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A05442 Summary:

BILL NOA05442
 
SAME ASSAME AS S01513
 
SPONSORTaylor
 
COSPNSR
 
MLTSPNSR
 
Amd §§601 & 171-a, Tax L
 
Establishes the millionaire's tax and economic equity act; extends the top state income tax rate to 11.82% for taxpayers whose New York taxable income is over $100,000,000 and establishes new brackets below such top rate.
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A05442 Actions:

BILL NOA05442
 
02/16/2021referred to ways and means
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A05442 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A5442
 
SPONSOR: Taylor
  TITLE OF BILL: An act to amend the tax law, in relation to extending the top state income tax rate, and establishing the millionaire's tax and economic equity act of 2021   PURPOSE OR GENERAL IDEA OF BILL: Establishes the Millionaire's Tax and Economic Equity Act of 2020 that increases the state personal income tax rates for incomes over $1 million per taxable year for the purpose of promoting economic equity and avoiding cuts in spending to public education and Medicaid.   SUMMARY OF PROVISIONS: This legislation would amend the Tax Law by raising the personal income tax rates for those making over $1 million per taxable year. For incomes from $1 million up to $5 million, the tax rate increases from 6.8545/8.82% up to 9.62%. For incomes from $5 million to $10 million, the tax rate increases from 8.82% to 10.32%. For incomes from $10 million up to $100 million, the tax rate increases from 8.82% up to 11.32%. The top tax rate, which is for those with annual incomes over $100 million, increases from 8.82% to 11.82%. Half the revenue would go to public education and the other half would go to Medicaid for SFY 2020-21.   JUSTIFICATION: This legislation would increase the state personal income tax rates for incomes over $1 million per taxable year for the purpose of promoting economic equity and avoiding cuts in spending to public education and Medicaid. Half the revenue would go to public education and the other half would go to Medicaid for SFY 2021-22.   PRIOR LEGISLATIVE HISTORY: S.2020: S.7677 REFERRED TO BUDGET AND REVENUE   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: This bill is estimated to increase state revenues over $4.5 billion annually.   EFFECTIVE DATE: This act shall take effect immediately, provided, however, that section five of this act shall take effect January 1, 2022 and shall apply to taxable years beginning on and after such date.
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A05442 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5442
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 16, 2021
                                       ___________
 
        Introduced by M. of A. TAYLOR -- 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 establishing the millionaire's tax  and  economic
          equity act of 2021
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Short title. This act shall  be  known  and  cited  as  the
     2  "millionaire's tax and economic equity act of 2021".
     3    §  2. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
     4  paragraph 1 of subsection (a) of section 601 of  the  tax  law,  clauses
     5  (iv),  (v),  (vi) and (vii) as amended by section 1 of part P of chapter
     6  59 of the laws of 2019, and clause (viii) as added by section 1 of  part
     7  R of chapter 59 of the laws of 2017, are amended to read as follows:
     8    (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
     9  following rates shall apply:
    10  If the New York taxable income is:    The tax is:
    11  Not over $17,150                      4% of the New York taxable income
    12  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
    13                                        $17,150
    14  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    15                                        $23,600
    16  Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
    17                                        $27,900
    18  Over $43,000 but not over $161,550    $2,093 plus 5.97% of excess over
    19                                        $43,000
    20  Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
    21                                        $161,550
    22  Over $323,200 but not over            $19,403 plus 6.85% of excess
    23  [$2,155,350] $1,000,000               over  $323,200
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06312-01-1

