S. 2059 2
$25,000,000 $5,000,000
Over $25,000,000 $2,478,263 plus 10.90% of excess
over $25,000,000
(vii) For taxable years beginning after two thousand [twenty-seven]
TWENTY-THREE 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 $161,550 $1,202 plus 5.5% of excess over
$27,900
Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess
over $161,550
Over $323,200 but not over $18,252 plus 6.85% of excess
[$2,155,350] $500,000 over $323,200
[Over $2,155,350 $143,754 plus 8.82% of excess
over $2,155,350]
OVER $500,000 BUT NOT OVER $700,000 $30,363 PLUS 7.50% OF
EXCESS OVER $500,000
OVER $700,000 BUT NOT OVER $900,000 $45,363 PLUS 8.00% OF
EXCESS OVER $700,000
OVER $900,000 BUT NOT OVER $61,363 PLUS 9.00% OF EXCESS
$1,000,000 OVER $900,000
OVER $1,000,000 BUT NOT OVER $70,363 PLUS 10.00% OF EXCESS
$2,000,000 OVER $1,000,000
OVER $2,000,000 BUT NOT OVER $170,363 PLUS 12.00% OF
$3,000,000 EXCESS OVER $2,000,000
OVER $3,000,000 BUT NOT OVER $290,363 PLUS 14.00% OF
$4,000,000 EXCESS OVER $3,000,000
OVER $4,000,000 BUT NOT OVER $430,363 PLUS 16.00% OF
$5,000,000 EXCESS OVER $4,000,000
OVER $5,000,000 BUT NOT OVER $590,363 PLUS 18.00% OF
$10,000,000 EXCESS OVER $5,000,000
OVER $10,000,000 BUT NOT OVER $1,490,363 PLUS 20.00% OF
$15,000,000 EXCESS OVER $10,000,000
OVER $15,000,000 BUT NOT OVER $2,490,363 PLUS 22.00% OF
$20,000,000 EXCESS OVER $15,000,000
OVER $20,000,000 $3,590,363 PLUS 24.00% OF
EXCESS OVER $20,000,000
§ 2. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of
subsection (b) of section 601 of the tax law, as amended by section 2 of
subpart A of part A of chapter 59 of the laws of 2022, are amended to
read as follows:
(vi) For taxable years beginning in two thousand twenty-three [and
before two thousand twenty-eight] the following rates shall apply:
If the New York taxable income is: The tax is:
Not over $12,800 4% of the New York taxable income
Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
$12,800
Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
$17,650
Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
S. 2059 3
$20,900
Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
$107,650
Over $269,300 but not over $15,371 plus 6.85% of excess over
$1,616,450 $269,300
Over $1,616,450 but not over $107,651 plus 9.65% of excess over
$5,000,000 $1,616,450
Over $5,000,000 but not over $434,163 plus 10.30% of excess over
$25,000,000 $5,000,000
Over $25,000,000 $2,494,163 plus 10.90% of excess over
$25,000,000
(vii) For taxable years beginning after two thousand [twenty-seven]
TWENTY-THREE the following rates shall apply:
If the New York taxable income is: The tax is:
Not over $12,800 4% of the New York taxable income
Over $12,800 but not over $512 plus 4.5% of excess over
$17,650 $12,800
Over $17,650 but not over $730 plus 5.25% of excess over
$20,900 $17,650
Over $20,900 but not over $901 plus 5.5% of excess over
$107,650 $20,900
Over $107,650 but not over $5,672 plus 6.00% of excess
$269,300 over $107,650
Over $269,300 but not over $15,371 plus 6.85% of excess
[$1,616,450] $500,000 over $269,300
[Over $1,616,450] [$107,651 plus 8.82% of excess
over $1,616,450]
OVER $500,000 BUT NOT OVER $700,000 $30,363 PLUS 7.50%
OF EXCESS OVER $500,000
OVER $700,000 BUT NOT OVER $900,000 $45,363 PLUS 8.00% OF
EXCESS OVER $700,000
OVER $900,000 BUT NOT OVER $61,363 PLUS 9.00% OF EXCESS
$1,000,000 OVER $900,000
OVER $1,000,000 BUT NOT OVER $70,363 PLUS 10.00% OF EXCESS
$2,000,000 OVER $1,000,000
OVER $2,000,000 BUT NOT OVER $170,363 PLUS 12.00% OF
$3,000,000 EXCESS OVER $2,000,000
OVER $3,000,000 BUT NOT OVER $290,363 PLUS 14.00% OF
