STATE OF NEW YORK ________________________________________________________________________ 7504 2025-2026 Regular Sessions IN ASSEMBLY March 28, 2025 ___________ Introduced by M. of A. BRABENEC -- read once and referred to the Commit- tee on Real Property Taxation AN ACT to amend the real property tax law, in relation to increasing the base figure for the STAR exemption (Part A); and to amend the tax law, in relation to adjusting certain rates for the imposition of personal income tax (Part B) The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. This act enacts into law components of legislation relating 2 to the "Affordable NY act". Each component is wholly contained within a 3 Part identified as Parts A through B. The effective date for each 4 particular provision contained within such Part is set forth in the last 5 section of such Part. Any provision in any section contained within a 6 Part, including the effective date of the Part, which makes a reference 7 to a section "of this act", when used in connection with that particular 8 component, shall be deemed to mean and refer to the corresponding 9 section of the Part in which it is found. Section three of this act sets 10 forth the general effective date of this act. 11 PART A 12 Section 1. Subparagraph (vi) of paragraph (b) of subdivision 2 of 13 section 425 of the real property tax law, as added by section 1 of part 14 D-1 of chapter 57 of the laws of 2007, clause (A) as further amended by 15 subdivision (b) of section 1 of part W of chapter 56 of the laws of 16 2010, is amended to read as follows: 17 (vi) For the two thousand nine--two thousand ten school year [and 18 thereafter] through the two thousand twenty-five--two thousand twenty- 19 six school year: 20 (A) The base figure for the enhanced STAR exemption shall equal the 21 prior year's base figure multiplied by the percentage increase in the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04378-01-5
A. 7504 2 1 consumer price index for urban wage earners and clerical workers (CPI-W) 2 published by the United States department of labor, bureau of labor 3 statistics, for the third quarter of the calendar year preceding the 4 applicable school year, as compared to the third quarter of the prior 5 calendar year. If a base figure as so determined is not exactly equal to 6 a multiple of one hundred dollars, it shall be rounded to the nearest 7 multiple of one hundred dollars. It shall be the responsibility of the 8 commissioner to annually determine such base figures. 9 (B) The base figure for the basic STAR exemption shall be thirty thou- 10 sand dollars. 11 § 2. Paragraph (b) of subdivision 2 of section 425 of the real proper- 12 ty tax law is amended by adding a new subparagraph (vii) to read as 13 follows: 14 (vii) For the two thousand twenty-five--two thousand twenty-six school 15 year and thereafter: 16 (A) The base figure for the enhanced STAR exemption shall equal the 17 prior year's base figure multiplied by the percentage increase in the 18 consumer price index for urban wage earners and clerical workers (CPI-W) 19 published by the United States department of labor, bureau of labor 20 statistics, for the third quarter of the calendar year preceding the 21 applicable school year, as compared to the third quarter of the prior 22 calendar year, multiplied by two. If a base figure as so determined is 23 not exactly equal to a multiple of one hundred dollars, it shall be 24 rounded to the nearest multiple of one hundred dollars. It shall be the 25 responsibility of the commissioner to annually determine such base 26 figures. 27 (B) The base figure for the basic STAR exemption shall be sixty thou- 28 sand dollars. 29 § 3. Subparagraph (i) of paragraph (a) of subdivision 2 of section 30 1306-a of the real property tax law, as amended by section 1 of part LL 31 of chapter 59 of the laws of 2019, is amended to read as follows: 32 (i) The tax savings for each parcel receiving the exemption authorized 33 by section four hundred twenty-five of this chapter shall be computed by 34 subtracting the amount actually levied against the parcel from the 35 amount that would have been levied if not for the exemption[, provided 36 however, that for the two thousand eleven-two thousand twelve through 37 two thousand eighteen-two thousand nineteen school years, the tax 38 savings applicable to any "portion" (which as used herein shall mean 39 that part of an assessing unit located within a school district) shall 40 not exceed the tax savings applicable to that portion in the prior 41 school year multiplied by one hundred two percent, with the result 42 rounded to the nearest dollar; and provided further that beginning with 43 the two thousand nineteen-two thousand twenty school year: (A) for 44 purposes of the exemption authorized by section four hundred twenty-five 45 of this chapter, the tax savings applicable to any portion shall not 46 exceed the tax savings for the prior year, and (B) for purposes of the 47 credit authorized by subsection (eee) of section six hundred six of the 48 tax law, the tax savings applicable to any portion shall not exceed the 49 tax savings applicable to that portion in the prior school year multi- 50 plied by one hundred two percent, with the result rounded to the nearest 51 dollar]. The tax savings attributable to the basic and enhanced 52 exemptions shall be calculated separately. It shall be the responsibil- 53 ity of the commissioner to calculate tax savings limitations for 54 purposes of this subdivision. 55 § 4. This act shall take effect immediately.
