NY State Senate Bill 2023-S2059

Current Bill Status - In Senate Committee Budget And Revenue Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
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Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to budget and revenue
Jan 18, 2023	referred to budget and revenue

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2023-S2059 (ACTIVE) - Details

See Assembly Version of this Bill:: A3115
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §601, rpld §601 sub§ (d-4), Tax L
Versions Introduced in 2021-2022 Legislative Session:: S2622, A4604

2023-S2059 (ACTIVE) - Summary

Imposes a progressive income tax structure for high income taxpayers.

2023-S2059 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2059

SPONSOR: JACKSON
 
TITLE OF BILL:

An act to amend the tax law, in relation to extending the top state
income tax rate; and to repeal certain provisions of such law related
thereto

 
PURPOSE:

The purpose of this legislation is to increase state tax revenues and
reduce economic inequality by creating a fair and progressive personal
income tax.

 
SUMMARY OF PROVISIONS:

Sections 1, 2, 3, 4, 5, and 6 amend Section 601 of the Tax law to
provide comprehensive progressive income tax reform. For married couples
filing jointly, the following tax rates and brackets are imposed: 7.5%
for incomes over $500,000; 8.0% for incomes over $700,000; 9.0% for
incomes over $900,000; 10.0% for incomes over $1,000,000; 12.0% for

incomes over $2,000,000; 14% for incomes over $3,000,000; 16% for
incomes over $4,000,000; 18% for incomes over $5,000,000; 20% for
incomes over $10,000,000; 22% for incomes over $15,000,000; and 24% for
incomes over $20,000,000. The new rates and brackets for heads of house-
hold conform to these new rates and brackets for married taxpayers
filing jointly.

For single filers, the following tax rates and brackets are imposed:
7.5% for incomes over $450,000; 8.0% for incomes over $600,000; 8.5% for
incomes over $700,000; 9.0% for incomes over $800,000; 10% for incomes
over $900,000; 11% for incomes over $1,000,000; 12% for incomes over
$2,000,000; 14% for incomes over $3,000,000; 16% for incomes over
$4,000,000; 18% for incomes over $5,000,000; 20% for incomes over
$10,000,000; 22% for incomes over $15,000,000; and 24% for incomes over
$20,000,000.

Section 7 repeals subsection (d-4) of Section 601 of the Tax Law.

Section 8 is the effective date.

 
JUSTIFICATION:

New York is an exceptionally wealthy state. Treated as a separate coun-
try, it would have one of the world's largest economies. With such a
strong economy, all New Yorkers should have fundamental economic rights:
access to high-quality education, affordable healthcare, guaranteed
housing, and basic social services and social insurance. New York must
also finance investments in green energy, green jobs, and green infras-
tructure in order to mitigate the catastrophic risks of climate change.

Unfortunately, New York is also the most unequal state in the nation.
This is due in part because the tax system has not kept pace with chang-
es in the economy, leaving the many high-earning professionals and weal-
thy families in this state undertaxed. Economic growth from recent
decades has overwhelmingly benefited a small segment of elites, while
inflation-adjusted wages have stagnated for the vast majority of working
people since the 1970s. The state government, lacking adequate tax
revenues, has been unable to afford essential public investment and
social spending, including upgrading our infrastructure, repairing
public housing, sufficiently funding public education, and financing
Medicaid. Too many years of allowing the wealthiest residents to not pay
their fair share in taxes has thrown our state budget into a massive
hole. The COVID-19 pandemic, which exacerbated existing budgetary chal-
lenges, has shown just how urgently these reforms are needed.

Our state is in dire need of tax reform. The rich benefit from New
York's workers, infrastructure, and communities, and have historically
failed to reinvest in our state. In order to remedy the state's budget-
ary problems and fairly distribute the tax burden, the personal income
tax must be transformed into a meaningfully progressive tax.

The personal income tax is the state's largest source of revenue, but it
is not a fair tax. The income tax rate is approximately a flat 6.5% for
all taxpayers making less than $1 million per year, leaving Wall Street
bankers bearing the same tax burden as working class families. While it
is widely observed that the rich pay a majority of the state's tax
revenues, this is only because there are so many extraordinarily rich
people in New York. Less discussed is that a flat tax rate is regres-
sive: it places a disproportionate burden on the working class and
middle class. When combined with the sales tax, an even more regressive
tax that hits working people hardest, it makes for a state tax system
that raises inadequate revenue, burdens working people and communities
of color, exacerbates the racial wealth gap, and leaves the wealthy and
the economic elite paying less than their fair share.

This bill reforms the personal income tax to make it a progressive tax.
New rates are added for single taxpayers earning more than $450,000 per
year, and married taxpayers earning more than $500,000.  The tax
increases for these brackets are just .065%. Additional brackets are
added in roughly $100,000 increments, with 0.5% tax increases per brack-
et, such that the tax rate rises to 11% for an individual making $1
million per year or a married couple making $2 million per year at 12%.
The rates continue to rise, reaching 24% for an individual or married
couple making $20 million per year. These changes do not burden the
middle class. U.S. Census data shows the median household income in New
York for 2021 to be approximately $75,00, which is far below the range
in which these tax increases take effect.  Moreover, even those taxpay-
ers making $500,000 per year will only see a small increase in their tax
rate.

These reforms do not just make the personal income tax fair. They
dramatically increase its revenue raising power. A properly funded state
government can protect the livelihoods of public sector workers, invest
in infrastructure, and secure quality education, housing, and healthcare
for all.

 
LEGISLATIVE HISTORY:

2020-2021: S.2622 - Budget and Revenue/A.4604 - Referred to Ways and
Means

 
STATE AND LOCAL FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S2059 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2059
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 18, 2023
                                ___________
 
 Introduced  by  Sens. JACKSON, BRESLIN, BRISPORT, BROUK, COMRIE, COONEY,
   GIANARIS, GOUNARDES, HOYLMAN-SIGAL, LIU, MAY,  MYRIE,  PARKER,  RAMOS,
   RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO -- 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; and to repeal certain provisions of such law related
   thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Clauses (vi) and (vii) of subparagraph (B) of paragraph 1
 of subsection (a) of section 601 of the tax law, as amended by section 1
 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 $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 over
 $2,155,350                            $323,200
 Over $2,155,350 but not over          $143,754 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $418,263 plus 10.30% of excess over
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04661-01-3

 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.

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Senate Bill S2059

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

2023-S2059 (ACTIVE) - Details

2023-S2059 (ACTIVE) - Summary

2023-S2059 (ACTIVE) - Sponsor Memo

2023-S2059 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S2059

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Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

2023-S2059 (ACTIVE) - Details

2023-S2059 (ACTIVE) - Summary

2023-S2059 (ACTIVE) - Sponsor Memo

2023-S2059 (ACTIVE) - Bill Text download pdf

Comments