### S02059 Summary:

BILL NO | S02059 |

SAME AS | SAME AS A03115 |

SPONSOR | JACKSON |

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

MLTSPNSR | |

Amd §601, rpld §601 sub§ (d-4), Tax L | |

Imposes a progressive income tax structure for high income taxpayers. |

### S02059 Memo:

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### S02059 Text:

Go to topSTATE OF NEW YORK________________________________________________________________________ 2059 2023-2024 Regular SessionsIN SENATEJanuary 18, 2023 ___________ Introduced by Sens. JACKSON, BRESLIN, BRISPORT, BROUK, COMRIE, COONEY, GIANARIS, GOUNARDES, HOYLMAN-SIGAL, LIU, MAY, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO -- 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 theretoThe People of the State of New York, represented in Senate and Assem-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 [bly, do enact as follows:6~~and~~] 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~~before two thousand twenty-eight~~(underscored) is new; matter in brackets [italics] is old law to be omitted. LBD04661-01-3S. 2059 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 [] 5~~twenty-seven~~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 [twenty-three]~~$2,155,350~~over $323,200 18 [$500,00019~~Over $2,155,350 $143,754 plus 8.82% of excess~~] 20~~over $2,155,350~~Over $500,000 but not over $700,00021$30,363 plus 7.50% of22excess over $500,000Over $700,000 but not over $900,00023$45,363 plus 8.00% of24excess over $700,000Over $900,000 but not over25$61,363 plus 9.00% of excess$1,000,00026over $900,000Over $1,000,000 but not over27$70,363 plus 10.00% of excess$2,000,00028over $1,000,000Over $2,000,000 but not over29$170,363 plus 12.00% of$3,000,00030excess over $2,000,000Over $3,000,000 but not over31$290,363 plus 14.00% of$4,000,00032excess over $3,000,000Over $4,000,000 but not over33$430,363 plus 16.00% of$5,000,00034excess over $4,000,000Over $5,000,000 but not over35$590,363 plus 18.00% of$10,000,00036excess over $5,000,000Over $10,000,000 but not over37$1,490,363 plus 20.00% of$15,000,00038excess over $10,000,000Over $15,000,000 but not over39$2,490,363 plus 22.00% of$20,000,00040excess over $15,000,000Over $20,000,00041$3,590,363 plus 24.00% of42 § 2. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of 43 subsection (b) of section 601 of the tax law, as amended by section 2 of 44 subpart A of part A of chapter 59 of the laws of 2022, are amended to 45 read as follows: 46 (vi) For taxable years beginning in two thousand twenty-three [excess over $20,000,00047~~and~~] the following rates shall apply: 48 If the New York taxable income is: The tax is: 49 Not over $12,800 4% of the New York taxable income 50 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 51 $12,800 52 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 53 $17,650 54 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over~~before two thousand twenty-eight~~S. 2059 3 1 $20,900 2 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 3 $107,650 4 Over $269,300 but not over $15,371 plus 6.85% of excess over 5 $1,616,450 $269,300 6 Over $1,616,450 but not over $107,651 plus 9.65% of excess over 7 $5,000,000 $1,616,450 8 Over $5,000,000 but not over $434,163 plus 10.30% of excess over 9 $25,000,000 $5,000,000 10 Over $25,000,000 $2,494,163 plus 10.90% of excess over 11 $25,000,000 12 (vii) For taxable years beginning after two thousand [] 13~~twenty-seven~~the following rates shall apply: 14 If the New York taxable income is: The tax is: 15 Not over $12,800 4% of the New York taxable income 16 Over $12,800 but not over $512 plus 4.5% of excess over 17 $17,650 $12,800 18 Over $17,650 but not over $730 plus 5.25% of excess over 19 $20,900 $17,650 20 Over $20,900 but not over $901 plus 5.5% of excess over 21 $107,650 $20,900 22 Over $107,650 but not over $5,672 plus 6.00% of excess 23 $269,300 over $107,650 24 Over $269,300 but not over $15,371 plus 6.85% of excess 25 [twenty-three]~~$1,616,450~~over $269,300 26 [$500,000] [~~Over $1,616,450~~27~~$107,651 plus 8.82% of excess~~] 28~~over $1,616,450~~Over $500,000 but not over $700,00029$30,363 plus 7.50%30of excess over $500,000Over $700,000 but not over $900,00031$45,363 plus 8.00% of32excess over $700,000Over $900,000 but not over33$61,363 plus 9.00% of excess$1,000,00034over $900,000Over $1,000,000 but not over35$70,363 plus 10.00% of excess$2,000,00036over $1,000,000Over $2,000,000 but not over37$170,363 plus 12.00% of$3,000,00038excess over $2,000,000Over $3,000,000 but not over39$290,363 plus 14.00% of$4,000,00040excess over $3,000,000Over $4,000,000 but not over41$430,363 plus 16.00% of$5,000,00042excess over $4,000,000Over $5,000,000 but not over43$590,363 plus 18.00% of$10,000,00044excess over $5,000,000Over $10,000,000 but not over45$1,490,363 plus 20.00% of$15,000,00046excess over $10,000,000Over $15,000,000 but not over47$2,490,363 plus 22.00% of$20,000,00048excess over $15,000,000Over $20,000,00049$3,590,363 plus 24.00% of50 § 3. Clauses (vi) and (vii) of subparagraph (B) of paragraph 1 of 51 subsection (c) of section 601 of the tax law, as amended by section 3 