senate Bill S8164

2019-2020 Legislative Session

Extends the top state income tax rate

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 13, 2020 referred to investigations and government operations


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S8164 (ACTIVE) - Details

See Assembly Version of this Bill:
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §601, Tax L
Versions Introduced in 2021-2022 Legislative Session:

S8164 (ACTIVE) - Summary

Extends the top state income tax rate to 10.32% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate.

S8164 (ACTIVE) - Sponsor Memo

S8164 (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K


                            I N  S E N A T E

                             April 13, 2020

Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation  to  extending  the  top  state
  income tax rate


  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
  (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
Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
Over $43,000 but not over $161,550    $2,093 plus 5.97% of excess over
Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
Over $323,200 but not over            $19,403 plus 6.85% of excess
$2,155,350                            over  $323,200
OVER $2,155,350 BUT NOT OVER          $144,905 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $2,155,350
OVER $5,000,000 BUT NOT OVER          $395,803 PLUS 9.32% 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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