Assembly Bill A10363

2019-2020 Legislative Session

Relates to extending the top state income tax rate and foundation aid funding

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A10363 (ACTIVE) - Details

See Senate Version of this Bill:
S7378
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L; amd §92-c, St Fin L

2019-A10363 (ACTIVE) - Summary

Extends the top state income tax rate to 11.82% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate, and directs the revenue from such rate increases to foundation aid.

2019-A10363 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10363
 
                           I N  A S S E M B L Y
 
                              April 29, 2020
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- 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 amend the state finance law, in relation to
   foundation aid funding
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph
 (B) of paragraph 1 of subsection (a) of section  601  of  the  tax  law,
 clauses  (iv),  (v), (vi) and (vii) as amended by section 1 of part P of
 chapter 59 of the laws of 2019, and clause (viii) as added by section  1
 of  part  R  of  chapter  59 of the laws of 2017, are amended to read as
 follows:
   (iv) For taxable  years  beginning  in  two  thousand  twenty-one  the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 5.97% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
                                       $161,550
 Over $323,200 but not over            $19,403 plus 6.85% of excess
 [$2,155,350] $1,000,000               over  $323,200
 OVER $1,000,000 BUT NOT OVER          $65,764 PLUS 9.62% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $450,564 PLUS 10.32% OF EXCESS OVER
 $10,000,000                           $5,000,000

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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