of 52 subpart A of part A of chapter 59 of the laws of 2022, are amended to 53 read as follows: 54 (vi) For taxable years beginning in two thousand twenty-three [excess over $20,000,00055~~and~~] the following rates shall apply:~~before two thousand twenty-eight~~S. 2059 4 1 If the New York taxable income is: The tax is: 2 Not over $8,500 4% of the New York taxable income 3 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 4 $8,500 5 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 6 $11,700 7 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 8 $13,900 9 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 10 $80,650 11 Over $215,400 but not over $12,356 plus 6.85% of excess over 12 $1,077,550 $215,400 13 Over $1,077,550 but not over $71,413 plus 9.65% of excess over 14 $5,000,000 $1,077,550 15 Over $5,000,000 but not over $449,929 plus 10.30% of excess over 16 $25,000,000 $5,000,000 17 Over $25,000,000 $2,509,929 plus 10.90% of excess over 18 $25,000,000 19 (vii) For taxable years beginning after two thousand [] 20~~twenty-seven~~the following rates shall apply: 21 If the New York taxable income is: The tax is: 22 Not over $8,500 4% of the New York taxable income 23 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 24 $8,500 25 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 26 $11,700 27 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 28 $13,900 29 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess 30 over $80,650 31 Over $215,400 but not over $12,356 plus 6.85% of excess 32 [twenty-three]~~$1,077,550~~over $215,400 33 [$450,00034~~Over $1,077,550 $71,413 plus 8.82% of excess~~] 35~~over $1,077,550~~Over $450,000 but not over $600,00036$26,938 plus 7.50%37of excess over $450,000Over $600,000 but not over $700,00038$38,188 plus 8.00% of39excess over $600,000Over $700,000 but not over $800,00040$46,188 plus 8.50% of41excess over $700,000Over $800,000 but not over $900,00042$54,688 plus 9.00% of43excess over $800,000Over $900,000 but not over44$63,688 plus 10.00% of excess$1,000,00045over $900,000Over $1,000,000 but not over46$73,188 plus 11.00% of excess$2,000,00047over $1,000,000Over $2,000,000 but not over48$183,188 plus 12.00% of$3,000,00049excess over $2,000,000Over $3,000,000 but not over50$303,188 plus 14.00% of$4,000,00051excess over $3,000,000Over $4,000,000 but not over52$443,188 plus 16.00% of$5,000,00053excess over $4,000,000Over $5,000,000 but not over54$543,188 plus 18.00% of$10,000,00055excess over $5,000,000Over $10,000,000 but not over56$1,443,188 plus 20.00% of$15,000,000excess over $10,000,000S. 2059 5 1Over $15,000,000 but not over2$2,443,188 plus 22.00% of$20,000,0003excess over $15,000,000Over $20,000,0004$3,543,188 plus 24.00% of5 § 4. Subparagraphs (D), (E), (F), (G) and (H) of paragraph 1 of 6 subsection (d-1) of section 601 of the tax law, subparagraphs (D), (E) 7 and (H) as amended and subparagraphs (F) and (G) as added by section 4 8 of part A of chapter 59 of the laws of 2021, are amended and six new 9 subparagraphs (I), (J), (K), (L), (M) and (N) are added to read as 10 follows: 11 (D) The tax table benefit is the difference between (i) the amount of 12 taxable income set forth in the tax table in paragraph one of subsection 13 (a) of this section not subject to the [excess over $20,000,000]~~8.82~~percent rate of tax 14 for the taxable year multiplied by such rate and (ii) the dollar denomi- 15 nated tax for such amount of taxable income set forth in the tax table 16 applicable to the taxable year in paragraph one of subsection (a) of 17 this section less the sum of the tax table benefits in subparagraphs 18 (A), (B) and (C) of this paragraph. The fraction for this subparagraph 19 is computed as follows: the numerator is the lesser of fifty thousand 20 dollars or the excess of New York adjusted gross income for the taxable 21 year over [7.5]~~two million~~dollars and the denomina- 22 tor is fifty thousand dollars. This subparagraph shall apply only to 23 taxable years beginning on or after January first, two thousand twelve 24 and before January first, two thousand twenty-one [five hundred thousand25~~and for tax years~~]. 26 (E) The tax table benefit is the difference between (i) the amount of 27 taxable income set forth in the tax table in paragraph one of subsection 28 (a) of this section not subject to the [~~beginning on or after January first, two thousand twenty-eight~~]~~9.65~~percent rate of tax for 29 the taxable year multiplied by such rate and (ii) the dollar denominated 30 tax for such amount of taxable income set forth in the tax table appli- 31 cable to the taxable year in paragraph one of subsection (a) of this 32 section less the sum of the tax table benefits in subparagraphs (A), 33 (B), [8] (C)~~and~~of this paragraph. The fraction for this subpar- 34 agraph is computed as follows: the numerator is the lesser of fifty 35 thousand dollars or excess of New York adjusted gross income for the 36 taxable year over [, and (D)]~~two million~~dollars and the 37 denominator is fifty thousand dollars. This subparagraph shall apply 38 only to the taxable years beginning on or after January first, two thou- 39 sand twenty-one [seven hundred thousand]. 