        A. 5442                             2
 
     1  Over $1,000,000 but not over          $65,764 plus 9.62% of excess over
     2  $5,000,000                            $1,000,000
     3  Over $5,000,000 but not over          $450,564 plus 10.32% of excess over
     4  $10,000,000                           $5,000,000
     5  Over $10,000,000 but not over         $966,564 plus 11.32% of excess over
     6  $100,000,000                          $10,000,000
     7  Over [$2,155,350                      $144,905 plus 8.82% of excess over
     8                                        $2,155,350]
     9  $100,000,000                          $11,154,564 plus 11.82% of excess
    10                                        over $100,000,000
    11    (v) For taxable years beginning in two thousand twenty-two the follow-
    12  ing rates shall apply:
    13  If the New York taxable income is:    The tax is:
    14  Not over $17,150                      4% of the New York taxable income
    15  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
    16                                        $17,150
    17  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    18                                        $23,600
    19  Over $27,900 but not over $161,550    $1,202 plus 5.85% of excess over
    20                                        $27,900
    21  Over $161,550 but not over $323,200   $9,021 plus 6.25% of excess over
    22                                        $161,550
    23  Over $323,200 but not over            $19,124 plus
    24  [$2,155,350] $1,000,000               6.85% of excess over $323,200
    25  Over $1,000,000 but not over          $65,485 plus 9.62% of excess over
    26  $5,000,000                            $1,000,000
    27  Over $5,000,000 but not over          $450,285 plus 10.32% of excess over
    28  $10,000,000                           $5,000,000
    29  Over $10,000,000 but not over         $966,285 plus 11.32% of excess over
    30  $100,000,000                          $10,000,000
    31  Over [$2,155,350                      $144,626 plus 8.82% of excess over
    32                                        $2,155,350]
    33  $100,000,000                          $11,154,285 plus 11.85% of
    34                                        excess over $100,000,000
    35    (vi)  For  taxable  years  beginning  in two thousand twenty-three the
    36  following rates shall apply:
    37  If the New York taxable income is:    The tax is:
    38  Not over $17,150                      4% of the New York taxable income
    39  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
    40                                        $17,150
    41  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    42                                        $23,600
    43  Over $27,900 but not over $161,550    $1,202 plus 5.73% of excess over
    44                                        $27,900
    45  Over $161,550 but not over $323,200   $8,860 plus 6.17% of excess over
    46                                        $161,550
    47  Over $323,200 but not over            $18,834 plus 6.85% of
    48  [$2,155,350] $1,000,000               excess over $323,200
    49  Over $1,000,000 but not over          $65,195 plus 9.62% of excess over
    50  $5,000,000                            $1,000,000
    51  Over $5,000,000 but not over          $449,995 plus 10.32% of excess over
    52  $10,000,000                           $5,000,000
    53  Over $10,000,000 but not over         $965,995 plus 11.32% of excess over
    54  $100,000,000                          $10,000,000
    55  Over [$2,155,350                      $144,336 plus 8.82% of excess over
    56                                        $2,155,350]

        A. 5442                             3
 
     1  $100,000,000                          $11,153,995 plus 11.82% of excess
     2                                        over $100,000,000
     3    (vii)  For  taxable  years  beginning  in two thousand twenty-four the
     4  following rates shall apply:
     5  If the New York taxable income is:    The tax is:
     6  Not over $17,150                      4% of the New York taxable income
     7  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
     8                                        $17,150
     9  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    10                                        $23,600
    11  Over $27,900 but not over $161,550    $1,202 plus 5.61% of excess over
    12                                        $27,900
    13  Over $161,550 but not over $323,200   $8,700 plus 6.09% of excess over
    14                                        $161,550
    15  Over $323,200 but not over            $18,544 plus 6.85% of
    16  [$2,155,350] $1,000,000               excess over $323,200
    17  Over $1,000,000 but not over          $64,905 plus 9.62% of excess over
    18  $5,000,000                            $1,000,000
    19  Over $5,000,000 but not over          $449,705 plus 10.32% of excess over
    20  $10,000,000                           $5,000,000
    21  Over $10,000,000 but not over         $965,705 plus 11.32% of excess over
    22  $100,000,000                          $10,000,000
    23  Over [$2,155,350                      $144,047 plus 8.82% of excess over
    24                                        $2,155,350]
    25  $100,000,000                          $11,153,705 plus 11.82% of excess
    26                                        over $100,000,000
    27    (viii) For taxable years beginning after two thousand twenty-four  the
    28  following rates shall apply:
    29  If the New York taxable income is:    The tax is:
    30  Not over $17,150                      4% of the New York taxable income
    31  Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
    32                                        $17,150
    33  Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
    34                                        $23,600
    35  Over $27,900 but not over $161,550    $1,202 plus 5.5% of excess over
    36                                        $27,900
    37  Over $161,550 but not over $323,200   $8,553 plus 6.00% of excess over
    38                                        $161,550
    39  Over $323,200 but not over            $18,252 plus 6.85% of
    40  $1,000,000                            excess over $323,200
    41  Over $1,000,000 but not over          $64,613 plus 9.62% of excess over
    42  $5,000,000                            $1,000,000
    43  Over $5,000,000 but not over          $449,413 plus 10.32% of excess over
    44  $10,000,000                           $5,000,000
    45  Over $10,000,000 but not over         $965,413 plus 11.32% of excess over
    46  $100,000,000                          $10,000,000
    47  Over $100,000,000                     $11,152,554 plus 11.82% of excess
    48                                        over $100,000,000
    49    §  3. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
    50  paragraph 1 of subsection (b) of section 601 of  the  tax  law,  clauses
    51  (iv),  (v),  (vi) and (vii) as amended by section 2 of part P of chapter
    52  59 of the laws of 2019, and clause (viii) as added by section 2 of  part
    53  R of chapter 59 of the laws of 2017, are amended to read as follows:
    54    (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
    55  following rates shall apply:

