assembly Bill A5442

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 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
Feb 16, 2021 referred to ways and means

A5442 (ACTIVE) - Details

See Senate Version of this Bill:
S1513
Law Section:
Tax Law
Laws Affected:
Amd §§601 & 171-a, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S7677

A5442 (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.

A5442 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5442
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2021
                                ___________
 
 Introduced by M. of A. TAYLOR -- 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, 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