40 (F) The tax table benefit is the difference between (i) the amount of 41 taxable income set forth in the tax table in paragraph one of subsection 42 (a) of this section not subject to the [~~and before January first, two thousand twenty-eight~~]~~10.30~~percent rate of tax for 43 the taxable year multiplied by such rate and (ii) the dollar denominated 44 tax for such amount of taxable income set forth in the tax table appli- 45 cable to the taxable year in paragraph one of subsection (a) of this 46 section less the sum of the tax table benefits in subparagraphs (A), 47 (B), (C) and (E) of this paragraph. The fraction for this subparagraph 48 is computed as follows: the numerator is the lesser of fifty thousand 49 dollars or excess of New York adjusted gross income for the taxable year 50 over [9]~~five million~~dollars and the denominator is 51 fifty thousand dollars. This subparagraph shall apply only to the taxa- 52 ble years beginning on or after January first, two thousand twenty-one 53 [nine hundred thousand]. 54 (G) The tax table benefit is the difference between (i) the amount of 55 taxable income set forth in the tax table in paragraph one of subsection 56 (a) of this section not subject to the [~~and before January first, two thousand twenty-eight~~]~~10.90~~percent rate of tax10S. 2059 6 1 for the taxable year multiplied by such rate and (ii) the dollar denomi- 2 nated tax for such amount of taxable income set forth in the tax table 3 applicable to the taxable year in paragraph one of subsection (a) of 4 this section less the sum of the tax table benefits in subparagraphs 5 (A), (B), (C), (E) and (F) of this paragraph. The fraction for this 6 subparagraph is computed as follows: the numerator is the lesser of 7 fifty thousand dollars or excess of New York adjusted gross income for 8 the taxable year over []~~twenty-five~~million dollars and the denomi- 9 nator is fifty thousand dollars. This subparagraph shall apply only to 10 the taxable years beginning on or after January first, two thousand 11 twenty-one [one]. 12 (H)~~and before January first, two thousand twenty-eight~~13The tax table benefit is the difference between (i) the amount of14taxable income set forth in the tax table in paragraph one of subsection15(a) of this section not subject to the 12 percent rate of tax for the16taxable year multiplied by such rate and (ii) the dollar denominated tax17for such amount of taxable income set forth in the tax table applicable18to the taxable year in paragraph one of subsection (a) of this section19less the sum of the tax table benefits in subparagraphs (A), (B), (C),20(D), (E), (F), and (G) of this paragraph. The fraction for this subpara-21graph is computed as follows: the numerator is the lesser of fifty thou-22sand dollars or excess of New York adjusted gross income for the taxable23year over two million dollars and the denominator is fifty thousand24dollars.25(I) The tax table benefit is the difference between (i) the amount of26taxable income set forth in the tax table in paragraph one of subsection27(a) of this section not subject to the 14 percent rate of tax for the28taxable year multiplied by such rate and (ii) the dollar denominated tax29for such amount of taxable income set forth in the tax table applicable30to the taxable year in paragraph one of subsection (a) of this section31less the sum of the tax table benefits in subparagraphs (A), (B), (C),32(D), (E), (F), (G), and (H) of this paragraph. The fraction for this33subparagraph is computed as follows: the numerator is the lesser of34fifty thousand dollars or excess of New York adjusted gross income for35the taxable year over three million dollars and the denominator is fifty36thousand dollars.37(J) The tax table benefit is the difference between (i) the amount of38taxable income set forth in the tax table in paragraph one of subsection39(a) of this section not subject to the 16 percent rate of tax for the40taxable year multiplied by such rate and (ii) the dollar denominated tax41for such amount of taxable income set forth in the tax table applicable42to the taxable year in paragraph one of subsection (a) of this section43less the sum of the tax table benefits in subparagraphs (A), (B), (C),44(D), (E), (F), (G), (H), and (I) of this paragraph. The fraction for45this subparagraph is computed as follows: the numerator is the lesser of46fifty thousand dollars or excess of New York adjusted gross income for47the taxable year over four million dollars and the denominator is fifty48thousand dollars.49(K) The tax table benefit is the difference between (i) the amount of50taxable income set forth in the tax table in paragraph one of subsection51(a) of this section not subject to the 18 percent rate of tax for the52taxable year multiplied by such rate and (ii) the dollar denominated tax53for such amount of taxable income set forth in the tax table applicable54to the taxable year in paragraph one of subsection (a) of this section55less the sum of the tax table benefits in subparagraphs (A), (B), (C),56(D), (E), (F), (G), (H), (I), and (J) of this paragraph. The