assembly Bill A6648

2021-2022 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 Assembly 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to ways and means
Mar 23, 2021 referred to ways and means

Co-Sponsors

A6648 (ACTIVE) - Details

See Senate Version of this Bill:
S3215
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L; amd §92-c, add §78-c, St Fin L
Versions Introduced in 2019-2020 Legislative Session:
A10450, S8329

A6648 (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.

A6648 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6648
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 23, 2021
                                ___________
 
 Introduced  by  M.  of A. GLICK, CARROLL, SIMON, DINOWITZ, REYES -- read
   once and referred to the Committee on Ways and Means
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.