        A. 5442                             4
 
     1  If the New York taxable income is:    The tax is:
     2  Not over $12,800                      4% of the New York taxable income
     3  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
     4                                        $12,800
     5  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
     6                                        $17,650
     7  Over $20,900 but not over $32,200     $901 plus 5.9% of excess over
     8                                        $20,900
     9  Over $32,200 but not over $107,650    $1,568 plus 5.97% of excess over
    10                                        $32,200
    11  Over $107,650 but not over $269,300   $6,072 plus 6.33% of excess over
    12                                        $107,650
    13  Over $269,300 but not over            $16,304 plus 6.85% of
    14  [$1,616,450] $1,000,000               excess over $269,300
    15  Over $1,000,000 but not over          $66,357 plus 9.62% of excess over
    16  $5,000,000                            $1,000,000
    17  Over $5,000,000 but not over          $451,157 plus 10.32% of excess over
    18  $10,000,000                           $5,000,000
    19  Over $10,000,000 but not over         $967,157 plus 11.32% of excess over
    20  $100,000,000                          $10,000,000
    21  Over [$1,616,450                      $108,584 plus 8.82% of excess over
    22                                        $1,616,450]
    23  $100,000,000                          $11,155,157 plus 11.82% of excess
    24                                        over $100,000,000
    25    (v) For taxable years beginning in two thousand twenty-two the follow-
    26  ing rates shall apply:
    27  If the New York taxable income is:    The tax is:
    28  Not over $12,800                      4% of the New York taxable income
    29  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    30                                        $12,800
    31  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    32                                        $17,650
    33  Over $20,900 but not over $107,650    $901 plus 5.85% of excess over
    34                                        $20,900
    35  Over $107,650 but not over $269,300   $5,976 plus 6.25% of excess over
    36                                        $107,650
    37  Over $269,300 but not over            $16,079 plus 6.85% of excess
    38  [$1,616,450] $1,000,000               over $269,300
    39  Over $1,000,000 but not over          $66,132 plus 9.62% of excess over
    40  $5,000,000                            $1,000,000
    41  Over $5,000,000 but not over          $450,932 plus 10.32% of excess over
    42  $10,000,000                           $5,000,000
    43  Over $10,000,000 but not over         $966,932 plus 11.32% of excess over
    44  $100,000,000                          $10,000,000
    45  Over [$1,616,450                      $108,359 plus 8.82% of excess over
    46                                        $1,616,450]
    47  $100,000,000                          $11,154,932 plus 11.82% of excess
    48                                        over $100,000,000
    49    (vi)  For  taxable  years  beginning  in two thousand twenty-three the
    50  following rates shall apply:
    51  If the New York taxable income is:    The tax is:
    52  Not over $12,800                      4% of the New York taxable income
    53  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    54                                        $12,800
    55  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over

