the dollar denomi- 5 nated tax for such amount of taxable income set forth in the tax table 6 applicable to the taxable year in paragraph one of subsection (a) of 7 this section less the sum of the tax table benefits in subparagraphs 8 (A), (B), (C), (E) and (F) of this paragraph. The fraction for this 9 subparagraph is computed as follows: the numerator is the lesser of 10 fifty thousand dollars or excess of New York adjusted gross income for 11 the taxable year over [twenty-five] one million dollars and the denomi- 12 nator is fifty thousand dollars. This subparagraph shall apply only to 13 the taxable years beginning on or after January first, two thousand 14 twenty-one [and before January first, two thousand twenty-eight]. 15 (H) The tax table benefit is the difference between (i) the amount of 16 taxable income set forth in the tax table in paragraph one of subsection 17 (a) of this section not subject to the 12 percent rate of tax for the 18 taxable year multiplied by such rate and (ii) the dollar denominated tax 19 for such amount of taxable income set forth in the tax table applicable 20 to the taxable year in paragraph one of subsection (a) of this section 21 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 22 (D), (E), (F), and (G) of this paragraph. The fraction for this subpara- 23 graph is computed as follows: the numerator is the lesser of fifty thou- 24 sand dollars or excess of New York adjusted gross income for the taxable 25 year over two million dollars and the denominator is fifty thousand 26 dollars. 27 (I) The tax table benefit is the difference between (i) the amount of 28 taxable income set forth in the tax table in paragraph one of subsection 29 (a) of this section not subject to the 14 percent rate of tax for the 30 taxable year multiplied by such rate and (ii) the dollar denominated tax 31 for such amount of taxable income set forth in the tax table applicable 32 to the taxable year in paragraph one of subsection (a) of this section 33 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 34 (D), (E), (F), (G), and (H) of this paragraph. The fraction for this 35 subparagraph is computed as follows: the numerator is the lesser of 36 fifty thousand dollars or excess of New York adjusted gross income for 37 the taxable year over three million dollars and the denominator is fifty 38 thousand dollars. 39 (J) The tax table benefit is the difference between (i) the amount of 40 taxable income set forth in the tax table in paragraph one of subsection 41 (a) of this section not subject to the 16 percent rate of tax for the 42 taxable year multiplied by such rate and (ii) the dollar denominated tax 43 for such amount of taxable income set forth in the tax table applicable 44 to the taxable year in paragraph one of subsection (a) of this section 45 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 46 (D), (E), (F), (G), (H), and (I) of this paragraph. The fraction for 47 this subparagraph is computed as follows: the numerator is the lesser of 48 fifty thousand dollars or excess of New York adjusted gross income for 49 the taxable year over four million dollars and the denominator is fifty 50 thousand dollars. 51 (K) The tax table benefit is the difference between (i) the amount of 52 taxable income set forth in the tax table in paragraph one of subsection 53 (a) of this section not subject to the 18 percent rate of tax for the 54 taxable year multiplied by such rate and (ii) the dollar denominated tax 55 for such amount of taxable income set forth in the tax table applicable 56 to the taxable year in paragraph one of subsection (a) of this section
A. 1281 7 1 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 2 (D), (E), (F), (G), (H), (I), and (J) of this paragraph. The fraction 3 for this subparagraph is computed as follows: the numerator is the less- 4 er of fifty thousand dollars or excess of New York adjusted gross income 5 for the taxable year over five million dollars and the denominator is 6 fifty thousand dollars. 7 (L) The tax table benefit is the difference between (i) the amount of 8 taxable income set forth in the tax table in paragraph one of subsection 9 (a) of this section not subject to the 20 percent rate of tax for the 10 taxable year multiplied by such rate and (ii) the dollar denominated tax 11 for such amount of taxable income set forth in the tax table applicable 12 to the taxable year in paragraph one of subsection (a) of this section 13 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 14 (D), (E), (F), (G), (H), (I), (J), and (K) of this paragraph. The frac- 15 tion for this subparagraph is computed as follows: the numerator is the 16 lesser of fifty thousand dollars or excess of New York adjusted gross 17 income for the taxable year over ten million dollars and the denominator 18 is fifty thousand dollars. 