NY State Assembly Bill 2021-A8862

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 01, 2022	held for consideration in ways and means
Jan 19, 2022	referred to ways and means

co-Sponsors

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2021-A8862 (ACTIVE) - Details

See Senate Version of this Bill:: S8133
Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §601, Tax L

2021-A8862 (ACTIVE) - Summary

Accelerates the phase-in of certain middle class tax cuts.

2021-A8862 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8862
 
                           I N  A S S E M B L Y
 
                             January 19, 2022
                                ___________
 
 Introduced  by M. of A. DURSO -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to accelerating the phase-in of
   certain tax cuts
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph
 (B) of paragraph 1 of subsection (a) of section  601  of  the  tax  law,
 clauses (v), (vi), (vii), and (viii) as amended and clause (ix) as added
 by section 1 of part A of chapter 59 of the laws of 2021, are amended to
 read as follows:
   (v)  [For  taxable  years  beginning  in  two  thousand twenty-two 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 $161,550    $1,202 plus 5.85% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $9,021 plus 6.25% of excess over
                                       $161,550
 Over $323,200 but not over            $19,124 plus
 $2,155,350                            6.85% of excess over $323,200
 Over $2,155,350 but not over          $144,626 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $419,135 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,479,135 plus 10.90% of excess over
                                       $25,000,000
   (vi) For taxable years beginning  in  two  thousand  twenty-three  the
 following rates shall apply:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14243-01-2

 A. 8862                             2

 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 $161,550    $1,202 plus 5.73% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $8,860 plus 6.17% of excess over
                                       $161,550
 Over $323,200 but not over            $18,834 plus 6.85% of
 $2,155,350                            excess over $323,200
 Over $2,155,350 but not over          $144,336 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $418,845 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,478,845 plus 10.90% of excess over
                                       $25,000,000
   (vii)  For  taxable  years  beginning  in two thousand twenty-four 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 $161,550    $1,202 plus 5.61% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $8,700 plus 6.09% of excess over
                                       $161,550
 Over $323,200 but not over            $18,544 plus 6.85% of excess over
 $2,155,350                            $323,200
 Over $2,155,350 but not over          $144,047 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $418,555 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,478,555 plus 10.90% of excess over
                                       $25,000,000
   (viii)] For taxable years beginning after two  thousand  [twenty-four]
 TWENTY-ONE  and  before  two  thousand  twenty-eight 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 $161,550    $1,202 plus 5.5% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $8,553 plus 6.00% of excess over
                                       $161,550
 Over $323,200 but not over            $18,252 plus 6.85% of excess over
 $2,155,350                            $323,200
 Over $2,155,350 but not over          $143,754 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $418,263 plus 10.30% of excess over
 A. 8862                             3

 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,478,263 plus 10.90% of excess over
                                       $25,000,000
 
   [(ix)]  (VI)  For  taxable years beginning after  two thousand twenty-
 seven 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 $161,550    $1,202 plus 5.5% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $8,553 plus 6.00% of excess
                                       over $161,550
 Over $323,200 but not over            $18,252 plus 6.85% of excess
 $2,155,350                            over $323,200
 Over $2,155,350                       $143,754 plus  8.82% of excess
                                       over $2,155,350
 
   § 2. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph (B) of
 paragraph 1 of subsection (b) of section 601 of  the  tax  law,  clauses
 (v),  (vi),  (vii),  and  (viii)  as amended and clause (ix) as added by
 section 2 of part A of chapter 59 of the laws of 2021,   are amended  to
 read as follows:
   (v)  [For  taxable  years  beginning  in  two  thousand twenty-two the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.85% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,976 plus 6.25% of excess over
                                       $107,650
 Over $269,300 but not over            $16,079 plus 6.85% of excess
 $1,616,450                            over $269,300
 Over $1,616,450 but not over          $108,359 plus 9.65% of excess over
 $5,000,000                            $1,616,450
 Over $5,000,000 but not over          $434,871 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,494,871 plus 10.90% of excess over
                                       $25,000,000
   (vi) For taxable years beginning  in  two  thousand  twenty-three  the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.73% of excess over
 A. 8862                             4

