New York A 1281: Relates to representation in certain real property actions

Bill Text

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A01281 Summary:

BILL NOA01281 

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SAME ASSAME AS S01622

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SPONSORMeeks

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COSPNSRSteck, Rosenthal, Epstein, Reyes, Gonzalez-Rojas, Mitaynes, Hunter, Carroll R, Simon, Gallagher,
 Cruz, Bichotte Hermelyn, Kelles, Seawright, Davila, Anderson, Lupardo, Walker, Jackson, Clark, Kim,
 Zinerman, Shrestha, Levenberg, Raga, Forrest, Ramos, De Los Santos, Lee, Cunningham, Simone,
 Taylor, Sayegh, Alvarez, Shimsky, Valdez, Romero, Burdick, Solages, Wright, Gibbs, Torres, Moreno,
 Septimo, Hevesi

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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 A01281 Actions:

BILL NOA01281 

&nbsp

01/09/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01281 Committee&nbspVotes:

Go to topA01281 Floor&nbspVotes:

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

Go to topA01281 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1281

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 9, 2025
 ___________

 Introduced by M. of A. MEEKS, STECK, ROSENTHAL, EPSTEIN, REYES, GONZA-
 LEZ-ROJAS, MITAYNES, HUNTER, R. CARROLL, SIMON, GALLAGHER, CRUZ,
 MAMDANI, BICHOTTE HERMELYN, KELLES, SEAWRIGHT, DAVILA, ANDERSON,
 LUPARDO, WALKER, JACKSON, CLARK, KIM, ZINERMAN, SHRESTHA, LEVENBERG,
 RAGA, FORREST, RAMOS, DE LOS SANTOS, LEE, CUNNINGHAM, SIMONE, TAYLOR,
 SAYEGH, ALVAREZ, SHIMSKY -- 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:

 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

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03886-01-5

 A. 1281 2

 1 $5,000,000 $2,155,350
 2 Over $5,000,000 but not over $418,263 plus 10.30% of excess over
 3 $25,000,000 $5,000,000
 4 Over $25,000,000 $2,478,263 plus 10.90% of excess
 5 over $25,000,000

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