NY State Senate Bill 2023-S4801

Current Bill Status - In Senate Committee Aging 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
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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to aging
Feb 14, 2023	referred to aging

co-Sponsors

2023-S4801 (ACTIVE) - Details

See Assembly Version of this Bill:: A2747
Current Committee:: Senate Aging
Law Section:: Real Property Tax Law
Laws Affected:: Amd §§425 & 1306-a, RPT L; amd §601, Tax L
Versions Introduced in 2021-2022 Legislative Session:: S4325, A6552

2023-S4801 (ACTIVE) - Summary

Enacts the "Affordable NY act"; increases the STAR exemptions; adjusts personal income tax rates.

2023-S4801 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S4801

SPONSOR: PALUMBO
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to increasing the
base figure for the STAR exemption (Part A); and to amend the tax law,
in relation to adjusting certain rates for the imposition of personal
income tax (Part B)

 
PURPOSE:

This bill enacts reforms designed to lower the tax burden on individuals
in New York State. Specifically, this legislation doubles the current
School Tax Relief (STAR) exemption, and lowers the income tax rate on
middle-income taxpayers by two percent.

 
SUMMARY OF PROVISIONS:

Section 1. Contains the title the "Affordable NY Act"

Part A

Section 1. Ends the current base figure for the enhanced and basic STAR
exemptions at the end of the 2020-21 school years.

Section 2. Doubles the base figure for the enhanced and basic STAR
exemptions from the current level.

Section 3. Makes necessary changes in law to allow for the doubling of
the STAR exemption.

Section 4. States the effective date.

Part B

Sections 1-3. Permanently reduces the tax rates on middle and lower
income taxpayers by 2% for all taxable years beginning in 2021. The
rates will range from 2% to a maximum of 4.6% for married taxpayers with
incomes of $300,000 or less, for head of household taxpayers with
incomes of $250,000 or less, and single taxpayers with incomes of
$200,000 or less. Currently the tax rates for these taxpayers range from
4% to 6.8%.

Section 4. States the effective date.

 
JUSTIFICATION:

For far too long, the taxpayers of New York State have had too much of
their hard-earned money taken from them through taxation. Whether it is
through property taxes or income taxes, the tax burden on New Yorkers
has reached its breaking point. In fact, according to the Tax Founda-
tion, between 2010 and 2017, New York lost a net 963,182 residents to
out migration as many taxpayers could no longer afford to stay in the
State

When looking at property taxes, it is clear why so many have decided to
uproot their family and leave the State. Long Island residents continue

to pay some of the highest property taxes in the nation.  This is not
acceptable.

Tackling this issue and changing the trend of high taxation will take
bold ideas that challenge the status quo. That is why this legislation
will double the STAR exemption and lower the income tax rate on middle-
income taxpayers by two percent. This will put money directly back into
the hands of those who have earned it and will force government to do
what families across this State have had to do for decades: Live within
their means.

 
LEGISLATIVE HISTORY:

2022 S.4325/A.6552; 2015 A.6935; 2014 A.8756.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
Immediately.

2023-S4801 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4801
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 14, 2023
                                ___________
 
 Introduced by Sens. PALUMBO, BORRELLO -- read twice and ordered printed,
   and when printed to be committed to the Committee on Aging
 
 AN ACT to amend the real property tax law, in relation to increasing the
   base figure for the STAR exemption (Part A); and to amend the tax law,
   in  relation to adjusting certain rates for the imposition of personal
   income tax (Part B)
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act enacts into law components of legislation relating
 to  the "Affordable NY act". Each component is wholly contained within a
 Part identified as Parts A  through  B.  The  effective  date  for  each
 particular provision contained within such Part is set forth in the last
 section  of  such  Part. Any provision in any section contained within a
 Part, including the effective date of the Part, which makes a  reference
 to a section "of this act", when used in connection with that particular
 component,  shall  be  deemed  to  mean  and  refer to the corresponding
 section of the Part in which it is found. Section three of this act sets
 forth the general effective date of this act.