19 (M) The tax table benefit is the difference between (i) the amount of 20 taxable income set forth in the tax table in paragraph one of subsection 21 (a) of this section not subject to the 22 percent rate of tax for the 22 taxable year multiplied by such rate and (ii) the dollar denominated tax 23 for such amount of taxable income set forth in the tax table applicable 24 to the taxable year in paragraph one of subsection (a) of this section 25 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 26 (D), (E), (F), (G), (H), (I), (J), (K), and (L) of this paragraph. The 27 fraction for this subparagraph is computed as follows: the numerator is 28 the lesser of fifty thousand dollars or excess of New York adjusted 29 gross income for the taxable year over fifteen million dollars and the 30 denominator is fifty thousand dollars. 31 (N) The tax table benefit is the difference between (i) the amount of 32 taxable income set forth in the tax table in paragraph one of subsection 33 (a) of this section not subject to the 24 percent rate of tax for the 34 taxable year multiplied by such rate and (ii) the dollar denominated tax 35 for such amount of taxable income set forth in the tax table applicable 36 to the taxable year in paragraph one of subsection (a) of this section 37 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 38 (D), (E), (F), (G), (H), (I), (J), (K), (L), and (M) of this paragraph. 39 The fraction for this subparagraph is computed as follows: the numerator 40 is the lesser of fifty thousand dollars or excess of New York adjusted 41 gross income for the taxable year over twenty million dollars and the 42 denominator is fifty thousand dollars. 43 (O) Provided, however, the total tax prior to the application of any 44 tax credits shall not exceed the highest rate of tax set forth in the 45 tax tables in subsection (a) of this section multiplied by the taxpay- 46 er's taxable income. 47 § 5. Subparagraphs (C), (D), (E), (F) and (G) of paragraph 2 of 48 subsection (d-1) of section 601 of the tax law, subparagraphs (C), (D) 49 and (G) as amended and subparagraphs (E) and (F) as added by section 5 50 of part A of chapter 59 of the laws of 2021, are amended and six new 51 subparagraphs (H), (I), (J), (K), (L) and (M) are added to read as 52 follows: 53 (C) The tax table benefit is the difference between (i) the amount of 54 taxable income set forth in the tax table in paragraph one of subsection 55 (b) of this section not subject to the [8.82] 7.5 percent rate of tax 56 for the taxable year multiplied by such rate and (ii) the dollar denomi-
A. 1281 8 1 nated tax for such amount of taxable income set forth in the tax table 2 applicable to the taxable year in paragraph one of subsection (b) of 3 this section less the sum of the tax table benefits in subparagraphs (A) 4 and (B) of this paragraph. The fraction for this subparagraph is 5 computed as follows: the numerator is the lesser of fifty thousand 6 dollars or the excess of New York adjusted gross income for the taxable 7 year over [one million] five hundred thousand dollars and the denomina- 8 tor is fifty thousand dollars. This subparagraph shall apply only to 9 taxable years beginning on or after January first, two thousand twelve 10 and before January first, two thousand twenty-one [and for tax years 11 beginning on or after January first, two thousand twenty-eight]. 12 (D) The tax table benefit is the difference between (i) the amount of 13 taxable income set forth in the tax table in paragraph one of subsection 14 (a) of this section not subject to the [9.65] 8 percent rate of tax for 15 the taxable year multiplied by such rate and (ii) the dollar denominated 16 tax for such amount of taxable income set forth in the tax table appli- 17 cable to the taxable year in paragraph one of subsection (a) of this 18 section less the sum of the tax table benefits in subparagraphs (A) 19 [and], (B) and (C) of this paragraph. The fraction for this subparagraph 20 is computed as follows: the numerator is the lesser of fifty thousand 21 dollars or excess of New York adjusted gross income for the taxable year 22 over [one million five] seven hundred thousand dollars and the denomina- 23 tor is fifty thousand dollars. This subparagraph shall apply only to the 24 taxable years beginning on or after January first, two thousand twenty- 25 one [and before January first, two thousand twenty-eight]. 26 (E) The tax table benefit is the difference between (i) the amount of 27 taxable income set forth in the tax table in paragraph one of subsection 28 (a) of this section not subject to the [10.30] 9 percent rate of tax for 29 the taxable year multiplied by such rate and (ii) the dollar denominated 30 tax for such amount of taxable income set forth in the tax table appli- 31 cable to the taxable year in paragraph one of subsection (a) of this 32 section less the sum of the tax table benefits in subparagraphs (A), 33 (B), (C) and (D) of this paragraph. The fraction for this subparagraph 34 is computed as follows: the numerator is the lesser of fifty thousand 35 dollars or excess of New York adjusted gross income for the taxable year 36 over [five million] nine hundred thousand dollars and the denominator is 37 fifty thousand dollars. This subparagraph shall apply only to the taxa- 38 ble years beginning on or after January first, two thousand twenty-one 39 [and before January first, two thousand twenty-eight]. 