A. 7504 3 1 PART B 2 Section 1. Paragraph 1 of subsection (a) of section 601 of the tax 3 law, as amended by section 1 of part FF of chapter 59 of the laws of 4 2013, subparagraph (B) as added by section 1 of part R of chapter 59 of 5 the laws of 2017, clause (iii) of subparagraph (B) as amended by section 6 1 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 7 subparagraph (B) as amended by section 1 of part A of chapter 59 of the 8 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 9 by section 1 of subpart A of part A of chapter 59 of the laws of 2022, 10 is amended to read as follows: 11 (1) (A) For taxable years beginning after two thousand eleven and 12 before two thousand [eighteen] sixteen: 13 If the New York taxable income is: The tax is: 14 Not over $16,000 4% of taxable income 15 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over 16 $16,000 17 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over 18 $22,000 19 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over 20 $26,000 21 Over $40,000 but not over $150,000 $1,946 plus 6.45% of excess over 22 $40,000 23 Over $150,000 but not over $300,000 $9,041 plus 6.65% of excess over 24 $150,000 25 Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over 26 $300,000 27 Over $2,000,000 $135,466 plus 8.82% of excess over 28 $2,000,000 29 (B)(i) For taxable years beginning in two thousand eighteen the 30 following rates shall apply: 31 If the New York taxable income is: The tax is: 32 Not over $17,150 4% of the New York taxable 33 income 34 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 35 $17,150 36 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 37 $23,600 38 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 39 $27,900 40 Over $43,000 but not over $161,550 $2,093 plus 6.33% of excess over 41 $43,000 42 Over $161,550 but not over $323,200 $9,597 plus 6.57% of excess over 43 $161,550 44 Over $323,200 but not over $2,155,350 $20,218 plus 6.85% of excess over 45 $323,200 46 Over $2,155,350 $145,720 plus 8.82% of excess over 47 $2,155,350 48 (ii) For taxable years beginning in two thousand nineteen the follow- 49 ing rates shall apply: 50 If the New York taxable income is: The tax is: 51 Not over $17,150 4% of the New York taxable 52 income 53 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
A. 7504 4 1 $17,150 2 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 3 $23,600 4 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 5 $27,900 6 Over $43,000 but not over $161,550 $2,093 plus 6.21% of excess over 7 $43,000 8 Over $161,550 but not over $323,200 $9,455 plus 6.49% of excess over 9 $161,550 10 Over $323,200 but not over $2,155,350 $19,946 plus 6.85% of excess over 11 $323,200 12 Over $2,155,350 $145,448 plus 8.82% of excess over 13 $2,155,350 14 (iii) For taxable years beginning in two thousand twenty the following 15 rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $17,150 4% of the New York taxable income 18 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 19 $17,150 20 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 21 $23,600 22 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 23 $27,900 24 Over $43,000 but not over $161,550 $2,093 plus 6.09% of excess over 25 $43,000 26 Over $161,550 but not over $323,200 $9,313 plus 6.41% of excess over 27 $161,550 28 Over $323,200 but not over $19,674 plus 6.85% of excess 29 $2,155,350 over $323,200 [over] 30 Over $2,155,350 $145,177 plus 8.82% of excess over 31 $2,155,350 32 [(iv) For taxable years beginning in two thousand twenty-one the 33 following rates shall apply: 34 If the New York taxable income is: The tax is: 35 Not over $17,150 4% of the New York taxable income 36 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 37 $17,150 38 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 39 $23,600 40 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 41 $27,900 42 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over 43 $43,000 44 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over 45 $161,550 46 Over $323,200 but not over $19,403 plus 6.85% of excess 47 $2,155,350 over $323,200 48 Over $2,155,350 but not over $144,905 plus 9.65% of excess over 49 $5,000,000 $2,155,350 50 Over $5,000,000 but not over $419,414 plus 10.30% of excess over 51 $25,000,000 $5,000,000 52 Over $25,000,000 $2,479,414 plus 10.90% of excess over 53 $25,000,000 54 (v) For taxable years beginning in two thousand twenty-two the follow- 55 ing rates shall apply:
A. 7504 5 1 If the New York taxable income is: The tax is: 2 Not over $17,150 4% of the New York taxable income 3 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 4 $17,150 5 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 6 $23,600 7 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 8 $27,900 9 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 10 $161,550 11 Over $323,200 but not over $19,124 plus 12 $2,155,350 6.85% of excess over $323,200 13 Over $2,155,350 but not over $144,626 plus 9.65% of excess over 14 $5,000,000 $2,155,350 15 Over $5,000,000 but not over $419,135 plus 10.30% of excess over 16 $25,000,000 $5,000,000 17 Over $25,000,000 $2,479,135 plus 10.90% of excess over 18 $25,000,000 19 (vi) For taxable years beginning in two thousand twenty-three and 20 before two thousand twenty-eight the following rates shall apply: 21 If the New York taxable income is: The tax is: 22 Not over $17,150 4% of the New York taxable income 23 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 24 $17,150 25 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 26 $23,600 27 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 28 $27,900 29 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 30 $161,550 31 Over $323,200 but not over $18,252 plus 6.85% of excess over 32 $2,155,350 $323,200 33 Over $2,155,350 but not over $143,754 plus 9.65% of excess over 34 $5,000,000 $2,155,350 35 Over $5,000,000 but not over $418,263 plus 10.30% of excess over 36 $25,000,000 $5,000,000 37 Over $25,000,000 $2,478,263 plus 10.90% of excess over 38 $25,000,000 39 (vii) For taxable years beginning after two thousand twenty-seven the 40 following rates shall apply: 41 If the New York taxable income is: The tax is: 42 Not over $17,150 4% of the New York taxable income 43 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 44 $17,150 45 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 46 $23,600 47 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 48 $27,900 49 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess 50 over $161,550 51 Over $323,200 but not over $18,252 plus 6.85% of excess 52 $2,155,350 over $323,200 53 Over $2,155,350 $143,754 plus 8.82% of excess 54 over $2,155,350]
A. 7504 6 1 § 2. Paragraph 1 of subsection (b) of section 601 of the tax law, as 2 amended by section 2 of part FF of chapter 59 of the laws of 2013, 3 subparagraph (B) as added by section 2 of part R of chapter 59 of the 4 laws of 2017, clause (iii) of subparagraph (B) as amended by section 2 5 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 6 subparagraph (B) as amended by section 2 of part A of chapter 59 of the 7 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 8 by section 2 of subpart A of part A of chapter 59 of the laws of 2022, 9 is amended to read as follows: 10 (1) (A) For taxable years beginning after two thousand eleven and 11 before two thousand [eighteen] sixteen: 12 If the New York taxable income is: The tax is: 13 Not over $12,000 4% of taxable income 14 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over 15 $12,000 16 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over 17 $16,500 18 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over 19 $19,500 20 Over $30,000 but not over $100,000 $1,460 plus 6.45% of excess over 21 $30,000 22 Over $100,000 but not over $250,000 $5,975 plus 6.65% of excess over 23 $100,000 24 Over $250,000 but not over $1,500,000 $15,950 plus 6.85% of excess over 25 $250,000 26 Over $1,500,000 $101,575 plus 8.82% of excess over 27 $1,500,000 28 (B)(i) For taxable years beginning in two thousand eighteen the 29 following rates shall apply: 30 If the New York taxable income is: The tax is: 31 Not over $12,800 4% of the New York taxable income 32 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 33 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 34 $17,650 35 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 36 Over $32,200 but not over $107,650 $1,568 plus 6.33% of excess over 37 $32,200 38 Over $107,650 but not over $269,300 $6,344 plus 6.57% of excess over 39 $107,650 40 Over $269,300 but not over $1,616,450 $16,964 plus 6.85% of excess over 41 $269,300 42 Over $1,616,450 $109,244 plus 8.82% of excess over 43 $1,616,450 44 (ii) For taxable years beginning in two thousand nineteen the follow- 45 ing rates shall apply: 46 If the New York taxable income is: The tax is: 47 Not over $12,800 4% of the New York taxable income 48 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 49 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 50 $17,650 51 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 52 Over $32,200 but not over $107,650 $1,568 plus 6.21% of excess over
