Bill
Bill > S02622
summary
Introduced
01/22/2021
01/22/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to imposing a progressive income tax structure
AI Summary
This bill imposes a progressive income tax structure for high-income taxpayers in New York. It amends the tax law to establish new tax brackets and rates, with the highest rate being 15% on income over $110 million. The bill creates a series of tax brackets with incremental increases in the tax rate as income rises. The changes are phased in over several years, with the full structure in place by 2024. The bill also modifies provisions related to the calculation of the "tax table benefit" for high-income taxpayers.
Committee Categories
Budget and Finance
Sponsors (21)
Robert Jackson (D)*,
Brian Benjamin (D),
Alessandra Biaggi (D),
Neil Breslin (D),
Jabari Brisport (D),
Samra Brouk (D),
Leroy Comrie (D),
Jeremy Cooney (D),
Michael Gianaris (D),
Andrew Gounardes (D),
Brad Hoylman (D),
John Liu (D),
Rachel May (D),
Zellnor Myrie (D),
Kevin Parker (D),
Jessica Ramos (D),
Gustavo Rivera (D),
Julia Salazar (D),
James Sanders (D),
Luis Sepúlveda (D),
Jose Serrano (D),
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S2622 | 01/23/2021 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S02622&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S02622 | 01/23/2021 |
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