Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 05, 2022 | referred to ways and means |
Jan 22, 2021 | referred to ways and means |
Archive: Last 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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Co-Sponsors
Karines Reyes
Richard Gottfried
Phil Steck
Harvey Epstein
A3352 (ACTIVE) - Details
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.