|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 22, 2020||referred to budget and revenue|
senate Bill S7378
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7378 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§601 & 171-a, Tax L; amd §92-c, St Fin L
S7378 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7378 SPONSOR: JACKSON TITLE OF BILL: 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 PURPOSE: The purpose of this legislation is to raise sufficient revenue to fully fund the Foundation Aid formula. SUMMARY OF PROVISIONS: Sections 1, 2, and 3 amend Section 601 of the Tax Law to create a progressive tax structure for individuals that have incomes over $1 million. For individuals with incomes between $1 million but not over $5 million, the tax rate would be 9.62%; for individuals with incomes between $5 million but not over $10 million, the tax rate would be
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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