40 (F) The tax table benefit is the difference between (i) the amount of 41 taxable income set forth in the tax table in paragraph one of subsection 42 (a) of this section not subject to the [10.90] 10 percent rate of tax 43 for the taxable year multiplied by such rate and (ii) the dollar denomi- 44 nated tax for such amount of taxable income set forth in the tax table 45 applicable to the taxable year in paragraph one of subsection (a) of 46 this section less the sum of the tax table benefits in subparagraphs 47 (A), (B), (C), (D) and (E) of this paragraph. The fraction for this 48 subparagraph is computed as follows: the numerator is the lesser of 49 fifty thousand dollars or excess of New York adjusted gross income for 50 the taxable year over [twenty-five] one million dollars and the denomi- 51 nator is fifty thousand dollars. This subparagraph shall apply only to 52 the taxable years beginning on or after January first, two thousand 53 twenty-one [and before January first, two thousand twenty-eight]. 54 (G) The tax table benefit is the difference between (i) the amount of 55 taxable income set forth in the tax table in paragraph one of subsection 56 (a) of this section not subject to the 12 percent rate of tax for the
A. 1281 9 1 taxable year multiplied by such rate and (ii) the dollar denominated tax 2 for such amount of taxable income set forth in the tax table applicable 3 to the taxable year in paragraph one of subsection (a) of this section 4 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 5 (D), (E) and (F) of this paragraph. The fraction for this subparagraph 6 is computed as follows: the numerator is the lesser of fifty thousand 7 dollars or excess of New York adjusted gross income for the taxable year 8 over two million dollars and the denominator is fifty thousand dollars. 9 (H) The tax table benefit is the difference between (i) the amount of 10 taxable income set forth in the tax table in paragraph one of subsection 11 (a) of this section not subject to the 14 percent rate of tax for the 12 taxable year multiplied by such rate and (ii) the dollar denominated tax 13 for such amount of taxable income set forth in the tax table applicable 14 to the taxable year in paragraph one of subsection (a) of this section 15 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 16 (D), (E), (F) and (G) of this paragraph. The fraction for this subpara- 17 graph is computed as follows: the numerator is the lesser of fifty thou- 18 sand dollars or excess of New York adjusted gross income for the taxable 19 year over three million dollars and the denominator is fifty thousand 20 dollars. 21 (I) The tax table benefit is the difference between (i) the amount of 22 taxable income set forth in the tax table in paragraph one of subsection 23 (a) of this section not subject to the 16 percent rate of tax for the 24 taxable year multiplied by such rate and (ii) the dollar denominated tax 25 for such amount of taxable income set forth in the tax table applicable 26 to the taxable year in paragraph one of subsection (a) of this section 27 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 28 (D), (E), (F), (G) and (H) of this paragraph. The fraction for this 29 subparagraph is computed as follows: the numerator is the lesser of 30 fifty thousand dollars or excess of New York adjusted gross income for 31 the taxable year over four million dollars and the denominator is fifty 32 thousand dollars. 33 (J) The tax table benefit is the difference between (i) the amount of 34 taxable income set forth in the tax table in paragraph one of subsection 35 (a) of this section not subject to the 18 percent rate of tax for the 36 taxable year multiplied by such rate and (ii) the dollar denominated tax 37 for such amount of taxable income set forth in the tax table applicable 38 to the taxable year in paragraph one of subsection (a) of this section 39 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 40 (D), (E), (F), (G), (H) and (I) of this paragraph. The fraction for this 41 subparagraph is computed as follows: the numerator is the lesser of 42 fifty thousand dollars or excess of New York adjusted gross income for 43 the taxable year over five million dollars and the denominator is fifty 44 thousand dollars. 45 (K) The tax table benefit is the difference between (i) the amount of 46 taxable income set forth in the tax table in paragraph one of subsection 47 (a) of this section not subject to the 20 percent rate of tax for the 48 taxable year multiplied by such rate and (ii) the dollar denominated tax 49 for such amount of taxable income set forth in the tax table applicable 50 to the taxable year in paragraph one of subsection (a) of this section 51 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 52 (D), (E), (F), (G), (H), (I) and (J) of this paragraph. The fraction for 53 this subparagraph is computed as follows: the numerator is the lesser of 54 fifty thousand dollars or excess of New York adjusted gross income for 55 the taxable year over ten million dollars and the denominator is fifty 56 thousand dollars.
