senate Bill S2622

2021-2022 Legislative Session

Imposes a progressive income tax structure

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 22, 2021 referred to budget and revenue

Co-Sponsors

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S2622 (ACTIVE) - Details

See Assembly Version of this Bill:
A4604
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §601, Tax L

S2622 (ACTIVE) - Summary

Imposes a progressive income tax structure for high income taxpayers.

S2622 (ACTIVE) - Sponsor Memo

S2622 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2622
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2021
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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  imposing  a  progressive
   income tax structure
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 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] $450,000                 over  $323,200
 Over [$2,155,350                      $144,905 plus 8.82% of excess over
                                       $2,155,350]
      $450,000 BUT NOT OVER $600,000   $28,089 PLUS 7.5% OF EXCESS OVER
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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