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

Archive: Last 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

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.


view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 22, 2020 referred to budget and revenue


view additional co-sponsors

S7378 (ACTIVE) - Details

See Assembly Version of this Bill:
Current Committee:
Senate Budget And Revenue
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
                             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
   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] $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.


Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.