Assembly Bill A10450

2019-2020 Legislative Session

Relates to extending the top state income tax rate and provides for additional funding for the general support of public schools

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-A10450 (ACTIVE) - Details

See Senate Version of this Bill:
S8329
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L; amd §92-c, add §78-c, St Fin L
Versions Introduced in 2021-2022 Legislative Session:
A6648, S3215

2019-A10450 (ACTIVE) - Summary

Relates to extending the top state income tax rate for those that make $5,000,000 or more and with such additional funds provides for additional school aid for the general support of public schools and for additional operating support for SUNY and CUNY.

2019-A10450 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10450
 
                           I N  A S S E M B L Y
 
                               May 18, 2020
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Glick) --
   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;  to  amend  the  state  finance law, in relation to
   providing  additional  funding  for  the  general  support  of  public
   schools;  and  to amend the state finance law, in relation to creating
   the supplemental public higher education fund
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Clauses (iii) and (iv) of subparagraph (B) of paragraph 1
 of subsection (a) of section 601 of the tax law, as amended by section 1
 of part P of chapter 59 of the laws of 2019,  are  amended  to  read  as
 follows:
   (iii) For taxable years beginning in two thousand twenty 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 6.09% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,313 plus 6.41% of excess over
                                       $161,550
 Over $323,200 but not over            $19,674 plus 6.85% of excess
 $2,155,350                            $323,200 over
 Over $2,155,350 BUT NOT OVER          $145,177 plus 8.82% of excess over
 $5,000,000                            $2,155,350
 OVER $5,000,000                       $396,076 PLUS 10.9% OF EXCESS OVER
                                       $5,000,000

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

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