                                  PART A
 
   Section 1. Subparagraph (vi) of paragraph  (b)  of  subdivision  2  of
 section  425 of the real property tax law, as added by section 1 of part
 D-1 of chapter 57 of the laws of 2007, clause (A) as further amended  by
 subdivision  (b)  of  section  1  of part W of chapter 56 of the laws of
 2010, is amended to read as follows:
   (vi) For the two thousand nine--two  thousand  ten  school  year  [and
 thereafter]  THROUGH THE TWO THOUSAND TWENTY-THREE--TWO THOUSAND TWENTY-
 FOUR SCHOOL YEAR:
   (A) The base figure for the enhanced STAR exemption  shall  equal  the
 prior  year's  base  figure multiplied by the percentage increase in the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07166-01-3

 S. 4801                             2
 
 consumer price index for urban wage earners and clerical workers (CPI-W)
 published by the United States department  of  labor,  bureau  of  labor
 statistics,  for  the  third  quarter of the calendar year preceding the
 applicable  school  year,  as compared to the third quarter of the prior
 calendar year. If a base figure as so determined is not exactly equal to
 a multiple of one hundred dollars, it shall be rounded  to  the  nearest
 multiple  of  one hundred dollars. It shall be the responsibility of the
 commissioner to annually determine such base figures.
   (B) The base figure for the basic STAR exemption shall be thirty thou-
 sand dollars.
   § 2. Paragraph (b) of subdivision 2 of section 425 of the real proper-
 ty tax law is amended by adding a new  subparagraph  (vii)  to  read  as
 follows:
   (VII)  FOR  THE  TWO  THOUSAND  TWENTY-THREE--TWO THOUSAND TWENTY-FOUR
 SCHOOL YEAR AND THEREAFTER:
   (A) THE BASE FIGURE FOR THE ENHANCED STAR EXEMPTION  SHALL  EQUAL  THE
 PRIOR  YEAR'S  BASE  FIGURE MULTIPLIED BY THE PERCENTAGE INCREASE IN THE
 CONSUMER PRICE INDEX FOR URBAN WAGE EARNERS AND CLERICAL WORKERS (CPI-W)
 PUBLISHED BY THE UNITED STATES DEPARTMENT  OF  LABOR,  BUREAU  OF  LABOR
 STATISTICS,  FOR  THE  THIRD  QUARTER OF THE CALENDAR YEAR PRECEDING THE
 APPLICABLE SCHOOL YEAR, AS COMPARED TO THE THIRD QUARTER  OF  THE  PRIOR
 CALENDAR  YEAR,  MULTIPLIED BY TWO. IF A BASE FIGURE AS SO DETERMINED IS
 NOT EXACTLY EQUAL TO A MULTIPLE OF ONE  HUNDRED  DOLLARS,  IT  SHALL  BE
 ROUNDED  TO THE NEAREST MULTIPLE OF ONE HUNDRED DOLLARS. IT SHALL BE THE
 RESPONSIBILITY OF THE  COMMISSIONER  TO  ANNUALLY  DETERMINE  SUCH  BASE
 FIGURES.
   (B)  THE BASE FIGURE FOR THE BASIC STAR EXEMPTION SHALL BE SIXTY THOU-
 SAND DOLLARS.
   § 3. Subparagraph (i) of paragraph (a) of  subdivision  2  of  section
 1306-a  of the real property tax law, as amended by section 1 of part LL
 of chapter 59 of the laws of 2019, is amended to read as follows:
   (i) The tax savings for each parcel receiving the exemption authorized
 by section four hundred twenty-five of this chapter shall be computed by
 subtracting the amount actually  levied  against  the  parcel  from  the
 amount  that  would have been levied if not for the exemption[, provided
 however, that for the two thousand eleven-two  thousand  twelve  through
 two  thousand  eighteen-two  thousand  nineteen  school  years,  the tax
 savings applicable to any "portion" (which as  used  herein  shall  mean
 that  part  of an assessing unit located within a school district) shall
 not exceed the tax savings applicable  to  that  portion  in  the  prior
 school  year  multiplied  by  one  hundred  two percent, with the result
 rounded to the nearest dollar; and provided further that beginning  with
 the  two  thousand  nineteen-two  thousand  twenty  school year: (A) for
 purposes of the exemption authorized by section four hundred twenty-five
 of this chapter, the tax savings applicable to  any  portion  shall  not
 exceed  the  tax savings for the prior year, and (B) for purposes of the
 credit authorized by subsection (eee) of section six hundred six of  the
 tax  law, the tax savings applicable to any portion shall not exceed the
 tax savings applicable to that portion in the prior school  year  multi-
 plied by one hundred two percent, with the result rounded to the nearest
 dollar].  The  tax  savings  attributable  to  the  basic  and  enhanced
 exemptions shall be calculated separately. It shall be the  responsibil-
 ity  of  the  commissioner  to  calculate  tax  savings  limitations for
 purposes of this subdivision.
   § 4. This act shall take effect immediately.
 S. 4801                             3
 