        A. 5442                             5

     1                                        $17,650
     2  Over $20,900 but not over $107,650    $901 plus 5.73% of excess over
     3                                        $20,900
     4  Over $107,650 but not over $269,300   $5,872 plus 6.17% of excess over
     5                                        $107,650
     6  Over $269,300 but not over            $15,845 plus 6.85% of excess
     7  [$1,616,450] $1,000,000               over $269,300
     8  Over $1,000,000 but not over          $65,898 plus 9.62% of excess over
     9  $5,000,000                            $1,000,000
    10  Over $5,000,000 but not over          $450,698 plus 10.32% of excess over
    11  $10,000,000                           $5,000,000
    12  Over $10,000,000 but not over         $966,698 plus 11.32% of excess over
    13  $100,000,000                          $10,000,000
    14  Over [$1,616,450                      $108,125 plus 8.82% of excess over
    15                                        $1,616,450]
    16  $100,000,000                          $11,154,698 plus 11.82% of excess
    17                                        over $100,000,000
    18    (vii)  For  taxable  years  beginning  in two thousand twenty-four the
    19  following rates shall apply:
    20  If the New York taxable income is:    The tax is:
    21  Not over $12,800                      4% of the New York taxable income
    22  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    23                                        $12,800
    24  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    25                                        $17,650
    26  Over $20,900 but not over $107,650    $901 plus 5.61% of excess over
    27                                        $20,900
    28  Over $107,650 but not over $269,300   $5,768 plus 6.09% of excess over
    29                                        $107,650
    30  Over $269,300 but not over            $15,612 plus 6.85% of excess
    31  [$1,616,450] $1,000,000               over $269,300
    32  Over $1,000,000 but not over          $65,665 plus 9.62% of excess over
    33  $5,000,000                            $1,000,000
    34  Over $5,000,000 but not over          $450,465 plus 10.32% of excess over
    35  $10,000,000                           $5,000,000
    36  Over $10,000,000 but not over         $966,465 plus 11.32% of excess over
    37  $100,000,000                          $10,000,000
    38  Over [$1,616,450                      $107,892 plus 8.82% of excess over
    39                                        $1,616,450]
    40  $100,000,000                          $11,154,465 plus 11.82% of excess
    41                                        over $100,000,000
    42    (viii) For taxable years beginning after two thousand twenty-four  the
    43  following rates shall apply:
    44  If the New York taxable income is:    The tax is:
    45  Not over $12,800                      4% of the New York taxable income
    46  Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
    47                                        $12,800
    48  Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
    49                                        $17,650
    50  Over $20,900 but not over $107,650    $901 plus 5.5% of excess over
    51                                        $20,900
    52  Over $107,650 but not over $269,300   $5,672 plus 6.00% of excess over
    53                                        $107,650
    54  Over $269,300 but not over            $15,371 plus 6.85% of
    55  $1,000,000                            excess over $269,300

