assembly Bill A3150

2021-2022 Legislative Session

Relates to the personal income tax rates for New York residents with New York taxable income over $1,000,000

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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
Jan 22, 2021 referred to ways and means

Co-Sponsors

Multi-Sponsors

A3150 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§601, 614 & 171-a, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A8532

A3150 (ACTIVE) - Summary

Relates to the personal income tax rates for New York residents with New York taxable income over $1,000,000 and directs revenue generated from such tax to be deposited to the credit of the New York City Housing Authority and to the division of housing and community renewal.

A3150 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3150
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by  M.  of A. EPSTEIN, GOTTFRIED, CARROLL, DARLING -- Multi-
   Sponsored by -- M. of A. RODRIGUEZ -- read once and  referred  to  the
   Committee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to personal income tax rates
   and in relation to directing revenue generated from certain  taxes  to
   be  deposited to the credit of the New York city housing authority and
   the division of housing and community renewal
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (B)  of  paragraph  1  of subsection (a) of
 section 601 of the tax law is amended by adding a  new  clause  (ix)  to
 read as follows:
   (IX)  FOR  TAXABLE  YEARS BEGINNING AFTER TWO THOUSAND TWENTY-ONE, THE
 FOLLOWING RATES SHALL APPLY:
 
 IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
 OVER $1,000,000 BUT NOT OVER          $66,578 PLUS 8.82% OF EXCESS OVER
 $5,000,000                            $1,000,000
 OVER $5,000,000 BUT NOT OVER          $419,378 PLUS 9.32% OF EXCESS OVER
 $10,000,000                           $5,000,000
 OVER $10,000,000 BUT NOT OVER         $885,378 PLUS 9.82% OF EXCESS OVER
 $100,000,000                          $10,000,000
 OVER $100,000,000                     $9,723,378 PLUS 10.32% OF EXCESS
                                        OVER $100,000,000
   § 2. Subparagraph (B) of paragraph 1 of subsection (b) of section  601
 of  the  tax  law  is  amended  by  adding  a new clause (ix) to read as
 follows:
   (IX) FOR TAXABLE YEARS BEGINNING AFTER TWO  THOUSAND  TWENTY-ONE,  THE
 FOLLOWING RATES SHALL APPLY:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03884-01-1