                                  PART B
 
   Section  1.  Paragraph  1  of subsection (a) of section 601 of the tax
 law, as amended by section 1 of part FF of chapter 59  of  the  laws  of
 2013,  subparagraph (B) as added by section 1 of part R of chapter 59 of
 the laws of 2017, clause (iii) of subparagraph (B) as amended by section
 1 of part P of chapter 59 of the laws of 2019, clauses (iv) and  (v)  of
 subparagraph  (B) as amended by section 1 of part A of chapter 59 of the
 laws of 2021, and clauses  (vi) and (vii) of subparagraph (B) as amended
 by section 1 of subpart A of part A of chapter 59 of the laws  of  2022,
 is amended to read as follows:
   (1)  (A)  For  taxable  years  beginning after two thousand eleven and
 before two thousand [eighteen] SIXTEEN:

 If the New York taxable income is:    The tax is:
 Not over $16,000                      4% of taxable income
 Over $16,000 but not over $22,000     $640 plus 4.5% of excess over
                                       $16,000
 Over $22,000 but not over $26,000     $910 plus 5.25% of excess over
                                       $22,000
 Over $26,000 but not over $40,000     $1,120 plus 5.90% of excess over
                                       $26,000
 Over $40,000 but not over $150,000    $1,946 plus 6.45% of excess over
                                       $40,000
 Over $150,000 but not over $300,000   $9,041 plus 6.65% of excess over
                                       $150,000
 Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over
                                       $300,000
 Over $2,000,000                       $135,466 plus 8.82% of excess over
                                       $2,000,000
 
   (B)(i) For taxable  years  beginning  in  two  thousand  eighteen  the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable
                                       income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 6.33% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,597 plus 6.57% of excess over
                                       $161,550
 Over $323,200 but not over $2,155,350 $20,218 plus 6.85% of excess over
                                       $323,200
 Over $2,155,350                       $145,720 plus 8.82% of excess over
                                       $2,155,350
   (ii)  For taxable years beginning in two thousand nineteen the follow-
 ing 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
 S. 4801                             4
 
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 6.21% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,455 plus 6.49% of excess over
                                       $161,550
 Over $323,200 but not over $2,155,350 $19,946 plus 6.85% of excess over
                                       $323,200
 Over $2,155,350                       $145,448 plus 8.82% of excess over
                                       $2,155,350
   (iii) For taxable years beginning in two thousand twenty the following
 rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 6.09% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,313 plus 6.41% of excess over
                                       $161,550
 Over $323,200 but not over            $19,674 plus 6.85% of excess
 $2,155,350                            OVER $323,200 [over]
 Over $2,155,350                       $145,177 plus 8.82% of excess over
                                       $2,155,350
   [(iv)  For  taxable  years  beginning  in  two thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 5.97% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
                                       $161,550
 Over $323,200 but not over            $19,403 plus 6.85% of excess
 $2,155,350                            over  $323,200
 Over $2,155,350 but not over          $144,905 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $419,414 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,479,414 plus 10.90% of excess over
                                       $25,000,000
   (v) For taxable years beginning in two thousand twenty-two the follow-
 ing rates shall apply:
 S. 4801                             5

 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 5.85% of excess over
                                       $27,900
 Over $161,550 but not over $323,200   $9,021 plus 6.25% of excess over
                                       $161,550
 Over $323,200 but not over            $19,124 plus
 $2,155,350                            6.85% of excess over $323,200
 Over $2,155,350 but not over          $144,626 plus 9.65% of excess over
 $5,000,000                            $2,155,350
 Over $5,000,000 but not over          $419,135 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,479,135 plus 10.90% of excess over
                                       $25,000,000
   (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
 $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  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                            over $323,200
 Over $2,155,350                       $143,754 plus  8.82% of excess
                                       over $2,155,350]
 S. 4801                             6
 
