Assembly Actions -
Senate Actions - UPPERCASE
|Feb 05, 2020||
referred to budget and revenue
Senate Bill S7677
2019-2020 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2019-S7677 (ACTIVE) - Details
2019-S7677 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7677 SPONSOR: SANDERS TITLE OF BILL: An act to amend the tax law, in relation to extending the top state income tax rate, and establishing the millionaire's tax and economic equity act of 2020 PURPOSE OR GENERAL IDEA OF BILL: Establishes the Millionaire's Tax and Economic Equity Act of 2020 that increases the state personal income tax rates for incomes over $1 million per taxable year for the purpose of promoting economic equity and avoiding cuts in spending to public education and Medicaid. SUMMARY OF PROVISIONS: This legislation would amend the Tax Law by raising the personal income tax rates for those making over $1 million per taxable year. For incomes from $1 million up to $5 million, the tax rate increases from
2019-S7677 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7677 I N S E N A T E February 5, 2020 ___________ Introduced by Sen. SANDERS -- 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 extending the top state income tax rate, and establishing the millionaire's tax and economic equity act of 2020 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and cited as the "millionaire's tax and economic equity act of 2020". § 2. 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
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