fractionfor this subparagraph is computed as follows: the numerator is the less-S. 2059 7 12er of fifty thousand dollars or excess of New York adjusted gross income3for the taxable year over five million dollars and the denominator is4fifty thousand dollars.5(L) The tax table benefit is the difference between (i) the amount of6taxable income set forth in the tax table in paragraph one of subsection7(a) of this section not subject to the 20 percent rate of tax for the8taxable year multiplied by such rate and (ii) the dollar denominated tax9for such amount of taxable income set forth in the tax table applicable10to the taxable year in paragraph one of subsection (a) of this section11less the sum of the tax table benefits in subparagraphs (A), (B), (C),12(D), (E), (F), (G), (H), (I), (J), and (K) of this paragraph. The frac-13tion for this subparagraph is computed as follows: the numerator is the14lesser of fifty thousand dollars or excess of New York adjusted gross15income for the taxable year over ten million dollars and the denominator16is fifty thousand dollars.17(M) The tax table benefit is the difference between (i) the amount of18taxable income set forth in the tax table in paragraph one of subsection19(a) of this section not subject to the 22 percent rate of tax for the20taxable year multiplied by such rate and (ii) the dollar denominated tax21for such amount of taxable income set forth in the tax table applicable22to the taxable year in paragraph one of subsection (a) of this section23less the sum of the tax table benefits in subparagraphs (A), (B), (C),24(D), (E), (F), (G), (H), (I), (J), (K), and (L) of this paragraph. The25fraction for this subparagraph is computed as follows: the numerator is26the lesser of fifty thousand dollars or excess of New York adjusted27gross income for the taxable year over fifteen million dollars and the28denominator is fifty thousand dollars.29(N) The tax table benefit is the difference between (i) the amount of30taxable income set forth in the tax table in paragraph one of subsection31(a) of this section not subject to the 24 percent rate of tax for the32taxable year multiplied by such rate and (ii) the dollar denominated tax33for such amount of taxable income set forth in the tax table applicable34to the taxable year in paragraph one of subsection (a) of this section35less the sum of the tax table benefits in subparagraphs (A), (B), (C),36(D), (E), (F), (G), (H), (I), (J), (K), (L), and (M) of this paragraph.37The fraction for this subparagraph is computed as follows: the numerator38is the lesser of fifty thousand dollars or excess of New York adjusted39gross income for the taxable year over twenty million dollars and the40denominator is fifty thousand dollars.Provided, however, the total tax prior to the application of any 41 tax credits shall not exceed the highest rate of tax set forth in the 42 tax tables in subsection (a) of this section multiplied by the taxpay- 43 er's taxable income. 44 § 5. Subparagraphs (C), (D), (E), (F) and (G) of paragraph 2 of 45 subsection (d-1) of section 601 of the tax law, subparagraphs (C), (D) 46 and (G) as amended and subparagraphs (E) and (F) as added by section 5 47 of part A of chapter 59 of the laws of 2021, are amended and six new 48 subparagraphs (H), (I), (J), (K), (L) and (M) are added to read as 49 follows: 50 (C) The tax table benefit is the difference between (i) the amount of 51 taxable income set forth in the tax table in paragraph one of subsection 52 (b) of this section not subject to the [(O)]~~8.82~~percent rate of tax 53 for the taxable year multiplied by such rate and (ii) the dollar denomi- 54 nated tax for such amount of taxable income set forth in the tax table 55 applicable to the taxable year in paragraph one of subsection (b) of 56 this section less the sum of the tax table benefits in subparagraphs (A)7.5S. 2059 8 1 and (B) of this paragraph. The fraction for this subparagraph is 2 computed as follows: the numerator is the lesser of fifty thousand 3 dollars or the excess of New York adjusted gross income for the taxable 4 year over [] five hundred thousand dollars and the denomina- 5 tor is fifty thousand dollars. This subparagraph shall apply only to 6 taxable years beginning on or after January first, two thousand twelve 7 and before January first, two thousand twenty-one [~~one million~~8~~and for tax years~~]. 9 (D) The tax table benefit is the difference between (i) the amount of 10 taxable income set forth in the tax table in paragraph one of subsection 11 (a) of this section not subject to the [~~beginning on or after January first, two thousand twenty-eight~~]~~9.65~~percent rate of tax for 12 the taxable year multiplied by such rate and (ii) the dollar denominated 13 tax for such amount of taxable income set forth in the tax table appli- 14 cable to the taxable year in paragraph one of subsection (a) of this 15 section less the sum of the tax table benefits in subparagraphs (A) 16 [8]~~and~~(B),of this paragraph. The fraction for this subparagraph 17 is computed as follows: the numerator is the lesser of fifty thousand 18 dollars or excess of New York adjusted gross income for the taxable year 19 over [and (C)]~~one million five~~hundred thousand dollars and the denomina- 20 tor is fifty thousand dollars. This subparagraph shall apply only to the 21 taxable years beginning on or after January first, two thousand twenty- 22 one [seven]. 