|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 13, 2020||referred to investigations and government operations|
senate Bill S8164
Current Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8164 (ACTIVE) - Details
S8164 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8164 SPONSOR: MAY TITLE OF BILL: An act to amend the tax law, in relation to extending the top state income tax rate PURPOSE: To establish higher income tax brackets for individuals earning over $5 million, $10 million and $100 million a year. SUMMARY OF SPECIFIC PROVISIONS: Sections 1, 2, and 3 amend Section 601 of the Tax Law to create a progressive tax structure for individuals with incomes over $5 million. The bill establishes income tax rates of 9.32% for incomes over $5 million but not over $10 million; 9.82% for incomes over $10 million but not over $100 million; and 10.32% for incomes over $100 million.
S8164 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8164 I N S E N A T E April 13, 2020 ___________ Introduced by Sen. MAY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to extending the top state income tax rate 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 over $323,200 OVER $2,155,350 BUT NOT OVER $144,905 PLUS 8.82% OF EXCESS OVER $5,000,000 $2,155,350 OVER $5,000,000 BUT NOT OVER $395,803 PLUS 9.32% 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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