$4,000,000 EXCESS OVER $3,000,000
OVER $4,000,000 BUT NOT OVER $430,363 PLUS 16.00% OF
$5,000,000 EXCESS OVER $4,000,000
OVER $5,000,000 BUT NOT OVER $590,363 PLUS 18.00% OF
$10,000,000 EXCESS OVER $5,000,000
OVER $10,000,000 BUT NOT OVER $1,490,363 PLUS 20.00% OF
$15,000,000 EXCESS OVER $10,000,000
OVER $15,000,000 BUT NOT OVER $2,490,363 PLUS 22.00% OF
$20,000,000 EXCESS OVER $15,000,000
OVER $20,000,000 $3,590,363 PLUS 24.00% OF
EXCESS OVER $20,000,000
§ 3. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of
subsection (c) of section 601 of the tax law, as amended by section 3 of
subpart A of part A of chapter 59 of the laws of 2022, are amended to
read as follows:
(vi) For taxable years beginning in two thousand twenty-three [and
before two thousand twenty-eight] the following rates shall apply:
S. 2059 4
If the New York taxable income is: The tax is:
Not over $8,500 4% of the New York taxable income
Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
$8,500
Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
$11,700
Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
$13,900
Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over
$80,650
Over $215,400 but not over $12,356 plus 6.85% of excess over
$1,077,550 $215,400
Over $1,077,550 but not over $71,413 plus 9.65% of excess over
$5,000,000 $1,077,550
Over $5,000,000 but not over $449,929 plus 10.30% of excess over
$25,000,000 $5,000,000
Over $25,000,000 $2,509,929 plus 10.90% of excess over
$25,000,000
(vii) For taxable years beginning after two thousand [twenty-seven]
TWENTY-THREE the following rates shall apply:
If the New York taxable income is: The tax is:
Not over $8,500 4% of the New York taxable income
Over $8,500 but not over $11,700 $340 plus 4.5% of excess over
$8,500
Over $11,700 but not over $13,900 $484 plus 5.25% of excess over
$11,700
Over $13,900 but not over $80,650 $600 plus 5.50% of excess over
$13,900
Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess
over $80,650
Over $215,400 but not over $12,356 plus 6.85% of excess
[$1,077,550] $450,000 over $215,400
[Over $1,077,550 $71,413 plus 8.82% of excess
over $1,077,550]
OVER $450,000 BUT NOT OVER $600,000 $26,938 PLUS 7.50%
OF EXCESS OVER $450,000
OVER $600,000 BUT NOT OVER $700,000 $38,188 PLUS 8.00% OF
EXCESS OVER $600,000
OVER $700,000 BUT NOT OVER $800,000 $46,188 PLUS 8.50% OF
EXCESS OVER $700,000
OVER $800,000 BUT NOT OVER $900,000 $54,688 PLUS 9.00% OF
EXCESS OVER $800,000
OVER $900,000 BUT NOT OVER $63,688 PLUS 10.00% OF EXCESS
$1,000,000 OVER $900,000
OVER $1,000,000 BUT NOT OVER $73,188 PLUS 11.00% OF EXCESS
$2,000,000 OVER $1,000,000
OVER $2,000,000 BUT NOT OVER $183,188 PLUS 12.00% OF
$3,000,000 EXCESS OVER $2,000,000
OVER $3,000,000 BUT NOT OVER $303,188 PLUS 14.00% OF
$4,000,000 EXCESS OVER $3,000,000
OVER $4,000,000 BUT NOT OVER $443,188 PLUS 16.00% OF
$5,000,000 EXCESS OVER $4,000,000
OVER $5,000,000 BUT NOT OVER $543,188 PLUS 18.00% OF
$10,000,000 EXCESS OVER $5,000,000
OVER $10,000,000 BUT NOT OVER $1,443,188 PLUS 20.00% OF
$15,000,000 EXCESS OVER $10,000,000
S. 2059 5
OVER $15,000,000 BUT NOT OVER $2,443,188 PLUS 22.00% OF
$20,000,000 EXCESS OVER $15,000,000
OVER $20,000,000 $3,543,188 PLUS 24.00% OF
EXCESS OVER $20,000,000
§ 4. Subparagraphs (D), (E), (F), (G) and (H) of paragraph 1 of
subsection (d-1) of section 601 of the tax law, subparagraphs (D), (E)
and (H) as amended and subparagraphs (F) and (G) as added by section 4
of part A of chapter 59 of the laws of 2021, are amended and six new
subparagraphs (I), (J), (K), (L), (M) and (N) are added to read as