        A. 5442                             6
 
     1  Over $1,000,000 but not over          $65,424 plus 9.62% of excess over
     2  $5,000,000                            $1,000,000
     3  Over $5,000,000 but not over          $ 450,224 plus 10.32% of excess over
     4  $10,000,000                           $5,000,000
     5  Over $10,000,000 but not over         $966,224 plus 11.32% of excess over
     6  $100,000,000                          $10,000,000
     7  Over $100,000,000                     $11,154,224 plus 11.82% of excess
     8                                        over $100,000,000
     9    §  4. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of
    10  paragraph 1 of subsection (c) of section 601 of  the  tax  law,  clauses
    11  (iv),  (v),  (vi) and (vii) as amended by section 3 of part P of chapter
    12  59 of the laws of 2019, and clause (viii) as added by section 3 of  part
    13  R of chapter 59 of the laws of 2017, are amended to read as follows:
    14    (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
    15  following rates shall apply:
    16  If the New York taxable income is:    The tax is:
    17  Not over $8,500                       4% of the New York taxable income
    18  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    19                                        $8,500
    20  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    21                                        $11,700
    22  Over $13,900 but not over $21,400     $600 plus 5.9% of excess over
    23                                        $13,900
    24  Over $21,400 but not over $80,650     $1,042 plus 5.97% of excess over
    25                                        $21,400
    26  Over $80,650 but not over $215,400    $4,579 plus 6.33% of excess over
    27                                        $80,650
    28  Over $215,400 but not over            $13,109 plus 6.85% of excess
    29  [$1,077,550] $1,000,000               over $215,400
    30  Over $1,000,000 but not over          $66,855 plus 9.62% of excess over
    31  $5,000,000                            $1,000,000
    32  Over $5,000,000 but not over          $451,655 plus 10.32% of excess over
    33  $10,000,000                           $5,000,000
    34  Over $10,000,000 but not over         $967,655 plus 11.32% of excess over
    35  $100,000,000                          $10,000,000
    36  Over [$1,077,550                      $72,166 plus 8.82% of excess over
    37                                        $1,077,550]
    38  $100,000,000                          $11,155,655 plus 11.82% of excess
    39                                        over $100,000,000
    40    (v) For taxable years beginning in two thousand twenty-two the follow-
    41  ing rates shall apply:
    42  If the New York taxable income is:    The tax is:
    43  Not over $8,500                       4% of the New York taxable income
    44  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    45                                        $8,500
    46  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    47                                        $11,700
    48  Over $13,900 but not over $80,650     $600 plus 5.85% of excess over
    49                                        $13,900
    50  Over $80,650 but not over $215,400    $4,504 plus 6.25% of excess over
    51                                        $80,650
    52  Over $215,400 but not over            $12,926 plus 6.85% of excess
    53  [$1,077,550] $1,000,000               over $215,400
    54  Over $1,000,000 but not over          $66,672 plus 9.62% of excess over
    55  $5,000,000                            $1,000,000
    56  Over $5,000,000 but not over          $ 451,472 plus 10.32% of excess over

        A. 5442                             7
 
     1  $10,000,000                           $5,000,000
     2  Over $10,000,000 but not over         $967,472 plus 11.32% of excess over
     3  $100,000,000                          $10,000,000
     4  Over [$1,077,550                      $71,984 plus 8.82% of excess over
     5                                        $1,077,550]
     6  $100,000,000                          $11,155,472 plus 11.82% of excess
     7                                        over $100,000,000
     8    (vi)  For  taxable  years  beginning  in two thousand twenty-three the
     9  following rates shall apply:
    10  If the New York taxable income is:    The tax is:
    11  Not over $8,500                       4% of the New York taxable income
    12  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    13                                        $8,500
    14  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    15                                        $11,700
    16  Over $13,900 but not over $80,650     $600 plus 5.73% of excess over
    17                                        $13,900
    18  Over $80,650 but not over $215,400    $4,424 plus 6.17% of excess over
    19                                        $80,650
    20  Over $215,400 but not over            $12,738 plus 6.85% of excess
    21  [$1,077,550] $1,000,000               over $215,400
    22  Over $1,000,000 but not over          $66,484 plus 9.62% of excess over
    23  $5,000,000                            $1,000,000
    24  Over $5,000,000 but not over          $ 451,284 plus 10.32% of excess over
    25  $10,000,000                           $5,000,000
    26  Over $10,000,000 but not over         $967,284 plus 11.32% of excess over
    27  $100,000,000                          $10,000,000
    28  Over [$1,077,550                      $71,796 plus 8.82% of excess over
    29                                        $1,077,550]
    30  $100,000,000                          $11,155,284 plus 11.82% of excess
    31                                        over $100,000,000
    32    (vii) For taxable years beginning  in  two  thousand  twenty-four  the
    33  following rates shall apply:
    34  If the New York taxable income is:    The tax is:
    35  Not over $8,500                       4% of the New York taxable income
    36  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
    37                                        $8,500
    38  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
    39                                        $11,700
    40  Over $13,900 but not over $80,650     $600 plus 5.61% of excess over
    41                                        $13,900
    42  Over $80,650 but not over $215,400    $4,344 plus 6.09% of excess over
    43                                        $80,650
    44  Over $215,400 but not over            $12,550 plus 6.85% of excess
    45  [$1,077,550] $1,000,000               over $215,400
    46  Over $1,000,000 but not over          $66,296 plus 9.62% of excess over
    47  $5,000,000                            $1,000,000
    48  Over $5,000,000 but not over          $ 451,096 plus 10.32% of excess over
    49  $10,000,000                           $5,000,000
    50  Over $10,000,000 but not over         $967,096 plus 11.32% of excess over
    51  $100,000,000                          $10,000,000
    52  Over [$1,077,550                      $71,608 plus 8.82% of excess over
    53                                        $1,077,550]
    54  $100,000,000                          $11,155,096 plus 11.82% of excess
    55                                        over $100,000,000