A. 1281 10 1 (L) The tax table benefit is the difference between (i) the amount of 2 taxable income set forth in the tax table in paragraph one of subsection 3 (a) of this section not subject to the 22 percent rate of tax for the 4 taxable year multiplied by such rate and (ii) the dollar denominated tax 5 for such amount of taxable income set forth in the tax table applicable 6 to the taxable year in paragraph one of subsection (a) of this section 7 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 8 (D), (E), (F), (G), (H), (I), (J) and (K) of this paragraph. The frac- 9 tion for this subparagraph is computed as follows: the numerator is the 10 lesser of fifty thousand dollars or excess of New York adjusted gross 11 income for the taxable year over fifteen million dollars and the denomi- 12 nator is fifty thousand dollars. 13 (M) The tax table benefit is the difference between (i) the amount of 14 taxable income set forth in the tax table in paragraph one of subsection 15 (a) of this section not subject to the 24 percent rate of tax for the 16 taxable year multiplied by such rate and (ii) the dollar denominated tax 17 for such amount of taxable income set forth in the tax table applicable 18 to the taxable year in paragraph one of subsection (a) of this section 19 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 20 (D), (E), (F), (G), (H), (I), (J), (K) and (L) of this paragraph. The 21 fraction for this subparagraph is computed as follows: the numerator is 22 the lesser of fifty thousand dollars or excess of New York adjusted 23 gross income for the taxable year over twenty million dollars and the 24 denominator is fifty thousand dollars. 25 (N) Provided, however, the total tax prior to the application of any 26 tax credits shall not exceed the highest rate of tax set forth in the 27 tax tables in subsection (b) of this section multiplied by the taxpay- 28 er's taxable income. 29 § 6. Subparagraphs (C), (D), (E), (F) and (G) of paragraph 3 of 30 subsection (d-1) of section 601 of the tax law, subparagraphs (C), (D) 31 and (G) as amended and subparagraphs (E) and (F) as added by section 6 32 of part A of chapter 59 of the laws of 2021, are amended and eight new 33 subparagraphs (H), (I), (J), (K), (L), (M), (N) and (O) are added to 34 read as follows: 35 (C) The tax table benefit is the difference between (i) the amount of 36 taxable income set forth in the tax table in paragraph one of subsection 37 (c) of this section not subject to the [8.82] 7.5 percent rate of tax 38 for the taxable year multiplied by such rate and (ii) the dollar denomi- 39 nated tax for such amount of taxable income set forth in the tax table 40 applicable to the taxable year in paragraph one of subsection (c) of 41 this section less the sum of the tax table benefits in subparagraphs (A) 42 and (B) of this paragraph. The fraction for this subparagraph is 43 computed as follows: the numerator is the lesser of fifty thousand 44 dollars or the excess of New York adjusted gross income for the taxable 45 year over [one million] four hundred fifty thousand dollars and the 46 denominator is fifty thousand dollars. This subparagraph shall apply 47 only to taxable years beginning on or after January first, two thousand 48 twelve [and before January first, two thousand twenty-one and for tax 49 years beginning on or after January first, two thousand twenty-eight]. 50 (D) The tax table benefit is the difference between (i) the amount of 51 taxable income set forth in the tax table in paragraph one of subsection 52 (a) of this section not subject to the [9.65] 8 percent rate of tax for 53 the taxable year multiplied by such rate and (ii) the dollar denominated 54 tax for such amount of taxable income set forth in the tax table appli- 55 cable to the taxable year in paragraph one of subsection (a) of this 56 section less the sum of the tax table benefits in subparagraphs (A)
A. 1281 11 1 [and], (B) and (C) of this paragraph. The fraction for this subparagraph 2 is computed as follows: the numerator is the lesser of fifty thousand 3 dollars or excess of New York adjusted gross income for the taxable year 4 over [one million five] six hundred thousand dollars and the denominator 5 is fifty thousand dollars. This subparagraph shall apply only to the 6 taxable years beginning on or after January first, two thousand twenty- 7 one [and before January first, two thousand twenty-eight]. 