follows:
(D) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [8.82] 7.5 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (a) of
this section less the sum of the tax table benefits in subparagraphs
(A), (B) and (C) of this paragraph. The fraction for this subparagraph
is computed as follows: the numerator is the lesser of fifty thousand
dollars or the excess of New York adjusted gross income for the taxable
year over [two million] FIVE HUNDRED THOUSAND dollars and the denomina-
tor is fifty thousand dollars. This subparagraph shall apply only to
taxable years beginning on or after January first, two thousand twelve
and before January first, two thousand twenty-one [and for tax years
beginning on or after January first, two thousand twenty-eight].
(E) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [9.65] 8 percent rate of tax for
the taxable year multiplied by such rate and (ii) the dollar denominated
tax for such amount of taxable income set forth in the tax table appli-
cable to the taxable year in paragraph one of subsection (a) of this
section less the sum of the tax table benefits in subparagraphs (A),
(B), [and] (C), AND (D) of this paragraph. The fraction for this subpar-
agraph is computed as follows: the numerator is the lesser of fifty
thousand dollars or excess of New York adjusted gross income for the
taxable year over [two million] SEVEN HUNDRED THOUSAND dollars and the
denominator is fifty thousand dollars. This subparagraph shall apply
only to the taxable years beginning on or after January first, two thou-
sand twenty-one [and before January first, two thousand twenty-eight].
(F) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [10.30] 9 percent rate of tax for
the taxable year multiplied by such rate and (ii) the dollar denominated
tax for such amount of taxable income set forth in the tax table appli-
cable to the taxable year in paragraph one of subsection (a) of this
section less the sum of the tax table benefits in subparagraphs (A),
(B), (C) and (E) of this paragraph. The fraction for this subparagraph
is computed as follows: the numerator is the lesser of fifty thousand
dollars or excess of New York adjusted gross income for the taxable year
over [five million] NINE HUNDRED THOUSAND dollars and the denominator is
fifty thousand dollars. This subparagraph shall apply only to the taxa-
ble years beginning on or after January first, two thousand twenty-one
[and before January first, two thousand twenty-eight].
(G) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [10.90] 10 percent rate of tax
S. 2059 6
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (a) of
this section less the sum of the tax table benefits in subparagraphs
(A), (B), (C), (E) and (F) of this paragraph. The fraction for this
subparagraph is computed as follows: the numerator is the lesser of
fifty thousand dollars or excess of New York adjusted gross income for
the taxable year over [twenty-five] ONE million dollars and the denomi-
nator is fifty thousand dollars. This subparagraph shall apply only to
the taxable years beginning on or after January first, two thousand
twenty-one [and before January first, two thousand twenty-eight].
(H) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 12 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), AND (G) OF THIS PARAGRAPH. THE FRACTION FOR THIS SUBPARA-
GRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY THOU-
SAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE TAXABLE
YEAR OVER TWO MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND
DOLLARS.