23 (E) The tax table benefit is the difference between (i) the amount of 24 taxable income set forth in the tax table in paragraph one of subsection 25 (a) of this section not subject to the [~~and before January first, two thousand twenty-eight~~]~~10.30~~percent rate of tax for 26 the taxable year multiplied by such rate and (ii) the dollar denominated 27 tax for such amount of taxable income set forth in the tax table appli- 28 cable to the taxable year in paragraph one of subsection (a) of this 29 section less the sum of the tax table benefits in subparagraphs (A), 30 (B)9and (D) of this paragraph. The fraction for this subparagraph 31 is computed as follows: the numerator is the lesser of fifty thousand 32 dollars or excess of New York adjusted gross income for the taxable year 33 over [, (C)]~~five million~~dollars and the denominator is 34 fifty thousand dollars. This subparagraph shall apply only to the taxa- 35 ble years beginning on or after January first, two thousand twenty-one 36 [nine hundred thousand]. 37 (F) The tax table benefit is the difference between (i) the amount of 38 taxable income set forth in the tax table in paragraph one of subsection 39 (a) of this section not subject to the [~~and before January first, two thousand twenty-eight~~]~~10.90~~percent rate of tax 40 for the taxable year multiplied by such rate and (ii) the dollar denomi- 41 nated tax for such amount of taxable income set forth in the tax table 42 applicable to the taxable year in paragraph one of subsection (a) of 43 this section less the sum of the tax table benefits in subparagraphs 44 (A), (B),10(D) and (E) of this paragraph. The fraction for this 45 subparagraph is computed as follows: the numerator is the lesser of 46 fifty thousand dollars or excess of New York adjusted gross income for 47 the taxable year over [(C),]~~twenty-five~~million dollars and the denomi- 48 nator is fifty thousand dollars. This subparagraph shall apply only to 49 the taxable years beginning on or after January first, two thousand 50 twenty-one [one]. 51 (G)~~and before January first, two thousand twenty-eight~~52The tax table benefit is the difference between (i) the amount of53taxable income set forth in the tax table in paragraph one of subsection54(a) of this section not subject to the 12 percent rate of tax for the55taxable year multiplied by such rate and (ii) the dollar denominated tax56for such amount of taxable income set forth in the tax table applicableto the taxable year in paragraph one of subsection (a) of this sectionS. 2059 9 12less the sum of the tax table benefits in subparagraphs (A), (B), (C),3(D), (E) and (F) of this paragraph. The fraction for this subparagraph4is computed as follows: the numerator is the lesser of fifty thousand5dollars or excess of New York adjusted gross income for the taxable year6over two million dollars and the denominator is fifty thousand dollars.7(H) The tax table benefit is the difference between (i) the amount of8taxable income set forth in the tax table in paragraph one of subsection9(a) of this section not subject to the 14 percent rate of tax for the10taxable year multiplied by such rate and (ii) the dollar denominated tax11for such amount of taxable income set forth in the tax table applicable12to the taxable year in paragraph one of subsection (a) of this section13less the sum of the tax table benefits in subparagraphs (A), (B), (C),14(D), (E), (F) and (G) of this paragraph. The fraction for this subpara-15graph is computed as follows: the numerator is the lesser of fifty thou-16sand dollars or excess of New York adjusted gross income for the taxable17year over three million dollars and the denominator is fifty thousand18dollars.19(I) The tax table benefit is the difference between (i) the amount of20taxable income set forth in the tax table in paragraph one of subsection21(a) of this section not subject to the 16 percent rate of tax for the22taxable year multiplied by such rate and (ii) the dollar denominated tax23for such amount of taxable income set forth in the tax table applicable24to the taxable year in paragraph one of subsection (a) of this section25less the sum of the tax table benefits in subparagraphs (A), (B), (C),26(D), (E), (F), (G) and (H) of this paragraph. The fraction for this27subparagraph is computed as follows: the numerator is the lesser of28fifty thousand dollars or excess of New York adjusted gross income for29the taxable year over four million dollars and the denominator is fifty30thousand dollars.31(J) The tax table benefit is the difference between (i) the amount of32taxable income set forth in the tax table in paragraph one of subsection33(a) of this section not subject to the 18 percent rate of tax for the34taxable year multiplied by such rate and (ii) the dollar denominated tax35for such amount of taxable income set forth in the tax table applicable36to the