   §  2.  Paragraph 1 of subsection (b) of section 601 of the tax law, as
 amended by section 2 of part FF of chapter  59  of  the  laws  of  2013,
 subparagraph  (B)  as  added by section 2 of part R of chapter 59 of the
 laws of 2017, clause (iii) of subparagraph (B) as amended by  section  2
 of  part  P  of  chapter 59 of the laws of 2019, clauses (iv) and (v) of
 subparagraph (B) as amended by section 2 of part A of chapter 59 of  the
 laws of 2021, and clauses  (vi) and (vii) of subparagraph (B) as amended
 by  section  2 of subpart A of part A of chapter 59 of the laws of 2022,
 is amended to read as follows:
   (1) (A) For taxable years beginning  after  two  thousand  eleven  and
 before two thousand [eighteen] SIXTEEN:
 
 If the New York taxable income is:    The tax is:
 
 Not over $12,000                      4% of taxable income
 Over $12,000 but not over $16,500     $480 plus 4.5% of excess over
                                       $12,000
 Over $16,500 but not over $19,500     $683 plus 5.25% of excess over
                                       $16,500
 Over $19,500 but not over $30,000     $840 plus 5.90% of excess over
                                       $19,500
 Over $30,000 but not over $100,000    $1,460 plus 6.45% of excess over
                                       $30,000
 Over $100,000 but not over $250,000   $5,975 plus 6.65% of excess over
                                       $100,000
 Over $250,000 but not over $1,500,000 $15,950 plus 6.85% of excess over
                                       $250,000
 Over $1,500,000                       $101,575 plus 8.82% of excess over
                                       $1,500,000
 
   (B)(i)  For  taxable  years  beginning  in  two  thousand eighteen 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 $32,200     $901 plus 5.9% of excess over $20,900
 Over $32,200 but not over $107,650    $1,568 plus 6.33% of excess over
                                       $32,200
 Over $107,650 but not over $269,300   $6,344 plus 6.57% of excess over
                                       $107,650
 Over $269,300 but not over $1,616,450 $16,964 plus 6.85% of excess over
                                       $269,300
 Over $1,616,450                       $109,244 plus 8.82% of excess over
                                       $1,616,450
   (ii) For taxable years beginning in two thousand nineteen the  follow-
 ing 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 $32,200     $901 plus 5.9% of excess over $20,900
 Over $32,200 but not over $107,650    $1,568 plus 6.21% of excess over
 S. 4801                             7
 
                                       $32,200
 Over $107,650 but not over $269,300   $6,253 plus 6.49% of excess over
                                       $107,650
 Over $269,300 but not over $1,616,450 $16,744 plus 6.85% of excess over
                                       $269,300
 Over $1,616,450                       $109,024 plus 8.82% of excess over
                                       $1,616,450
   (iii) For taxable years beginning in two thousand twenty 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 $32,200     $901 plus 5.9% of excess over $20,900
 Over $32,200 but not over $107,650    $1,568 plus 6.09% of excess over
                                       $32,200
 Over $107,650 but not over $269,300   $6,162 plus 6.41% of excess over
                                       $107,650
 Over $269,300 but not over            $16,524 plus 6.85% of
 $1,616,450                            excess over $269,300
 Over $1,616,450                       $108,804 plus 8.82% of excess over
                                       $1,616,450
   [(iv)  For  taxable  years  beginning  in  two thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $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 $32,200     $901 plus 5.9% of excess over
                                       $20,900
 Over $32,200 but not over $107,650    $1,568 plus 5.97% of excess over
                                       $32,200
 Over $107,650 but not over $269,300   $6,072 plus 6.33% of excess over
                                       $107,650
 Over $269,300 but not over            $16,304 plus 6.85% of excess over
 $1,616,450                            $269,300
 Over $1,616,450 but not over          $108,584 plus 9.65% of excess over
 $5,000,000                            $1,616,450
 Over $5,000,000 but not over          $435,097 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,495,097 plus 10.90% of excess over
                                       $25,000,000
   (v) For taxable years beginning in two thousand twenty-two the follow-
 ing 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 5.85% of excess over
                                       $20,900
 Over $107,650 but not over $269,300   $5,976 plus 6.25% of excess over
 S. 4801                             8