(I) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 14 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), AND (H) OF THIS PARAGRAPH. THE FRACTION FOR THIS
SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER THREE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(J) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 16 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), AND (I) OF THIS PARAGRAPH. THE FRACTION FOR
THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER FOUR MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(K) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 18 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), AND (J) OF THIS PARAGRAPH. THE FRACTION
FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESS-
S. 2059 7
ER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME
FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINATOR IS
FIFTY THOUSAND DOLLARS.
(L) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 20 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J), AND (K) OF THIS PARAGRAPH. THE FRAC-
TION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE
LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS
INCOME FOR THE TAXABLE YEAR OVER TEN MILLION DOLLARS AND THE DENOMINATOR
IS FIFTY THOUSAND DOLLARS.
(M) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 22 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J), (K), AND (L) OF THIS PARAGRAPH. THE
FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS
THE LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED
GROSS INCOME FOR THE TAXABLE YEAR OVER FIFTEEN MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
(N) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 24 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J), (K), (L), AND (M) OF THIS PARAGRAPH.
THE FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR
IS THE LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED
GROSS INCOME FOR THE TAXABLE YEAR OVER TWENTY MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
(O) Provided, however, the total tax prior to the application of any
tax credits shall not exceed the highest rate of tax set forth in the
tax tables in subsection (a) of this section multiplied by the taxpay-
er's taxable income.
§ 5. Subparagraphs (C), (D), (E), (F) and (G) of paragraph 2 of
subsection (d-1) of section 601 of the tax law, subparagraphs (C), (D)
and (G) as amended and subparagraphs (E) and (F) as added by section 5
of part A of chapter 59 of the laws of 2021, are amended and six new
subparagraphs (H), (I), (J), (K), (L) and (M) are added to read as
follows:
(C) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(b) of this section not subject to the [8.82] 7.5 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (b) of
this section less the sum of the tax table benefits in subparagraphs (A)
S. 2059 8
and (B) of this paragraph. The fraction for this subparagraph is
computed as follows: the numerator is the lesser of fifty thousand
dollars or the excess of New York adjusted gross income for the taxable
year over [one million] five hundred thousand dollars and the denomina-
tor is fifty thousand dollars. This subparagraph shall apply only to
taxable years beginning on or after January first, two thousand twelve
and before January first, two thousand twenty-one [and for tax years
beginning on or after January first, two thousand twenty-eight].
(D) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [9.65] 8 percent rate of tax for
the taxable year multiplied by such rate and (ii) the dollar denominated
tax for such amount of taxable income set forth in the tax table appli-
cable to the taxable year in paragraph one of subsection (a) of this
section less the sum of the tax table benefits in subparagraphs (A)
[and], (B) AND (C) of this paragraph. The fraction for this subparagraph
is computed as follows: the numerator is the lesser of fifty thousand
dollars or excess of New York adjusted gross income for the taxable year
over [one million five] SEVEN hundred thousand dollars and the denomina-
tor is fifty thousand dollars. This subparagraph shall apply only to the
taxable years beginning on or after January first, two thousand twenty-
one [and before January first, two thousand twenty-eight].
(E) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [10.30] 9 percent rate of tax for
the taxable year multiplied by such rate and (ii) the dollar denominated
tax for such amount of taxable income set forth in the tax table appli-
cable to the taxable year in paragraph one of subsection (a) of this
section less the sum of the tax table benefits in subparagraphs (A),
(B), (C) and (D) of this paragraph. The fraction for this subparagraph
is computed as follows: the numerator is the lesser of fifty thousand
dollars or excess of New York adjusted gross income for the taxable year
over [five million] NINE HUNDRED THOUSAND dollars and the denominator is
fifty thousand dollars. This subparagraph shall apply only to the taxa-
ble years beginning on or after January first, two thousand twenty-one
[and before January first, two thousand twenty-eight].
