Assembly Actions  Lowercase Senate Actions  UPPERCASE 


Feb 02, 2023  referred to ways and means 
assembly Bill A3115
20232024 Legislative Session
Imposes a progressive income tax structure; repealer
Sponsored By
MEEKS
Current Bill Status  In Assembly Committee
 Introduced
 In Committee
 On Floor Calendar
 Passed Senate
 Passed Assembly
 Delivered to Governor
 Signed/Vetoed by Governor
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Actions

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CoSponsors
Phil Steck
Linda Rosenthal
Harvey Epstein
Karines Reyes
 view additional cosponsors
Jessica GonzalezRojas
Marcela Mitaynes
Pamela J. Hunter
Robert C. Carroll
Jo Anne Simon
Fred Thiele
Emily Gallagher
Catalina Cruz
Zohran Mamdani
Rodneyse Bichotte Hermelyn
Kenny Burgos
Anna Kelles
Rebecca Seawright
Maritza Davila
Khaleel Anderson
Donna Lupardo
Latrice Walker
Chantel Jackson
Sarah Clark
Patrick Burke
Ron Kim
Stefani Zinerman
Sarahana Shrestha
Juan Ardila
Dana Levenberg
Steven Raga
Phara Souffrant Forrest
Michaelle C. Solages
Philip Ramos
Manny De Los Santos
Gina Sillitti
A3115 (ACTIVE)  Details
A3115 (ACTIVE)  Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3115 20232024 Regular Sessions I N A S S E M B L Y February 2, 2023 ___________ Introduced by M. of A. MEEKS, STECK, L. ROSENTHAL, EPSTEIN, REYES, GONZALEZROJAS, MITAYNES, HUNTER, CARROLL, SIMON, THIELE, GALLAGHER, CRUZ, MAMDANI, BICHOTTE HERMELYN, BURGOS, KELLES, SEAWRIGHT, DAVILA, ANDERSON, LUPARDO, WALKER, JACKSON, CLARK, BURKE, KIM, ZINERMAN  read once and referred to the Committee on Ways and Means 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 twentythree [and before two thousand twentyeight] 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 EXPLANATIONMatter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04661013
A. 3115 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 [twentyseven] TWENTYTHREE 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 twentythree [and before two thousand twentyeight] 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 A. 3115 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 [twentyseven] TWENTYTHREE 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 twentythree [and before two thousand twentyeight] the following rates shall apply: A. 3115 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 [twentyseven] TWENTYTHREE 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 A. 3115 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 (d1) 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 twentyone [and for tax years beginning on or after January first, two thousand twentyeight]. (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 twentyone [and before January first, two thousand twentyeight]. (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 twentyone [and before January first, two thousand twentyeight]. (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 A. 3115 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 [twentyfive] 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 twentyone [and before January first, two thousand twentyeight]. (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 A. 3115 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 (d1) 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) A. 3115 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 twentyone [and for tax years beginning on or after January first, two thousand twentyeight]. (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 twentyeight]. (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 twentyone [and before January first, two thousand twentyeight]. (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 [twentyfive] 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 twentyone [and before January first, two thousand twentyeight]. (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 A. 3115 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 A. 3115 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 (d1) 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 twentyone and for tax years beginning on or after January first, two thousand twentyeight]. (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 A. 3115 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 twentyeight]. (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 twentyone [and before January first, two thousand twentyeight]. (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 [twentyfive 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 twentyone [and before January first, two thousand twentyeight]. (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. A. 3115 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 A. 3115 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 (d4) of section 601 of the tax law is REPEALED. § 8. This act shall take effect immediately.