8 (E) The tax table benefit is the difference between (i) the amount of 9 taxable income set forth in the tax table in paragraph one of subsection 10 (a) of this section not subject to the [10.30] 8.5 percent rate of tax 11 for the taxable year multiplied by such rate and (ii) the dollar denomi- 12 nated tax for such amount of taxable income set forth in the tax table 13 applicable to the taxable year in paragraph one of subsection (a) of 14 this section less the sum of the tax table benefits in subparagraphs 15 (A), (B), (C) and (D) of this paragraph. The fraction for this subpara- 16 graph is computed as follows: the numerator is the lesser of fifty thou- 17 sand dollars or excess of New York adjusted gross income for the taxable 18 year over [five million] seven hundred thousand dollars and the denomi- 19 nator is fifty thousand dollars. This subparagraph shall apply only to 20 the taxable years beginning on or after January first, two thousand 21 twenty-one [and before January first, two thousand twenty-eight]. 22 (F) The tax table benefit is the difference between (i) the amount of 23 taxable income set forth in the tax table in paragraph one of subsection 24 (a) of this section not subject to the [10.90] 9 percent rate of tax for 25 the taxable year multiplied by such rate and (ii) the dollar denominated 26 tax for such amount of taxable income set forth in the tax table appli- 27 cable to the taxable year in paragraph one of subsection (a) of this 28 section less the sum of the tax table benefits in subparagraphs (A), 29 (B), (D) and (E) of this paragraph. The fraction for this subparagraph 30 is computed as follows: the numerator is the lesser of fifty thousand 31 dollars or excess of New York adjusted gross income for the taxable year 32 over [twenty-five million] eight hundred thousand dollars and the denom- 33 inator is fifty thousand dollars. This subparagraph shall apply only to 34 the taxable years beginning on or after January first, two thousand 35 twenty-one [and before January first, two thousand twenty-eight]. 36 (G) The tax table benefit is the difference between (i) the amount of 37 taxable income set forth in the tax table in paragraph one of subsection 38 (a) of this section not subject to the 10 percent rate of tax for the 39 taxable year multiplied by such rate and (ii) the dollar denominated tax 40 for such amount of taxable income set forth in the tax table applicable 41 to the taxable year in paragraph one of subsection (a) of this section 42 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 43 (D), (E) and (F) of this paragraph. The fraction for this subparagraph 44 is computed as follows: the numerator is the lesser of fifty thousand 45 dollars or excess of New York adjusted gross income for the taxable year 46 over nine hundred thousand dollars and the denominator is fifty thousand 47 dollars. 48 (H) The tax table benefit is the difference between (i) the amount of 49 taxable income set forth in the tax table in paragraph one of subsection 50 (a) of this section not subject to the 11 percent rate of tax for the 51 taxable year multiplied by such rate and (ii) the dollar denominated tax 52 for such amount of taxable income set forth in the tax table applicable 53 to the taxable year in paragraph one of subsection (a) of this section 54 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 55 (D), (E), (F) and (G) of this paragraph. The fraction for this subpara- 56 graph is computed as follows: the numerator is the lesser of fifty thou-
A. 1281 12 1 sand dollars or excess of New York adjusted gross income for the taxable 2 year over one million dollars and the denominator is fifty thousand 3 dollars. 4 (I) The tax table benefit is the difference between (i) the amount of 5 taxable income set forth in the tax table in paragraph one of subsection 6 (a) of this section not subject to the 12 percent rate of tax for the 7 taxable year multiplied by such rate and (ii) the dollar denominated tax 8 for such amount of taxable income set forth in the tax table applicable 9 to the taxable year in paragraph one of subsection (a) of this section 10 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 11 (D), (E), (F), (G) and (H) of this paragraph. The fraction for this 12 subparagraph is computed as follows: the numerator is the lesser of 13 fifty thousand dollars or excess of New York adjusted gross income for 14 the taxable year over two million dollars and the denominator is fifty 15 thousand dollars. 16 (J) The tax table benefit is the difference between (i) the amount of 17 taxable income set forth in the tax table in paragraph one of subsection 18 (a) of this section not subject to the 14 percent rate of tax for the 19 taxable year multiplied by such rate and (ii) the dollar denominated tax 20 for such amount of taxable income set forth in the tax table applicable 21 to the taxable year in paragraph one of subsection (a) of this section 22 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 23 (D), (E), (F), (G), (H) and (I) of this paragraph. The fraction for this 24 subparagraph is computed as follows: the numerator is the lesser of 25 fifty thousand dollars or excess of New York adjusted gross income for 26 the taxable year over three million dollars and the denominator is fifty 27 thousand dollars. 