Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 18, 2023 | referred to budget and revenue |
senate Bill S2059
Imposes a progressive income tax structure; repealer
Sponsored By
Robert Jackson
(D, WF) 31st Senate District
Current Bill Status - In Senate Committee Budget And Revenue Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
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view actions (1)
Co-Sponsors
Neil D. Breslin
(D, WF) 46th Senate District
Jabari Brisport
(D, WF) 25th Senate District
Samra G. Brouk
(D, WF) 55th Senate District
Cordell Cleare
(D) 30th Senate District
- view additional co-sponsors
Leroy Comrie
(D) 14th Senate District
Jeremy A. Cooney
(D, WF) 56th Senate District
Nathalia Fernandez
(D) 34th Senate District
Michael Gianaris
(D, WF) 12th Senate District
Kristen Gonzalez
(D, WF) 59th Senate District
Andrew Gounardes
(D) 26th Senate District
Brad Hoylman-Sigal
(D, WF) 47th Senate District
John C. Liu
(D) 16th Senate District
Rachel May
(D, WF) 48th Senate District
Zellnor Myrie
(D) 20th Senate District
Kevin S. Parker
(D, WF) 21st Senate District
Jessica Ramos
(D, WF) 13th Senate District
Gustavo Rivera
(D, WF) 33rd Senate District
Julia Salazar
(D, WF) 18th Senate District
James Sanders Jr.
(D) 10th Senate District
Luis R. Sepúlveda
(D) 32nd Senate District
José M. Serrano
(D, WF) 29th Senate District
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
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.
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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