A. 7504 7 1 $32,200 2 Over $107,650 but not over $269,300 $6,253 plus 6.49% of excess over 3 $107,650 4 Over $269,300 but not over $1,616,450 $16,744 plus 6.85% of excess over 5 $269,300 6 Over $1,616,450 $109,024 plus 8.82% of excess over 7 $1,616,450 8 (iii) For taxable years beginning in two thousand twenty the following 9 rates shall apply: 10 If the New York taxable income is: The tax is: 11 Not over $12,800 4% of the New York taxable income 12 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 13 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 14 $17,650 15 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 16 Over $32,200 but not over $107,650 $1,568 plus 6.09% of excess over 17 $32,200 18 Over $107,650 but not over $269,300 $6,162 plus 6.41% of excess over 19 $107,650 20 Over $269,300 but not over $16,524 plus 6.85% of 21 $1,616,450 excess over $269,300 22 Over $1,616,450 $108,804 plus 8.82% of excess over 23 $1,616,450 24 [(iv) For taxable years beginning in two thousand twenty-one the 25 following rates shall apply: 26 If the New York taxable income is: The tax is: 27 Not over $12,800 4% of the New York taxable income 28 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 29 $12,800 30 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 31 $17,650 32 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 33 $20,900 34 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 35 $32,200 36 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 37 $107,650 38 Over $269,300 but not over $16,304 plus 6.85% of excess over 39 $1,616,450 $269,300 40 Over $1,616,450 but not over $108,584 plus 9.65% of excess over 41 $5,000,000 $1,616,450 42 Over $5,000,000 but not over $435,097 plus 10.30% of excess over 43 $25,000,000 $5,000,000 44 Over $25,000,000 $2,495,097 plus 10.90% of excess over 45 $25,000,000 46 (v) For taxable years beginning in two thousand twenty-two the follow- 47 ing 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 5.85% of excess over 55 $20,900 56 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over
A. 7504 8 1 $107,650 2 Over $269,300 but not over $16,079 plus 6.85% of excess 3 $1,616,450 over $269,300 4 Over $1,616,450 but not over $108,359 plus 9.65% of excess over 5 $5,000,000 $1,616,450 6 Over $5,000,000 but not over $434,871 plus 10.30% of excess over 7 $25,000,000 $5,000,000 8 Over $25,000,000 $2,494,871 plus 10.90% of excess over 9 $25,000,000 10 (vi) For taxable years beginning in two thousand twenty-three and 11 before two thousand twenty-eight the following rates shall apply: 12 If the New York taxable income is: The tax is: 13 Not over $12,800 4% of the New York taxable income 14 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 15 $12,800 16 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 17 $17,650 18 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 19 $20,900 20 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 21 $107,650 22 Over $269,300 but not over $15,371 plus 6.85% of excess over 23 $1,616,450 $269,300 24 Over $1,616,450 but not over $107,651 plus 9.65% of excess over 25 $5,000,000 $1,616,450 26 Over $5,000,000 but not over $434,163 plus 10.30% of excess over 27 $25,000,000 $5,000,000 28 Over $25,000,000 $2,494,163 plus 10.90% of excess over 29 $25,000,000 30 (vii) For taxable years beginning after two thousand twenty-seven the 31 following rates shall apply: 32 If the New York taxable income is: The tax is: 33 Not over $12,800 4% of the New York taxable income 34 Over $12,800 but not over $512 plus 4.5% of excess over 35 $17,650 $12,800 36 Over $17,650 but not over $730 plus 5.25% of excess over 37 $20,900 $17,650 38 Over $20,900 but not over $901 plus 5.5% of excess over 39 $107,650 $20,900 40 Over $107,650 but not over $5,672 plus 6.00% of excess 41 $269,300 over $107,650 42 Over $269,300 but not over $15,371 plus 6.85% of excess 43 $1,616,450 over $269,300 44 Over $1,616,450 $107,651 plus 8.82% of excess 45 over $1,616,450] 46 (C) For taxable years beginning in two thousand twenty-five, the 47 following brackets and dollar amounts shall apply: 48 If the New York taxable income is: The tax is: 49 Not over $12,000 2% of taxable income 50 Over $12,000 but not over $16,500 $240 plus 2.5% of excess over 51 $12,000 52 Over $16,500 but not over $19,500 $353 plus 3.25% of excess over
