assembly Bill A8532

2019-2020 Legislative Session

Relates to the personal income tax rates for New York residents with New York taxable income over $1,000,000

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to ways and means
Aug 09, 2019 referred to ways and means

Co-Sponsors

Multi-Sponsors

A8532 (ACTIVE) - Details

See Senate Version of this Bill:
S4511
Law Section:
Tax Law
Laws Affected:
Amd §§601, 614 & 171-a, Tax L

A8532 (ACTIVE) - Summary

Relates to the personal income tax rates for New York residents with New York taxable income over $1,000,000 and directs revenue generated from such tax to be deposited to the credit of the New York City Housing Authority and to the division of housing and community renewal.

A8532 (ACTIVE) - Bill Text download pdf


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

                                  8532

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                             August 9, 2019
                               ___________

Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to personal  income  tax  rates
  and  in  relation to directing revenue generated from certain taxes to
  be deposited to the credit of the New York city housing authority  and
  the division of housing and community renewal

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (B)  of  paragraph  1  of  subsection  (a)  of
section  601  of  the  tax law is amended by adding a new clause (ix) to
read as follows:
  (IX) FOR TAXABLE YEARS BEGINNING  AFTER  TWO  THOUSAND  NINETEEN,  THE
FOLLOWING RATES SHALL APPLY:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $66,578 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000 BUT NOT OVER          $419,378 PLUS 9.32% OF EXCESS OVER
$10,000,000                           $5,000,000
OVER $10,000,000 BUT NOT OVER         $885,378 PLUS 9.82% OF EXCESS OVER
$100,000,000                          $10,000,000
OVER $100,000,000                     $9,723,378 PLUS 10.32% OF EXCESS
                                       OVER $100,000,000
  §  2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
of the tax law is amended by  adding  a  new  clause  (ix)  to  read  as
follows:
  (IX)  FOR  TAXABLE  YEARS  BEGINNING  AFTER TWO THOUSAND NINETEEN, THE
FOLLOWING RATES SHALL APPLY:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $67,017 PLUS 8.82% OF EXCESS OVER

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