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Assembly Bill A3352

2021-2022 Legislative Session

Relates to extending the top state income tax rate

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Archive: Last Bill Status - In Assembly Committee

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2021-A3352 (ACTIVE) - Details

See Senate Version of this Bill:
S2522
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §601-b, Tax L
Versions Introduced in Other Legislative Sessions:
2023-2024: A2576, S2162
2025-2026: A676, S1439

2021-A3352 (ACTIVE) - Summary

Relates to extending the top state income tax rate; provides for an additional tax to be imposed on certain resident's low-taxed investment income.

2021-A3352 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3352
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced by M. of A. KIM -- 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
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The  tax  law is amended by adding a new section 601-b to
 read as follows:
   § 601-B. ADDITIONAL TAX ON LOW-TAXED INVESTMENT INCOME. (A)  THERE  IS
 HEREBY IMPOSED, IN ADDITION TO THE TAX IMPOSED UNDER SECTION SIX HUNDRED
 ONE  OF  THIS  ARTICLE,  AN ADDITIONAL TAX ON A NEW YORK RESIDENT'S LOW-
 TAXED INVESTMENT INCOME.
   (B) LOW-TAXED INVESTMENT INCOME SHALL MEAN THE AMOUNT OF  AN  INDIVID-
 UAL'S  NEW  YORK  TAXABLE INCOME ATTRIBUTABLE TO LONG-TERM CAPITAL GAIN,
 DIVIDENDS, OR ANY OTHER TYPE OF  INCOME  TAXED  UNDER  THE  PREFERENTIAL
 RATES  OF  SECTION  1(H)  OF THE INTERNAL REVENUE CODE, OR ANY SUCCESSOR
 PROVISION THERETO.
   (C)(1) THE ADDITIONAL TAX IMPOSED UNDER THIS SECTION SHALL BE EQUAL TO
 (I) THE DIFFERENCE BETWEEN (A) THE APPLICABLE FEDERAL  INCOME  TAX  RATE
 THAT  WOULD BE IMPOSED ON AN INDIVIDUAL'S LOW-TAXED INVESTMENT INCOME IF
 IT WERE SUBJECT TO THE FEDERAL INCOME  TAX  RATES  IMPOSED  ON  ORDINARY
 INCOME UNDER SECTION 1 OF THE INTERNAL REVENUE CODE AND (B) THE APPLICA-
 BLE  FEDERAL  INCOME  TAX  RATE  IMPOSED AT THE PREFERENTIAL RATES UNDER
 SECTION 1(H) OF THE INTERNAL REVENUE CODE, MULTIPLIED BY (II) THE AMOUNT
 OF AN INDIVIDUAL'S LOW-TAXED INVESTMENT INCOME, AS DEFINED IN SUBSECTION
 (B) OF THIS SECTION.
   (2) THE ADDITIONAL TAX UNDER PARAGRAPH ONE OF THIS SUBSECTION SHALL BE
 MULTIPLIED BY THE PHASE-IN FRACTION TO DETERMINE THE  AMOUNT  DUE  UNDER
 THIS SECTION.  THE PHASE-IN FRACTION IS COMPUTED AS FOLLOWS: THE NUMERA-
 TOR  IS  THE  LESSER  OF  (I) AN INDIVIDUAL'S NEW YORK TAXABLE INCOME IN
 EXCESS OF THE APPLICABLE  AMOUNT  DEFINED  IN  SUBSECTION  (D)  OF  THIS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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