New York A 5435: Relates to high income personal income tax rates

Bill Text

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A05435 Summary:

BILL NOA05435 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSolages

&nbsp

COSPNSRGallagher, Taylor, Steck, Rivera, Reyes, Barrett, Eachus, Simon

&nbsp

MLTSPNSR

&nbsp

Amd §601, Tax L

&nbsp

Amends high income personal income tax rates above $5,000,000.

Go to top A05435 Actions:

BILL NOA05435 

&nbsp

02/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA05435 Committee&nbspVotes:

Go to topA05435 Floor&nbspVotes:

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

Go to topA05435 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5435

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 14, 2025
 ___________

 Introduced by M. of A. SOLAGES -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the tax law, in relation to top personal income tax
 rates

 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
 22 $25,000,000 $5,000,000
 23 Over $25,000,000 $2,478,263 plus 10.90% of excess
 24 over $25,000,000

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08512-01-5

 A. 5435 2

 1 (vii) For taxable years beginning after two thousand [twenty-seven]
 2 twenty-five the following rates shall apply:
 3 If the New York taxable income is: The tax is:
 4 Not over $17,150 4% of the New York taxable income
 5 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over
 6 $17,150
 7 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over
 8 $23,600
 9 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over
 10 $27,900
 11 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess
 12 over $161,550
 13 Over $323,200 but not over $18,252 plus 6.85% of excess
 14 $2,155,350 over $323,200
 15 Over $2,155,350 but not over $143,754 plus [8.82]
 16 $5,000,000 9.65% of the excess over
 17 $2,155,350
 18 Over $5,000,000 but not over $418,263 plus 10.80% of excess
 19 $25,000,000 over $5,000,000
 20 Over $25,000,000 $2,578,263 plus 11.40% of excess
 21 over $25,000,000
 22 § 2. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of
 23 subsection (b) of section 601 of the tax law, as amended by section 2 of
 24 subpart A of part A of chapter 59 of the laws of 2022, are amended to
 25 read as follows:
 26 (vi) For taxable years beginning in two thousand twenty-three [and
 27 before two thousand twenty-eight] the following rates shall apply:
 28 If the New York taxable income is: The tax is:
 29 Not over $12,800 4% of the New York taxable income
 30 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
 31 $12,800
 32 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
 33 $17,650
 34 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over
 35 $20,900
 36 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over
 37 $107,650
 38 Over $269,300 but not over $15,371 plus 6.85% of excess over
 39 $1,616,450 $269,300
 40 Over $1,616,450 but not over $107,651 plus 9.65% of excess over
 41 $5,000,000 $1,616,450
 42 Over $5,000,000 but not over $434,163 plus 10.30% of excess over
 43 $25,000,000 $5,000,000
 44 Over $2