taxable year in paragraph one of subsection (a) of this section37less the sum of the tax table benefits in subparagraphs (A), (B), (C),38(D), (E), (F), (G), (H) and (I) of this paragraph. The fraction for this39subparagraph is computed as follows: the numerator is the lesser of40fifty thousand dollars or excess of New York adjusted gross income for41the taxable year over five million dollars and the denominator is fifty42thousand dollars.43(K) The tax table benefit is the difference between (i) the amount of44taxable income set forth in the tax table in paragraph one of subsection45(a) of this section not subject to the 20 percent rate of tax for the46taxable year multiplied by such rate and (ii) the dollar denominated tax47for such amount of taxable income set forth in the tax table applicable48to the taxable year in paragraph one of subsection (a) of this section49less the sum of the tax table benefits in subparagraphs (A), (B), (C),50(D), (E), (F), (G), (H), (I) and (J) of this paragraph. The fraction for51this subparagraph is computed as follows: the numerator is the lesser of52fifty thousand dollars or excess of New York adjusted gross income for53the taxable year over ten million dollars and the denominator is fifty54thousand dollars.55(L) The tax table benefit is the difference between (i) the amount of56taxable income set forth in the tax table in paragraph one of subsection(a) of this section not subject to the 22 percent rate of tax for theS. 2059 10 12taxable year multiplied by such rate and (ii) the dollar denominated tax3for such amount of taxable income set forth in the tax table applicable4to the taxable year in paragraph one of subsection (a) of this section5less the sum of the tax table benefits in subparagraphs (A), (B), (C),6(D), (E), (F), (G), (H), (I), (J) and (K) of this paragraph. The frac-7tion for this subparagraph is computed as follows: the numerator is the8lesser of fifty thousand dollars or excess of New York adjusted gross9income for the taxable year over fifteen million dollars and the denomi-10nator is fifty thousand dollars.11(M) The tax table benefit is the difference between (i) the amount of12taxable income set forth in the tax table in paragraph one of subsection13(a) of this section not subject to the 24 percent rate of tax for the14taxable year multiplied by such rate and (ii) the dollar denominated tax15for such amount of taxable income set forth in the tax table applicable16to the taxable year in paragraph one of subsection (a) of this section17less the sum of the tax table benefits in subparagraphs (A), (B), (C),18(D), (E), (F), (G), (H), (I), (J), (K) and (L) of this paragraph. The19fraction for this subparagraph is computed as follows: the numerator is20the lesser of fifty thousand dollars or excess of New York adjusted21gross income for the taxable year over twenty million dollars and the22denominator is fifty thousand dollars.Provided, however, the total tax prior to the application of any 23 tax credits shall not exceed the highest rate of tax set forth in the 24 tax tables in subsection (b) of this section multiplied by the taxpay- 25 er's taxable income. 26 § 6. Subparagraphs (C), (D), (E), (F) and (G) of paragraph 3 of 27 subsection (d-1) of section 601 of the tax law, subparagraphs (C), (D) 28 and (G) as amended and subparagraphs (E) and (F) as added by section 6 29 of part A of chapter 59 of the laws of 2021, are amended and eight new 30 subparagraphs (H), (I), (J), (K), (L), (M), (N) and (O) are added to 31 read as follows: 32 (C) The tax table benefit is the difference between (i) the amount of 33 taxable income set forth in the tax table in paragraph one of subsection 34 (c) of this section not subject to the [(N)]~~8.82~~percent rate of tax 35 for the taxable year multiplied by such rate and (ii) the dollar denomi- 36 nated tax for such amount of taxable income set forth in the tax table 37 applicable to the taxable year in paragraph one of subsection (c) of 38 this section less the sum of the tax table benefits in subparagraphs (A) 39 and (B) of this paragraph. The fraction for this subparagraph is 40 computed as follows: the numerator is the lesser of fifty thousand 41 dollars or the excess of New York adjusted gross income for the taxable 42 year over [7.5]~~one million~~dollars and the 43 denominator is fifty thousand dollars. This subparagraph shall apply 44 only to taxable years beginning on or after January first, two thousand 45 twelve [four hundred fifty thousand46~~and before January first, two thousand twenty-one and for tax~~]. 47 (D) The tax table benefit is the difference between (i) the amount of 48 taxable income set forth in the tax table in paragraph one of subsection 49 (a) of this section not subject to the [~~years beginning on or after January first, two thousand twenty-eight~~]~~9.65~~percent rate of tax for 50 the taxable year multiplied by such rate and (ii) the dollar denominated 51 tax for such amount of taxable income set forth in the tax table appli- 52 cable to the taxable year in paragraph one of subsection (a) of this 53 section less the sum of the tax table benefits in subparagraphs (A) 54 [8]~~and~~(B),of this paragraph. The fraction for this subparagraph 55 is computed as follows: the numerator is the lesser of fifty thousand 56 dollars or excess of New York adjusted gross income for the taxable yearand (C)S. 2059 11 1 over []~~one million five~~hundred thousand dollars and the denominator 2 is fifty thousand dollars. This subparagraph shall apply only to the 3 taxable years beginning on or after January first, two thousand twenty- 4 one [six]. 