28 (K) The tax table benefit is the difference between (i) the amount of 29 taxable income set forth in the tax table in paragraph one of subsection 30 (a) of this section not subject to the 16 percent rate of tax for the 31 taxable year multiplied by such rate and (ii) the dollar denominated tax 32 for such amount of taxable income set forth in the tax table applicable 33 to the taxable year in paragraph one of subsection (a) of this section 34 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 35 (D), (E), (F), (G), (H), (I) and (J) of this paragraph. The fraction for 36 this subparagraph is computed as follows: the numerator is the lesser of 37 fifty thousand dollars or excess of New York adjusted gross income for 38 the taxable year over four million dollars and the denominator is fifty 39 thousand dollars. 40 (L) The tax table benefit is the difference between (i) the amount of 41 taxable income set forth in the tax table in paragraph one of subsection 42 (a) of this section not subject to the 18 percent rate of tax for the 43 taxable year multiplied by such rate and (ii) the dollar denominated tax 44 for such amount of taxable income set forth in the tax table applicable 45 to the taxable year in paragraph one of subsection (a) of this section 46 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 47 (D), (E), (F), (G), (H), (I), (J) and (K) of this paragraph. The frac- 48 tion for this subparagraph is computed as follows: the numerator is the 49 lesser of fifty thousand dollars or excess of New York adjusted gross 50 income for the taxable year over five million dollars and the denomina- 51 tor is fifty thousand dollars. 52 (M) The tax table benefit is the difference between (i) the amount of 53 taxable income set forth in the tax table in paragraph one of subsection 54 (a) of this section not subject to the 20 percent rate of tax for the 55 taxable year multiplied by such rate and (ii) the dollar denominated tax 56 for such amount of taxable income set forth in the tax table applicable
A. 1281 13 1 to the taxable year in paragraph one of subsection (a) of this section 2 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 3 (D), (E), (F), (G), (H), (I), (J), (K) and (L) of this paragraph. The 4 fraction for this subparagraph is computed as follows: the numerator is 5 the lesser of fifty thousand dollars or excess of New York adjusted 6 gross income for the taxable year over ten million dollars and the 7 denominator is fifty thousand dollars. 8 (N) The tax table benefit is the difference between (i) the amount of 9 taxable income set forth in the tax table in paragraph one of subsection 10 (a) of this section not subject to the 22 percent rate of tax for the 11 taxable year multiplied by such rate and (ii) the dollar denominated tax 12 for such amount of taxable income set forth in the tax table applicable 13 to the taxable year in paragraph one of subsection (a) of this section 14 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 15 (D), (E), (F), (G), (H), (I), (J), (K), (L) and (M) of this paragraph. 16 The fraction for this subparagraph is computed as follows: the numerator 17 is the lesser of fifty thousand dollars or excess of New York adjusted 18 gross income for the taxable year over fifteen million dollars and the 19 denominator is fifty thousand dollars. 20 (O) The tax table benefit is the difference between (i) the amount of 21 taxable income set forth in the tax table in paragraph one of subsection 22 (a) of this section not subject to the 24 percent rate of tax for the 23 taxable year multiplied by such rate and (ii) the dollar denominated tax 24 for such amount of taxable income set forth in the tax table applicable 25 to the taxable year in paragraph one of subsection (a) of this section 26 less the sum of the tax table benefits in subparagraphs (A), (B), (C), 27 (D), (E), (F), (G), (H), (I), (J), (K), (L), (M) and (N) of this para- 28 graph. The fraction for this subparagraph is computed as follows: the 29 numerator is the lesser of fifty thousand dollars or excess of New York 30 adjusted gross income for the taxable year over twenty million dollars 31 and the denominator is fifty thousand dollars. 32 (P) Provided, however, the total tax prior to the application of any 33 tax credits shall not exceed the highest rate of tax set forth in the 34 tax tables in subsection (c) of this section multiplied by the taxpay- 35 er's taxable income. 36 § 7. Subsection (d-4) of section 601 of the tax law is REPEALED. 37 § 8. This act shall take effect immediately.