New York S 1622: Imposes a progressive income tax structure; repealer

Bill Text

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S01622 Summary:

BILL NOS01622 

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SAME ASSAME AS A01281

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SPONSORJACKSON

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COSPNSRBRISPORT, BROUK, CLEARE, COMRIE, COONEY, FERNANDEZ, GIANARIS, GONZALEZ, GOUNARDES, HINCHEY,
 HOYLMAN-SIGAL, LIU, MAY, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO,
 STAVISKY, WEBB, BASKIN

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MLTSPNSR

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Amd §601, rpld §601 sub§ (d-4), Tax L

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Imposes a progressive income tax structure for high income taxpayers.

Go to top S01622 Actions:

BILL NOS01622 

&nbsp

01/13/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS01622 Committee&nbspVotes:

Go to topS01622 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01622 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1622

 2025-2026 Regular Sessions

 IN SENATE

 January 13, 2025
 ___________

 Introduced by Sens. JACKSON, BRISPORT, BROUK, CLEARE, COMRIE, COONEY,
 FERNANDEZ, GIANARIS, GONZALEZ, GOUNARDES, HINCHEY, HOYLMAN-SIGAL, LIU,
 MAY, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRA-
 NO, STAVISKY, WEBB -- 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:

 1 Section 1. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1
 2 of subsection (a) of section 601 of the tax law, as amended by section 1
 3 of subpart A of part A of chapter 59 of the laws of 2022, are amended to
 4 read as follows:
 5 (vi) For taxable years beginning in two thousand twenty-three [and
 6 before two thousand twenty-eight] the following rates shall apply:
 7 If the New York taxable income is: The tax is:
 8 Not over $17,150 4% of the New York taxable income
 9 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
 10 $17,150
 11 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
 12 $23,600
 13 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
 14 $27,900
 15 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over
 16 $161,550
 17 Over $323,200 but not over $18,252 plus 6.85% of excess over
 18 $2,155,350 $323,200
 19 Over $2,155,350 but not over $143,754 plus 9.65% of excess over
 20 $5,000,000 $2,155,350
 21 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.
 LBD03886-01-5

 S. 1622 2

 1 $25,000,000 $5,000,000
 2 Over $25,000,000 $2,478,263 plus 10.90% of excess
 3 over $25,000,000

 4 (vii) For taxable years beginning after two thousand [twenty-seven]
 5 twenty-five the following rates shall apply:
 6 If the New York taxable income is: The tax is:
 7 Not over $17,150 4% of the New York taxable income
 8 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
 9 $17,150
 10 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
 11 $23,600
 12 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
 13 $27,900
 14 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess
 15 over $161,550
 16 Over $323,200 but not over $18,252 plus 6.85% of excess
 17 [$2,155,350] $500,000 over $323,200
 18 [Over $2,155,350 $143,754 plus 8.82% of excess
 19 over $2,155,350]
 20 Over $500,000 but not over $700,000 $30,363 plus 7.50% of
 21 excess over $500,000
 22 Over $700,000 but not over $900,000 $45,363 plus 8.00% of
 23 excess over $700,000
 24 Over $900,000 but not over $61,363 plus 9.00% of excess
 25 $1,000,000 over $900,000
 26 Over $1,000,000 but not over $70,363 plus 10.00% of excess
 27 $2,000,000 over $1,000,000
 28 Over $2,000,000 but not over $170,363 plus 12.00% of
 29 $3,000,000 excess over $2,000,000
 30 Over $3,000,000 but not over $290,363 plus 14.00% of
 31 $4,000,000 excess over $3,000,000
 32 Over $4,000,000 but not over $430,363 plus 16.00% of
 33 $5,000,000 excess over $4,000,000
 34 Over $5,000,000 but not over $590,363 plus 18.00% of
 35 $10,000,000 excess over $5,000,000
 36 Over $10,000,000 but not over $1,490,363 plus 20