senate Bill S8329

2019-2020 Legislative Session

Relates to extending the top state income tax rate and provides for additional funding for the general support of public schools

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
May 11, 2020 referred to budget and revenue

Co-Sponsors

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S8329 (ACTIVE) - Details

See Assembly Version of this Bill:
A10450
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L; amd §92-c, add §78-c, St Fin L

S8329 (ACTIVE) - Summary

Relates to extending the top state income tax rate for those that make $5,000,000 or more and with such additional funds provides for additional school aid for the general support of public schools and for additional operating support for SUNY and CUNY.

S8329 (ACTIVE) - Sponsor Memo

S8329 (ACTIVE) - Bill Text download pdf


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

                                  8329

                            I N  S E N A T E

                              May 11, 2020
                               ___________

Introduced  by  Sens. MAYER, STAVISKY -- read twice and ordered printed,
  and when printed to be committed to the Committee on Budget and Reven-
  ue

AN ACT to amend the tax law, in relation  to  extending  the  top  state
  income  tax  rate;  to  amend  the  state  finance law, in relation to
  providing  additional  funding  for  the  general  support  of  public
  schools;  and  to amend the state finance law, in relation to creating
  the supplemental public higher education fund

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

  Section  1.  Clauses (iii) and (iv) of subparagraph (B) of paragraph 1
of subsection (a) of section 601 of the tax law, as amended by section 1
of part P of chapter 59 of the laws of 2019,  are  amended  to  read  as
follows:
  (iii) For taxable years beginning in two thousand twenty 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 6.09% of excess over
                                      $43,000
Over $161,550 but not over $323,200   $9,313 plus 6.41% of excess over
                                      $161,550
Over $323,200 but not over            $19,674 plus 6.85% of excess
$2,155,350                            $323,200 over
Over $2,155,350 BUT NOT OVER          $145,177 plus 8.82% of excess over
$5,000,000                            $2,155,350
OVER $5,000,000                       $396,076 PLUS 10.9% OF EXCESS OVER
                                      $5,000,000

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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