(F) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [10.90] 10 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (a) of
this section less the sum of the tax table benefits in subparagraphs
(A), (B), (C), (D) and (E) of this paragraph. The fraction for this
subparagraph is computed as follows: the numerator is the lesser of
fifty thousand dollars or excess of New York adjusted gross income for
the taxable year over [twenty-five] ONE million dollars and the denomi-
nator is fifty thousand dollars. This subparagraph shall apply only to
the taxable years beginning on or after January first, two thousand
twenty-one [and before January first, two thousand twenty-eight].
(G) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 12 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
S. 2059 9
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E) AND (F) OF THIS PARAGRAPH. THE FRACTION FOR THIS SUBPARAGRAPH
IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY THOUSAND
DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE TAXABLE YEAR
OVER TWO MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
(H) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 14 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F) AND (G) OF THIS PARAGRAPH. THE FRACTION FOR THIS SUBPARA-
GRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY THOU-
SAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE TAXABLE
YEAR OVER THREE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND
DOLLARS.
(I) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 16 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G) AND (H) OF THIS PARAGRAPH. THE FRACTION FOR THIS
SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER FOUR MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(J) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 18 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H) AND (I) OF THIS PARAGRAPH. THE FRACTION FOR THIS
SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(K) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 20 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I) AND (J) OF THIS PARAGRAPH. THE FRACTION FOR
THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER TEN MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(L) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 22 PERCENT RATE OF TAX FOR THE
S. 2059 10
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J) AND (K) OF THIS PARAGRAPH. THE FRAC-
TION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE
LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS
INCOME FOR THE TAXABLE YEAR OVER FIFTEEN MILLION DOLLARS AND THE DENOMI-
NATOR IS FIFTY THOUSAND DOLLARS.
(M) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 24 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J), (K) AND (L) OF THIS PARAGRAPH. THE
FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS
THE LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED
GROSS INCOME FOR THE TAXABLE YEAR OVER TWENTY MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
(N) Provided, however, the total tax prior to the application of any
tax credits shall not exceed the highest rate of tax set forth in the
tax tables in subsection (b) of this section multiplied by the taxpay-
er's taxable income.
§ 6. Subparagraphs (C), (D), (E), (F) and (G) of paragraph 3 of
subsection (d-1) of section 601 of the tax law, subparagraphs (C), (D)
and (G) as amended and subparagraphs (E) and (F) as added by section 6
of part A of chapter 59 of the laws of 2021, are amended and eight new
subparagraphs (H), (I), (J), (K), (L), (M), (N) and (O) are added to
read as follows:
(C) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(c) of this section not subject to the [8.82] 7.5 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (c) of
this section less the sum of the tax table benefits in subparagraphs (A)
and (B) of this paragraph. The fraction for this subparagraph is
computed as follows: the numerator is the lesser of fifty thousand
dollars or the excess of New York adjusted gross income for the taxable
year over [one million] FOUR HUNDRED FIFTY THOUSAND dollars and the
denominator is fifty thousand dollars. This subparagraph shall apply
only to taxable years beginning on or after January first, two thousand
twelve [and before January first, two thousand twenty-one and for tax
years beginning on or after January first, two thousand twenty-eight].
(D) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [9.65] 8 percent rate of tax for
the taxable year multiplied by such rate and (ii) the dollar denominated
tax for such amount of taxable income set forth in the tax table appli-
cable to the taxable year in paragraph one of subsection (a) of this
section less the sum of the tax table benefits in subparagraphs (A)
[and], (B) AND (C) of this paragraph. The fraction for this subparagraph
is computed as follows: the numerator is the lesser of fifty thousand
dollars or excess of New York adjusted gross income for the taxable year
S. 2059 11
over [one million five] SIX hundred thousand dollars and the denominator
is fifty thousand dollars. This subparagraph shall apply only to the
taxable years beginning on or after January first, two thousand twenty-
one [and before January first, two thousand twenty-eight].