A. 7504 9 1 $16,500 2 Over $19,500 but not over $30,000 $451 plus 3.90% of excess over 3 $19,500 4 Over $30,000 but not over $100,000 $861 plus 4.45% of excess over 5 $30,000 6 Over $100,000 but not over $250,000 $3,976 plus 4.65% of excess over 7 $100,000 8 Over $250,000 but not over $10,951 plus 6.85% of excess over 9 $1,500,000 $250,000 10 Over $1,500,000 $96,576 plus 8.82% of excess over 11 $1,500,000 12 § 3. Paragraph 1 of subsection (c) of section 601 of the tax law, as 13 amended by section 3 of part FF of chapter 59 of the laws of 2013, 14 subparagraph (B) as added by section 3 of part R of chapter 59 of the 15 laws of 2017, clause (iii) of subparagraph (B) as amended by section 3 16 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 17 subparagraph (B) as amended by section 3 of part A of chapter 59 of the 18 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 19 by section 3 of subpart A of part A of chapter 59 of the laws of 2022, 20 is amended to read as follows: 21 (1) (A) For taxable years beginning after two thousand eleven and 22 before two thousand [eighteen] sixteen: 23 If the New York taxable income is: The tax is: 24 Not over $8,000 4% of taxable income 25 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over 26 $8,000 27 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over 28 $11,000 29 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over 30 $13,000 31 Over $20,000 but not over $75,000 $973 plus 6.45% of excess over 32 $20,000 33 Over $75,000 but not over $200,000 $4,521 plus 6.65% of excess over 34 $75,000 35 Over $200,000 but not over $1,000,000 $12,833 plus 6.85% of excess over 36 $200,000 37 Over $1,000,000 $67,633 plus 8.82% of excess over 38 $1,000,000 39 (B)(i) For taxable years beginning in two thousand eighteen the 40 following rates shall apply: 41 If the New York taxable income is: The tax is: 42 Not over $8,500 4% of the New York taxable income 43 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 44 $8,500 45 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 46 $11,700 47 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 48 $13,900 49 Over $21,400 but not over $80,650 $1,042 plus 6.33% of excess over 50 $21,400 51 Over $80,650 but not over $215,400 $4,793 plus 6.57% of excess over 52 $80,650 53 Over $215,400 but not over $1,077,550 $13,646 plus 6.85% of excess over
A. 7504 10 1 $215,400 2 Over $1,077,550 $72,703 plus 8.82% of excess over 3 $1,077,550 4 (ii) For taxable years beginning in two thousand nineteen the follow- 5 ing rates shall apply: 6 If the New York taxable income is: The tax is: 7 Not over $8,500 4% of the New York taxable income 8 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 9 $8,500 10 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 11 $11,700 12 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 13 $13,900 14 Over $21,400 but not over $80,650 $1,042 plus 6.21% of excess over 15 $21,400 16 Over $80,650 but not over $215,400 $4,721 plus 6.49% of excess over 17 $80,650 18 Over $215,400 but not over $1,077,550 $13,467 plus 6.85% of excess over 19 $215,400 20 Over $1,077,550 $72,524 plus 8.82% of excess over 21 $1,077,550 22 (iii) For taxable years beginning in two thousand twenty the following 23 rates shall apply: 24 If the New York taxable income is: The tax is: 25 Not over $8,500 4% of the New York taxable income 26 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 27 $8,500 28 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 29 $11,700 30 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 31 $13,900 32 Over $21,400 but not over $80,650 $1,042 plus 6.09% of excess over 33 $21,400 34 Over $80,650 but not over $215,400 $4,650 plus 6.41% of excess over 35 $80,650 36 Over $215,400 but not over $13,288 plus 6.85% of excess 37 $1,077,550 over $215,400 38 Over $1,077,550 $72,345 plus 8.82% of excess over 39 $1,077,550 40 [(iv) For taxable years beginning in two thousand twenty-one the 41 following rates shall apply: 42 If the New York taxable income is: The tax is: 43 Not over $8,500 4% of the New York taxable income 44 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 45 $8,500 46 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 47 $11,700 48 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 49 $13,900 50 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 51 $21,400 52 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 53 $80,650 54 Over $215,400 but not over $13,109 plus 6.85% of excess 55 $1,077,550 over $215,400 56 Over $1,077,550 but not over $72,166 plus 9.65% of excess over