                                       $20,900
 Over $107,650 but not over $269,300   $5,872 plus 6.17% of excess over
                                       $107,650
 Over $269,300 but not over            $15,845 plus 6.85% of excess
 $1,616,450                            over $269,300
 Over $1,616,450 but not over          $108,125 plus 9.65% of excess over
 $5,000,000                            $1,616,450
 Over $5,000,000 but not over          $434,638 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,494,638 plus 10.90% of excess over
                                       $25,000,000
   (vii)  For  taxable  years  beginning  in two thousand twenty-four the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.61% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,768 plus 6.09% of excess over
                                       $107,650
 Over $269,300 but not over            $15,612 plus 6.85% of excess
 $1,616,450                            over $269,300
 Over $1,616,450 but not over          $107,892 plus 9.65% of excess over
 $5,000,000                            $1,616,450
 Over $5,000,000 but not over          $434,404 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,494,404 plus 10.90% of excess over
                                       $25,000,000
   (viii)] For taxable years beginning after two  thousand  [twenty-four]
 TWENTY-ONE  and  before  two  thousand  twenty-eight the following rates
 shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $107,650    $901 plus 5.5% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,672 plus 6.00% of excess over
                                       $107,650
 Over $269,300 but not over            $15,371 plus 6.85% of excess over
 $1,616,450                            $269,300
 Over $1,616,450 but not over          $107,651 plus 9.65% of excess over
 $5,000,000                            $1,616,450
 Over $5,000,000 but not over          $434,163 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,494,163 plus 10.90% of excess over
                                       $25,000,000
 
   [(ix)] (VI) For taxable years beginning after two thousand twenty-sev-
 en the following rates shall apply:
 A. 8862                             5
 
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over             $512 plus 4.5% of excess over
 $17,650                               $12,800
 Over $17,650 but not over             $730 plus 5.25% of excess over
 $20,900                               $17,650
 Over $20,900 but not over             $901 plus 5.5% of excess over
 $107,650                              $20,900
 Over $107,650 but not over            $5,672 plus 6.00% of excess
 $269,300                              over $107,650
 Over $269,300 but not over            $15,371 plus 6.85% of excess
 $1,616,450                            over $269,300
 Over $1,616,450                       $107,651 plus  8.82% of excess
                                       over $1,616,450
 
   § 3. Clauses (v), (vi), (vii), (viii), and (ix) of subparagraph (B) of
 paragraph  1  of  subsection  (c) of section 601 of the tax law, clauses
 (v), (vi), (vii), and (viii) as amended and  clause  (ix)  as  added  by
 section  3  of  part A of chapter 59 of the laws of 2021, are amended to
 read as follows:
   (v) [For taxable  years  beginning  in  two  thousand  twenty-two  the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.85% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,504 plus 6.25% of excess over
                                       $80,650
 Over $215,400 but not over            $12,926 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550 but not over          $71,984 plus 9.65% of excess over
 $5,000,000                            $1,077,550
 Over $5,000,000 but not over          $450,500 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,510,500 plus 10.90% of excess over
                                       $25,000,000
   (vi)  For  taxable  years  beginning  in two thousand twenty-three the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.73% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,424 plus 6.17% of excess over
                                       $80,650
 Over $215,400 but not over            $12,738 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550 but not over          $71,796 plus 9.65% of excess over
 $5,000,000                            $1,077,550
 A. 8862                             6

 Over $5,000,000 but not over          $450,312 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,510,312 plus 10.90% of excess over
                                       $25,000,000
   (vii)  For  taxable  years  beginning  in two thousand twenty-four the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.61% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,344 plus 6.09% of excess over
                                       $80,650
 Over $215,400 but not over            $12,550 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550 but not over          $71,608 plus 9.65% of excess over
 $5,000,000                            $1,077,550
 Over $5,000,000 but not over          $450,124 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,510,124 plus 10.90% of excess over
                                       $25,000,000
   (viii)] For taxable years beginning after two  thousand  [twenty-four]
 TWENTY-ONE  and  before  two  thousand  twenty-eight the following rates
 shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.50% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess over
                                       $80,650
 Over $215,400 but not over            $12,356 plus 6.85% of excess over
 $1,077,550                            $215,400
 Over $1,077,550 but not over          $71,413 plus 9.65% of excess over
 $5,000,000                            $1,077,550
 Over $5,000,000 but not over          $449,929 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,509,929 plus 10.90% of excess over
                                       $25,000,000
   [(ix)] (VI) For taxable years beginning after two thousand twenty-sev-
 en the following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $80,650     $600 plus 5.50% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess
 A. 8862                             7
 
                                       over $80,650
 Over $215,400 but not over            $12,356 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550                       $71,413 plus 8.82% of excess
                                       over $1,077,550
 
   § 4. This act shall take effect immediately.

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Assembly Bill A8862

Sponsored By

Archive: Last Bill Status - In Assembly Committee

co-Sponsors

2021-A8862 (ACTIVE) - Details

2021-A8862 (ACTIVE) - Summary

2021-A8862 (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A8862

Share this bill

Sponsored By

DURSO

Archive: Last Bill Status - In Assembly Committee

co-Sponsors

Michael J. Norris

Joseph Giglio

John Lemondes

Nader sayegh

2021-A8862 (ACTIVE) - Details

2021-A8862 (ACTIVE) - Summary

2021-A8862 (ACTIVE) - Bill Text download pdf

Comments