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

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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

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Actions

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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
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L; amd §92-c, add §78-c, St Fin L
Versions Introduced in 2021-2022 Legislative Session:
S3215, A6648

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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