A. 7504 11 1 $5,000,000 $1,077,550 2 Over $5,000,000 but not over $450,683 plus 10.30% of excess over 3 $25,000,000 $5,000,000 4 Over $25,000,000 $2,510,683 plus 10.90% of excess over 5 $25,000,000 6 (v) For taxable years beginning in two thousand twenty-two the follow- 7 ing rates shall apply: 8 If the New York taxable income is: The tax is: 9 Not over $8,500 4% of the New York taxable income 10 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 11 $8,500 12 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 13 $11,700 14 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 15 $13,900 16 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 17 $80,650 18 Over $215,400 but not over $12,926 plus 6.85% of excess 19 $1,077,550 over $215,400 20 Over $1,077,550 but not over $71,984 plus 9.65% of excess over 21 $5,000,000 $1,077,550 22 Over $5,000,000 but not over $450,500 plus 10.30% of excess over 23 $25,000,000 $5,000,000 24 Over $25,000,000 $2,510,500 plus 10.90% of excess over 25 $25,000,000 26 (vi) For taxable years beginning in two thousand twenty-three and 27 before two thousand twenty-eight the following rates shall apply: 28 If the New York taxable income is: The tax is: 29 Not over $8,500 4% of the New York taxable income 30 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 31 $8,500 32 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 33 $11,700 34 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 35 $13,900 36 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 37 $80,650 38 Over $215,400 but not over $12,356 plus 6.85% of excess over 39 $1,077,550 $215,400 40 Over $1,077,550 but not over $71,413 plus 9.65% of excess over 41 $5,000,000 $1,077,550 42 Over $5,000,000 but not over $449,929 plus 10.30% of excess over 43 $25,000,000 $5,000,000 44 Over $25,000,000 $2,509,929 plus 10.90% of excess over 45 $25,000,000 46 (vii) For taxable years beginning after two thousand twenty-seven the 47 following rates shall apply: 48 If the New York taxable income is: The tax is: 49 Not over $8,500 4% of the New York taxable income 50 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 51 $8,500 52 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 53 $11,700 54 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 55 $13,900 56 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess
A. 7504 12 1 over $80,650 2 Over $215,400 but not over $12,356 plus 6.85% of excess 3 $1,077,550 over $215,400 4 Over $1,077,550 $71,413 plus 8.82% of excess 5 over $1,077,550] 6 (C) For taxable years beginning in two thousand twenty-five, the 7 following brackets and dollar amounts shall apply: 8 If the New York taxable income is: The tax is: 9 Not over $8,000 2% of taxable income 10 Over $8,000 but not over $11,000 $160 plus 2.5% of excess over 11 $8,000 12 Over $11,000 but not over $13,000 $235 plus 3.25% of excess over 13 $11,000 14 Over $13,000 but not over $20,000 $300 plus 3.90% of excess over 15 $13,000 16 Over $20,000 but not over $75,000 $573 plus 4.45% of excess over 17 $20,000 18 Over $75,000 but not over $200,000 $3,021 plus 4.65% of excess over 19 $75,000 20 Over $200,000 to $1,000,000 $8,834 plus 6.85% of excess over 21 $200,000 22 § 4. This act shall take effect immediately. 23 § 2. Severability clause. If any clause, sentence, paragraph, subdivi- 24 sion, section or part of this act shall be adjudged by a court of compo- 25 nent jurisdiction to be invalid, such judgment shall not affect, impair 26 or invalidate the remainder thereof, but shall be confined in its opera- 27 tion to the clause, sentence, paragraph, subdivision, section or part 28 thereof directly involved in the controversy in which such judgment 29 shall have been rendered. It is hereby declared to be the intent of the 30 legislature that this act would have been enacted even if such invalid 31 provisions had not been included herein. 32 § 3. This act shall take effect immediately provided, however, that 33 the applicable effective date of Parts A through B of this act shall be 34 as specifically set forth in the last section of such Parts.