New York S 4437: Enacts the "rebuild our schools act"

Bill Text

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S04437 Summary:

BILL NOS04437A

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SAME ASNo Same As

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SPONSORGOUNARDES

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COSPNSRCOMRIE, HINCHEY, LIU, RAMOS

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MLTSPNSR

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Amd §601, Tax L

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Amends the alternative tax table benefit recapture; increases the rate of supplemental tax for high income taxpayers.

Go to top S04437 Actions:

BILL NOS04437A

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02/05/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

02/17/2026AMEND AND RECOMMIT TO BUDGET AND REVENUE

02/17/2026PRINT NUMBER 4437A

Go to topS04437 Committee&nbspVotes:

Go to topS04437 Floor&nbspVotes:

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

Go to topS04437 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4437--A

 2025-2026 Regular Sessions

 IN SENATE

 February 5, 2025
 ___________

 Introduced by Sens. GOUNARDES, COMRIE, LIU -- read twice and ordered
 printed, and when printed to be committed to the Committee on Budget
 and Revenue -- recommitted to the Committee on Budget and Revenue in
 accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 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 part B of chapter 59 of the laws of 2025, are amended to read as
 4 follows:
 5 (vi) For taxable years beginning in two thousand twenty-three [and
 6 before two thousand twenty-six] 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.
 LBD08512-04-6

 S. 4437--A 2

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

 4 (vii) For taxable years beginning after two thousand [twenty-five and
 5 before two thousand twenty-seven] twenty-six the following rates shall
 6 apply:
 7 If the New York taxable income is: The tax is:
 8 Not over $17,150 3.90% of the New York taxable
 9 income
 10 Over $17,150 but not over $23,600 $669 plus 4.40% of excess over
 11 $17,150
 12 Over $23,600 but not over $27,900 $953 plus 5.15% of excess over
 13 $23,600
 14 Over $27,900 but not over $161,550 $1,174 plus 5.40% of excess over
 15 $27,900
 16 Over $161,550 but not over $323,200 $8,391 plus 5.90% of excess over
 17 $161,550
 18 Over $323,200 but not over $17,928 plus 6.85% of excess
 19 $2,155,350 over $323,200
 20 Over $2,155,350 but not over $143,430 plus 9.65% of excess
 21 $5,000,000 over $2,155,350
 22 Over $5,000,000 but not over $417,939 plus [10.30%] 10.80%
 23 of excess over $5,000,000
 24 $25,000,000
 25 Over $25,000,000 $2,477,939 plus [10.90%] 11.40%
 26 of excess over $25,000,000

 27 § 2. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of
 28 subsection (b) of section 601 of the tax law, as amended by section 3 of
 29 part B of chapter 59 of the laws of 2025, are amended to read as
 30 follows:
 31 (vi) For taxable years beginning in two thousand twenty-three [and
 32 before two thousand twenty-six] the following rates shall apply:
 33 If the New York taxable income is: The tax is:
 34 Not over $12,800 4% of the New York taxable income
 35 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over
 36 $12,800
 37 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over
 38 $17,650
 39 Over $20,900 but not over $107,650 $901 plus 5.5% of