        A. 5442                             8
 
     1    (viii)  For taxable years beginning after two thousand twenty-four the
     2  following rates shall apply:
     3  If the New York taxable income is:    The tax is:
     4  Not over $8,500                       4% of the New York taxable income
     5  Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
     6                                        $8,500
     7  Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
     8                                        $11,700
     9  Over $13,900 but not over $80,650     $600 plus 5.50% of excess over
    10                                        $13,900
    11  Over $80,650 but not over $215,400    $4,271 plus 6.00% of excess over
    12                                        $80,650
    13  Over $215,400 but not over            $12,356 plus 6.85% of
    14  $1,000,000                            excess over $215,400
    15  Over $1,000,000 but not over          $66,102 plus 9.62% of excess over
    16  $5,000,000                            $1,000,000
    17  Over $5,000,000 but not over          $450,902 plus 10.32% of excess over
    18  $10,000,000                           $5,000,000
    19  Over $10,000,000 but not over         $966,902 plus 11.32% of excess over
    20  $100,000,000                          $10,000,000
    21  Over $100,000,000                     $11,154,902 plus 11.82% of excess
    22                                        over $100,000,000
    23    §  5.  Section 171-a of the tax law, as separately amended by chapters
    24  481 and 484 of the laws of 1981, is amended by adding a new  subdivision
    25  3 to read as follows:
    26    3.  Notwithstanding  subdivision  one  of  this  section  or any other
    27  provision of law to the contrary, with regards to any  increase  in  the
    28  taxes  imposed  pursuant  to  section  six  hundred  one of this chapter
    29  attributable to the difference in the rate of  such  taxes  for  taxable
    30  years  beginning  in  and  after two thousand twenty-one and the rate of
    31  such taxes for taxable years beginning in  two  thousand  twenty,  fifty
    32  percent  shall  be deposited in the state lottery fund, created pursuant
    33  to section ninety-two-c of the state  finance  law,  and  fifty  percent
    34  shall  be  deposited  with  the  New York state department of health for
    35  medicaid expenses, as such taxes are received. The amount  for  adminis-
    36  trative  costs  shall  be  determined  by  the commissioner to represent
    37  reasonable costs of the department in administering, collecting,  deter-
    38  mining,  and  distributing such taxes. Of the total revenue collected or
    39  received under such sections of  this  chapter,  the  comptroller  shall
    40  retain in his or her hands such amount as the commissioner may determine
    41  to  be  necessary  for  refunds or reimbursements under such sections of
    42  this chapter out of which amount the comptroller shall pay  any  refunds
    43  or  reimbursements to which taxpayers shall be entitled under provisions
    44  of such sections. The commissioner and the comptroller shall maintain  a
    45  system  of  accounts showing the amount of revenue collected or received
    46  from each of the taxes imposed by such sections.
    47    § 6. This act shall take effect immediately and shall apply to taxable
    48  years beginning on and after such date.
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