(E) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [10.30] 8.5 percent rate of tax
for the taxable year multiplied by such rate and (ii) the dollar denomi-
nated tax for such amount of taxable income set forth in the tax table
applicable to the taxable year in paragraph one of subsection (a) of
this section less the sum of the tax table benefits in subparagraphs
(A), (B), (C) and (D) of this paragraph. The fraction for this subpara-
graph is computed as follows: the numerator is the lesser of fifty thou-
sand dollars or excess of New York adjusted gross income for the taxable
year over [five million] SEVEN HUNDRED THOUSAND dollars and the denomi-
nator is fifty thousand dollars. This subparagraph shall apply only to
the taxable years beginning on or after January first, two thousand
twenty-one [and before January first, two thousand twenty-eight].
(F) The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in paragraph one of subsection
(a) of this section not subject to the [10.90] 9 percent rate of tax for
the taxable year multiplied by such rate and (ii) the dollar denominated
tax for such amount of taxable income set forth in the tax table appli-
cable to the taxable year in paragraph one of subsection (a) of this
section less the sum of the tax table benefits in subparagraphs (A),
(B), (D) and (E) of this paragraph. The fraction for this subparagraph
is computed as follows: the numerator is the lesser of fifty thousand
dollars or excess of New York adjusted gross income for the taxable year
over [twenty-five million] EIGHT HUNDRED THOUSAND dollars and the denom-
inator is fifty thousand dollars. This subparagraph shall apply only to
the taxable years beginning on or after January first, two thousand
twenty-one [and before January first, two thousand twenty-eight].
(G) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 10 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E) AND (F) OF THIS PARAGRAPH. THE FRACTION FOR THIS SUBPARAGRAPH
IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY THOUSAND
DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE TAXABLE YEAR
OVER NINE HUNDRED THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND
DOLLARS.
(H) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 11 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F) AND (G) OF THIS PARAGRAPH. THE FRACTION FOR THIS SUBPARA-
GRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY THOU-
SAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE TAXABLE
YEAR OVER ONE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND
DOLLARS.
S. 2059 12
(I) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 12 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G) AND (H) OF THIS PARAGRAPH. THE FRACTION FOR THIS
SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER TWO MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(J) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 14 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H) AND (I) OF THIS PARAGRAPH. THE FRACTION FOR THIS
SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER THREE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(K) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 16 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I) AND (J) OF THIS PARAGRAPH. THE FRACTION FOR
THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF
FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR
THE TAXABLE YEAR OVER FOUR MILLION DOLLARS AND THE DENOMINATOR IS FIFTY
THOUSAND DOLLARS.
(L) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 18 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J) AND (K) OF THIS PARAGRAPH. THE FRAC-
TION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE
LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED GROSS
INCOME FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINA-
TOR IS FIFTY THOUSAND DOLLARS.
(M) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 20 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J), (K) AND (L) OF THIS PARAGRAPH. THE
S. 2059 13
FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS
THE LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED
GROSS INCOME FOR THE TAXABLE YEAR OVER TEN MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
(N) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 22 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J), (K), (L) AND (M) OF THIS PARAGRAPH.
THE FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR
IS THE LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK ADJUSTED
GROSS INCOME FOR THE TAXABLE YEAR OVER FIFTEEN MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
(O) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
(A) OF THIS SECTION NOT SUBJECT TO THE 24 PERCENT RATE OF TAX FOR THE
TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION
LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B), (C),
(D), (E), (F), (G), (H), (I), (J), (K), (L), (M) AND (N) OF THIS PARA-
GRAPH. THE FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE
NUMERATOR IS THE LESSER OF FIFTY THOUSAND DOLLARS OR EXCESS OF NEW YORK
ADJUSTED GROSS INCOME FOR THE TAXABLE YEAR OVER TWENTY MILLION DOLLARS
AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
(P) Provided, however, the total tax prior to the application of any
tax credits shall not exceed the highest rate of tax set forth in the
tax tables in subsection (c) of this section multiplied by the taxpay-
er's taxable income.
§ 7. Subsection (d-4) of section 601 of the tax law is REPEALED.
§ 8. This act shall take effect immediately.