senate Bill S7677

2019-2020 Legislative Session

Establishes the millionaire's tax and economic equity act of 2020

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

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 05, 2020 referred to budget and revenue

S7677 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L

S7677 (ACTIVE) - Summary

Establishes the millionaire's tax and economic equity act of 2020; 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.

S7677 (ACTIVE) - Sponsor Memo

S7677 (ACTIVE) - Bill Text download pdf


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

                                  7677

                            I N  S E N A T E

                            February 5, 2020
                               ___________

Introduced  by  Sen. SANDERS -- 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 establishing the millionaire's tax and economic
  equity act of 2020

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

  Section  1.  Short  title.  This  act  shall be known and cited as the
"millionaire's tax and economic equity act of 2020".
  § 2. 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

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