STATE OF NEW YORK ________________________________________________________________________ 4437 2025-2026 Regular Sessions IN SENATE February 5, 2025 ___________ Introduced by Sen. GOUNARDES -- 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 top personal income tax rates 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 20 $5,000,000 $2,155,350 21 Over $5,000,000 but not over $418,263 plus 10.30% of excess over 22 $25,000,000 $5,000,000 23 Over $25,000,000 $2,478,263 plus 10.90% of excess 24 over $25,000,000 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08512-01-5
S. 4437 2 1 (vii) For taxable years beginning after two thousand [twenty-seven] 2 twenty-five the 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 5.5% of excess over 10 $27,900 11 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess 12 over $161,550 13 Over $323,200 but not over $18,252 plus 6.85% of excess 14 $2,155,350 over $323,200 15 Over $2,155,350 but not over $143,754 plus [8.82] 16 $5,000,000 9.65% of the excess over 17 $2,155,350 18 Over $5,000,000 but not over $418,263 plus 10.80% of excess 19 $25,000,000 over $5,000,000 20 Over $25,000,000 $2,578,263 plus 11.40% of excess 21 over $25,000,000 22 § 2. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of 23 subsection (b) of section 601 of the tax law, as amended by section 2 of 24 subpart A of part A of chapter 59 of the laws of 2022, are amended to 25 read as follows: 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 $12,800 4% of the New York taxable income 30 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 31 $12,800 32 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 33 $17,650 34 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 35 $20,900 36 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 37 $107,650 38 Over $269,300 but not over $15,371 plus 6.85% of excess over 39 $1,616,450 $269,300 40 Over $1,616,450 but not over $107,651 plus 9.65% of excess over 41 $5,000,000 $1,616,450 42 Over $5,000,000 but not over $434,163 plus 10.30% of excess over 43 $25,000,000 $5,000,000 44 Over $25,000,000 $2,494,163 plus 10.90% of excess over 45 $25,000,000 46 (vii) For taxable years beginning after two thousand [twenty-seven] 47 twenty-five the 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 $512 plus 4.5% of excess over 51 $17,650 $12,800 52 Over $17,650 but not over $730 plus 5.25% of excess over 53 $20,900 $17,650 54 Over $20,900 but not over $901 plus 5.5% of excess over 55 $107,650 $20,900
S. 4437 3 1 Over $107,650 but not over $5,672 plus 6.00% of excess 2 $269,300 over $107,650 3 Over $269,300 but not over $15,371 plus 6.85% of excess 4 $1,616,450 over $269,300 5 Over $1,616,450 but not over $107,651 plus [8.82%] 6 $5,000,000 9.65% of excess over 7 $1,616,450 8 Over $5,000,000 but not over $434,163 plus 10.80% of excess 9 $25,000,000 over $25,000,000 10 Over $25,000,000 $2,594,163 plus 11.40% of 11 excess over $25,000,000 12 § 3. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of 13 subsection (c) of section 601 of the tax law, as amended by section 3 of 14 subpart A of part A of chapter 59 of the laws of 2022, are amended to 15 read as follows: 16 (vi) For taxable years beginning in two thousand twenty-three [and 17 before two thousand twenty-eight] the following rates shall apply: 18 If the New York taxable income is: The tax is: 19 Not over $8,500 4% of the New York taxable income 20 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 21 $8,500 22 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 23 $11,700 24 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 25 $13,900 26 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 27 $80,650 28 Over $215,400 but not over $12,356 plus 6.85% of excess over 29 $1,077,550 $215,400 30 Over $1,077,550 but not over $71,413 plus 9.65% of excess over 31 $5,000,000 $1,077,550 32 Over $5,000,000 but not over $449,929 plus 10.30% of excess over 33 $25,000,000 $5,000,000 34 Over $25,000,000 $2,509,929 plus 10.90% of excess over 35 $25,000,000 36 (vii) For taxable years beginning after two thousand [twenty-seven] 37 twenty-five the following rates shall apply: 38 If the New York taxable income is: The tax is: 39 Not over $8,500 4% of the New York taxable income 40 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 41 $8,500 42 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 43 $11,700 44 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 45 $13,900 46 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess 47 over $80,650 48 Over $215,400 but not over $12,356 plus 6.85% of excess 49 $1,077,550 over $215,400 50 Over $1,077,550 but not over $71,413 plus [8.82%] 51 $5,000,000 9.65% of excess over 52 $1,077,550 53 Over $5,000,000 but not over $449,929 plus 10.80% of excess 54 $25,000,000 over $25,000,000 55 Over $25,000,000 $2,609,929 plus 11.40% of excess 56 over $25,000,000
S. 4437 4 1 § 4. Subparagraph (B) of paragraph 1 of subsection (d-4) of section 2 601 of the tax law, as added by section 3 of subpart B of part A of 3 chapter 59 of the laws of 2022, is amended to read as follows: 4 (B) If New York adjusted gross income is greater than twenty-five 5 million dollars, the supplemental tax due shall equal the difference 6 between the product of [10.90] 11.40 percent and New York taxable income 7 and the tax table computation on the New York taxable income set forth 8 in paragraph one of subsection (a) of this section. 9 § 5. Subparagraph (B) of paragraph 2 of subsection (d-4) of section 10 601 of the tax law, as added by section 3 of subpart B of part A of 11 chapter 59 of the laws of 2022, is amended to read as follows: 12 (B) If New York adjusted gross income is greater than twenty-five 13 million dollars, the supplemental tax due shall equal the difference 14 between the product of [10.90] 11.40 percent and New York taxable income 15 and the tax table computation on the New York taxable income set forth 16 in paragraph one of subsection (b) of this section. 17 § 6. Subparagraph (B) of paragraph 3 of subsection (d-4) of section 18 601 of the tax law, as added by section 3 of subpart B of part A of 19 chapter 59 of the laws of 2022, is amended to read as follows: 20 (B) If New York adjusted gross income is greater than twenty-five 21 million dollars, the supplemental tax due shall equal the difference 22 between the product of [10.90] 11.40 percent and New York taxable income 23 and the tax table computation on the New York taxable income set forth 24 in paragraph one of subsection (c) of this section. 25 § 7. This act shall take effect immediately.