senate Bill S1513

2021-2022 Legislative Session

Establishes the millionaire's tax and economic equity act of 2021

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
Jan 12, 2021 referred to budget and revenue

S1513 (ACTIVE) - Details

See Assembly Version of this Bill:
A5442
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S7677

S1513 (ACTIVE) - Summary

Establishes the millionaire's tax and economic equity act; extends the top state income tax rate to 11.82% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate.

S1513 (ACTIVE) - Sponsor Memo

S1513 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1513
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation  to  extending  the  top  state
   income  tax  rate, and establishing the millionaire's tax and economic
   equity act of 2021

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title.  This  act  shall be known and cited as the
 "millionaire's tax and economic equity act of 2021".
   § 2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B)  of
 paragraph  1  of  subsection  (a) of section 601 of the tax law, clauses
 (iv), (v), (vi) and (vii) as amended by section 1 of part P  of  chapter
 59  of the laws of 2019, and clause (viii) as added by section 1 of part
 R of chapter 59 of the laws of 2017, are amended to read as follows:
   (iv) For taxable  years  beginning  in  two  thousand  twenty-one  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 5.97% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
                                       $161,550
 Over $323,200 but not over            $19,403 plus 6.85% of excess
 [$2,155,350] $1,000,000               over  $323,200
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06312-01-1

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