5 (E) The tax table benefit is the difference between (i) the amount of 6 taxable income set forth in the tax table in paragraph one of subsection 7 (a) of this section not subject to the [~~and before January first, two thousand twenty-eight~~]~~10.30~~percent rate of tax 8 for the taxable year multiplied by such rate and (ii) the dollar denomi- 9 nated tax for such amount of taxable income set forth in the tax table 10 applicable to the taxable year in paragraph one of subsection (a) of 11 this section less the sum of the tax table benefits in subparagraphs 12 (A), (B)8.5and (D) of this paragraph. The fraction for this subpara- 13 graph is computed as follows: the numerator is the lesser of fifty thou- 14 sand dollars or excess of New York adjusted gross income for the taxable 15 year over [, (C)]~~five million~~dollars and the denomi- 16 nator is fifty thousand dollars. This subparagraph shall apply only to 17 the taxable years beginning on or after January first, two thousand 18 twenty-one [seven hundred thousand]. 19 (F) The tax table benefit is the difference between (i) the amount of 20 taxable income set forth in the tax table in paragraph one of subsection 21 (a) of this section not subject to the [~~and before January first, two thousand twenty-eight~~]~~10.90~~percent rate of tax for 22 the taxable year multiplied by such rate and (ii) the dollar denominated 23 tax for such amount of taxable income set forth in the tax table appli- 24 cable to the taxable year in paragraph one of subsection (a) of this 25 section less the sum of the tax table benefits in subparagraphs (A), 26 (B), (D) and (E) of this paragraph. The fraction for this subparagraph 27 is computed as follows: the numerator is the lesser of fifty thousand 28 dollars or excess of New York adjusted gross income for the taxable year 29 over [9]~~twenty-five million~~dollars and the denom- 30 inator is fifty thousand dollars. This subparagraph shall apply only to 31 the taxable years beginning on or after January first, two thousand 32 twenty-one [eight hundred thousand]. 33 (G)~~and before January first, two thousand twenty-eight~~34The tax table benefit is the difference between (i) the amount of35taxable income set forth in the tax table in paragraph one of subsection36(a) of this section not subject to the 10 percent rate of tax for the37taxable year multiplied by such rate and (ii) the dollar denominated tax38for such amount of taxable income set forth in the tax table applicable39to the taxable year in paragraph one of subsection (a) of this section40less the sum of the tax table benefits in subparagraphs (A), (B), (C),41(D), (E) and (F) of this paragraph. The fraction for this subparagraph42is computed as follows: the numerator is the lesser of fifty thousand43dollars or excess of New York adjusted gross income for the taxable year44over nine hundred thousand dollars and the denominator is fifty thousand45dollars.46(H) The tax table benefit is the difference between (i) the amount of47taxable income set forth in the tax table in paragraph one of subsection48(a) of this section not subject to the 11 percent rate of tax for the49taxable year multiplied by such rate and (ii) the dollar denominated tax50for such amount of taxable income set forth in the tax table applicable51to the taxable year in paragraph one of subsection (a) of this section52less the sum of the tax table benefits in subparagraphs (A), (B), (C),53(D), (E), (F) and (G) of this paragraph. The fraction for this subpara-54graph is computed as follows: the numerator is the lesser of fifty thou-55sand dollars or excess of New York adjusted gross income for the taxable56year over one million dollars and the denominator is fifty thousanddollars.S. 2059 12 12(I) The tax table benefit is the difference between (i) the amount of3taxable income set forth in the tax table in paragraph one of subsection4(a) of this section not subject to the 12 percent rate of tax for the5taxable year multiplied by such rate and (ii) the dollar denominated tax6for such amount of taxable income set forth in the tax table applicable7to the taxable year in paragraph one of subsection (a) of this section8less the sum of the tax table benefits in subparagraphs (A), (B), (C),9(D), (E), (F), (G) and (H) of this paragraph. The fraction for this10subparagraph is computed as follows: the numerator is the lesser of11fifty thousand dollars or excess of New York adjusted gross income for12the taxable year over two million dollars and the denominator is fifty13thousand dollars.14(J) The tax table benefit is the difference between (i) the amount of15taxable income set forth in the tax table in paragraph one of subsection16(a) of