Assembly Actions -
Senate Actions - UPPERCASE
|May 11, 2020||
referred to budget and revenue
Senate Bill S8329
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-S8329 (ACTIVE) - Details
2019-S8329 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8329 SPONSOR: MAYER TITLE OF BILL: 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 provid- ing 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 PURPOSE OR GENERAL IDEA OF BILL: Establishes a new personal income tax bracket for filers earning over $5,000,000 annually for a period of two years, the proceeds of which shall be dedicated to education funding to help address revenue losses due to the COVID-19 pandemic through a more equitable shared sacrifice for the benefit of all. SUMMARY OF PROVISIONS:
2019-S8329 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8329 I N S E N A T E May 11, 2020 ___________ Introduced by Sens. MAYER, STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Reven- ue 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
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