senate Bill S7378

2019-2020 Legislative Session

Relates to extending the top state income tax rate and foundation aid funding

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 22, 2020 referred to budget and revenue

Co-Sponsors

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S7378 (ACTIVE) - Details

See Assembly Version of this Bill:
A10363
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L; amd §92-c, St Fin L

S7378 (ACTIVE) - Summary

Extends the top state income tax rate to 11.82% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate, and directs the revenue from such rate increases to foundation aid.

S7378 (ACTIVE) - Sponsor Memo

S7378 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7378
 
                             I N  S E N A T E
 
                             January 22, 2020
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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 to amend the state finance law, in relation to
   foundation aid funding
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   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
 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
                       [ ] is old law to be omitted.

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