                                       $107,650
 Over $269,300 but not over            $16,079 plus 6.85% of excess
 $1,616,450                            over $269,300
 Over $1,616,450 but not over          $108,359 plus 9.65% of excess over
 $5,000,000                            $1,616,450
 Over $5,000,000 but not over          $434,871 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,494,871 plus 10.90% of excess over
                                       $25,000,000
   (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
                                       $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  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                            over $269,300
 Over $1,616,450                       $107,651 plus  8.82% of excess
                                       over $1,616,450]
 
   (C)  FOR  TAXABLE  YEARS  BEGINNING  IN TWO THOUSAND TWENTY-THREE, THE
 FOLLOWING BRACKETS AND DOLLAR AMOUNTS SHALL APPLY:

 IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
 NOT OVER $12,000                      2% OF TAXABLE INCOME
 OVER $12,000 BUT NOT OVER $16,500     $240 PLUS 2.5% OF EXCESS OVER
                                       $12,000
 OVER $16,500 BUT NOT OVER $19,500     $353 PLUS 3.25% OF EXCESS OVER
 S. 4801                             9
 
                                       $16,500
 OVER $19,500 BUT NOT OVER $30,000     $451 PLUS 3.90% OF EXCESS OVER
                                       $19,500
 OVER $30,000 BUT NOT OVER $100,000    $861 PLUS 4.45% OF EXCESS OVER
                                       $30,000
 OVER $100,000 BUT NOT OVER $250,000   $3,976 PLUS 4.65% OF EXCESS OVER
                                       $100,000
 OVER $250,000 BUT NOT OVER            $10,951 PLUS 6.85% OF EXCESS OVER
 $1,500,000                            $250,000
 OVER $1,500,000                       $96,576 PLUS 8.82% OF EXCESS OVER
                                       $1,500,000
 
   §  3.  Paragraph 1 of subsection (c) of section 601 of the tax law, as
 amended by section 3 of part FF of chapter  59  of  the  laws  of  2013,
 subparagraph  (B)  as  added by section 3 of part R of chapter 59 of the
 laws of 2017, clause (iii) of subparagraph (B) as amended by  section  3
 of  part  P  of  chapter 59 of the laws of 2019, clauses (iv) and (v) of
 subparagraph (B) as amended by section 3 of part A of chapter 59 of  the
 laws of 2021, and clauses  (vi) and (vii) of subparagraph (B) as amended
 by  section  3 of subpart A of part A of chapter 59 of the laws of 2022,
 is amended to read as follows:
   (1) (A) For taxable years beginning  after  two  thousand  eleven  and
 before two thousand [eighteen] SIXTEEN:
 
 If the New York taxable income is:    The tax is:
 Not over $8,000                       4% of taxable income
 Over $8,000 but not over $11,000      $320 plus 4.5% of excess over
                                       $8,000
 Over $11,000 but not over $13,000     $455 plus 5.25% of excess over
                                       $11,000
 Over $13,000 but not over $20,000     $560 plus 5.90% of excess over
                                       $13,000
 Over $20,000 but not over $75,000     $973 plus 6.45% of excess over
                                       $20,000
 Over $75,000 but not over $200,000    $4,521 plus 6.65% of excess over
                                       $75,000
 Over $200,000 but not over $1,000,000 $12,833 plus 6.85% of excess over
                                       $200,000
 Over $1,000,000                       $67,633 plus 8.82% of excess over
                                       $1,000,000
 
   (B)(i)  For  taxable  years  beginning  in  two  thousand eighteen 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 $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 6.33% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,793 plus 6.57% of excess over
                                       $80,650
 Over $215,400 but not over $1,077,550 $13,646 plus 6.85% of excess over
 S. 4801                            10
 
