senate Bill S2522

2021-2022 Legislative Session

Relates to extending the top state income tax rate

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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 21, 2021 referred to budget and revenue

Co-Sponsors

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S2522 (ACTIVE) - Details

See Assembly Version of this Bill:
A3352
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §601-b, Tax L

S2522 (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.

S2522 (ACTIVE) - Sponsor Memo

S2522 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2522
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 21, 2021
                                ___________
 
 Introduced  by  Sen.  RIVERA -- 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
 
   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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