this section not subject to the 14 percent rate of tax for the17taxable year multiplied by such rate and (ii) the dollar denominated tax18for such amount of taxable income set forth in the tax table applicable19to the taxable year in paragraph one of subsection (a) of this section20less the sum of the tax table benefits in subparagraphs (A), (B), (C),21(D), (E), (F), (G), (H) and (I) of this paragraph. The fraction for this22subparagraph is computed as follows: the numerator is the lesser of23fifty thousand dollars or excess of New York adjusted gross income for24the taxable year over three million dollars and the denominator is fifty25thousand dollars.26(K) The tax table benefit is the difference between (i) the amount of27taxable income set forth in the tax table in paragraph one of subsection28(a) of this section not subject to the 16 percent rate of tax for the29taxable year multiplied by such rate and (ii) the dollar denominated tax30for such amount of taxable income set forth in the tax table applicable31to the taxable year in paragraph one of subsection (a) of this section32less the sum of the tax table benefits in subparagraphs (A), (B), (C),33(D), (E), (F), (G), (H), (I) and (J) of this paragraph. The fraction for34this subparagraph is computed as follows: the numerator is the lesser of35fifty thousand dollars or excess of New York adjusted gross income for36the taxable year over four million dollars and the denominator is fifty37thousand dollars.38(L) The tax table benefit is the difference between (i) the amount of39taxable income set forth in the tax table in paragraph one of subsection40(a) of this section not subject to the 18 percent rate of tax for the41taxable year multiplied by such rate and (ii) the dollar denominated tax42for such amount of taxable income set forth in the tax table applicable43to the taxable year in paragraph one of subsection (a) of this section44less the sum of the tax table benefits in subparagraphs (A), (B), (C),45(D), (E), (F), (G), (H), (I), (J) and (K) of this paragraph. The frac-46tion for this subparagraph is computed as follows: the numerator is the47lesser of fifty thousand dollars or excess of New York adjusted gross48income for the taxable year over five million dollars and the denomina-49tor is fifty thousand dollars.50(M) The tax table benefit is the difference between (i) the amount of51taxable income set forth in the tax table in paragraph one of subsection52(a) of this section not subject to the 20 percent rate of tax for the53taxable year multiplied by such rate and (ii) the dollar denominated tax54for such amount of taxable income set forth in the tax table applicable55to the taxable year in paragraph one of subsection (a) of this section56less the sum of the tax table benefits in subparagraphs (A), (B), (C),(D), (E), (F), (G), (H), (I), (J), (K) and (L) of this paragraph. TheS. 2059 13 12fraction for this subparagraph is computed as follows: the numerator is3the lesser of fifty thousand dollars or excess of New York adjusted4gross income for the taxable year over ten million dollars and the5denominator is fifty thousand dollars.6(N) The tax table benefit is the difference between (i) the amount of7taxable income set forth in the tax table in paragraph one of subsection8(a) of this section not subject to the 22 percent rate of tax for the9taxable year multiplied by such rate and (ii) the dollar denominated tax10for such amount of taxable income set forth in the tax table applicable11to the taxable year in paragraph one of subsection (a) of this section12less the sum of the tax table benefits in subparagraphs (A), (B), (C),13(D), (E), (F), (G), (H), (I), (J), (K), (L) and (M) of this paragraph.14The fraction for this subparagraph is computed as follows: the numerator15is the lesser of fifty thousand dollars or excess of New York adjusted16gross income for the taxable year over fifteen million dollars and the17denominator is fifty thousand dollars.18(O) The tax table benefit is the difference between (i) the amount of19taxable income set forth in the tax table in paragraph one of subsection20(a) of this section not subject to the 24 percent rate of tax for the21taxable year multiplied by such rate and (ii) the dollar denominated tax22for such amount of taxable income set forth in the tax table applicable23to the taxable year in paragraph one of subsection (a) of this section24less the sum of the tax table benefits in subparagraphs (A), (B), (C),25(D), (E), (F), (G), (H), (I), (J), (K), (L), (M) and (N) of this para-26graph. The fraction for this subparagraph is computed as follows: the27numerator is the lesser of fifty thousand dollars or excess of New York28adjusted gross income for the taxable year over twenty million dollars29and the denominator is fifty thousand dollars.Provided, however, the total tax prior to the application of any 30 tax credits shall not exceed the highest rate of tax set forth in the 31 tax tables in subsection (c) of this section multiplied by the taxpay- 32 er's taxable income. 33 § 7. Subsection (d-4) of section 601 of the tax law is REPEALED. 34 § 8. This act shall take effect immediately.(P)