                                       $215,400
 Over $1,077,550                       $72,703 plus 8.82% of excess over
                                       $1,077,550
   (ii)  For taxable years beginning in two thousand nineteen the follow-
 ing 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 $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 6.21% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,721 plus 6.49% of excess over
                                       $80,650
 Over $215,400 but not over $1,077,550 $13,467 plus 6.85% of excess over
                                       $215,400
 Over $1,077,550                       $72,524 plus 8.82% of excess over
                                       $1,077,550
   (iii) For taxable years beginning in two thousand twenty 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 $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 6.09% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,650 plus 6.41% of excess over
                                       $80,650
 Over $215,400 but not over            $13,288 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550                       $72,345 plus 8.82% of excess over
                                       $1,077,550
   [(iv) For taxable years  beginning  in  two  thousand  twenty-one  the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $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 $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 5.97% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,579 plus 6.33% of excess over
                                       $80,650
 Over $215,400 but not over            $13,109 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550 but not over          $72,166 plus 9.65% of excess over
 S. 4801                            11

 $5,000,000                            $1,077,550
 Over $5,000,000 but not over          $450,683 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,510,683 plus 10.90% of excess over
                                       $25,000,000
   (v) For taxable years beginning in two thousand twenty-two the follow-
 ing 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 5.85% of excess over
                                       $13,900
 Over $80,650 but not over $215,400    $4,504 plus 6.25% of excess over
                                       $80,650
 Over $215,400 but not over            $12,926 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550 but not over          $71,984 plus 9.65% of excess over
 $5,000,000                            $1,077,550
 Over $5,000,000 but not over          $450,500 plus 10.30% of excess over
 $25,000,000                           $5,000,000
 Over $25,000,000                      $2,510,500 plus 10.90% of excess over
                                       $25,000,000
   (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 $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  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
 S. 4801                            12

                                       over $80,650
 Over $215,400 but not over            $12,356 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550                       $71,413 plus 8.82% of excess
                                       over $1,077,550]

   (C)  FOR  TAXABLE  YEARS  BEGINNING  IN TWO THOUSAND TWENTY-THREE, THE
 FOLLOWING BRACKETS AND DOLLAR AMOUNTS SHALL APPLY:
 
 IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
 NOT OVER $8,000                       2% OF TAXABLE INCOME
 OVER $8,000 BUT NOT OVER $11,000      $160 PLUS 2.5% OF EXCESS OVER
                                       $8,000
 OVER $11,000 BUT NOT OVER $13,000     $235 PLUS 3.25% OF EXCESS OVER
                                       $11,000
 OVER $13,000 BUT NOT OVER $20,000     $300 PLUS 3.90% OF EXCESS OVER
                                       $13,000
 OVER $20,000 BUT NOT OVER $75,000     $573 PLUS 4.45% OF EXCESS OVER
                                       $20,000
 OVER $75,000 BUT NOT OVER $200,000    $3,021 PLUS 4.65% OF EXCESS OVER
                                       $75,000
 OVER $200,000 TO $1,000,000           $8,834 PLUS 6.85% OF EXCESS OVER
                                       $200,000
   § 4. This act shall take effect immediately.
   § 2. Severability clause. If any clause, sentence, paragraph, subdivi-
 sion, section or part of this act shall be adjudged by a court of compo-
 nent jurisdiction to be invalid, such judgment shall not affect,  impair
 or invalidate the remainder thereof, but shall be confined in its opera-
 tion  to  the  clause, sentence, paragraph, subdivision, section or part
 thereof directly involved in the  controversy  in  which  such  judgment
 shall  have been rendered. It is hereby declared to be the intent of the
 legislature that this act would have been enacted even if  such  invalid
 provisions had not been included herein.
   §  3.  This  act shall take effect immediately provided, however, that
 the applicable effective date of Parts A through B of this act shall  be
 as specifically set forth in the last section of such Parts.

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Senate Bill S4801

Sponsored By

Current Bill Status - In Senate Committee Aging Committee

co-Sponsors

2023-S4801 (ACTIVE) - Details

2023-S4801 (ACTIVE) - Summary

2023-S4801 (ACTIVE) - Sponsor Memo

2023-S4801 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4801

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Sponsored By

Anthony H. Palumbo

Current Bill Status - In Senate Committee Aging Committee

co-Sponsors

George M. Borrello

Patricia Canzoneri-Fitzpatrick

Pamela Helming

Peter Oberacker

2023-S4801 (ACTIVE) - Details

2023-S4801 (ACTIVE) - Summary

2023-S4801 (ACTIVE) - Sponsor Memo

2023-S4801 (ACTIVE) - Bill Text download pdf

Comments