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Bill > A04604

NY A04604

NY A04604
Imposes a progressive income tax structure for high income taxpayers.

summary

Introduced
02/04/2021
In Committee
01/05/2022
Crossed Over
Passed
Dead
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 establishes new tax brackets with rates ranging from 7.5% to 15% for taxable income over $450,000, with the highest rate applying to income over $110 million. The bill also makes changes to the existing tax table benefit provisions, which reduce tax liability for certain income levels. Overall, this bill aims to create a more graduated income tax system for individuals with the highest levels of taxable income in New York.

Committee Categories

Budget and Finance

Sponsors (39)

Demond Meeks (D)*,  Khaleel Anderson (D),  Brian Barnwell (D),  Charles Barron (D),  Rodneyse Bichotte Hermelyn (D),  Kenny Burgos (D),  Pat Burke (D),  Robert Carroll (D),  Sarah Clark (D),  Catalina Cruz (D),  Maritza Davila (D),  Carmen De La Rosa (D),  Harvey Epstein (D),  Nathalia Ferna´ndez (D),  Mathylde Frontus (D),  Emily Gallagher (D),  Jessica González-Rojas (D),  Richard Gottfried (D),  Pamela Hunter (D),  Chantel Jackson (D),  Anna Kelles (D),  Ron Kim (D),  Donna Lupardo (D),  Zohran Mamdani (D),  John McDonald (D),  Marcela Mitaynes (D),  Yuh-Line Niou (D),  Victor Pichardo (D),  Karines Reyes (D),  Diana Richardson (D),  Robert Rodriguez (D),  Linda Rosenthal (D),  Rebecca Seawright (D),  Jo Anne Simon (D),  Michaelle Solages (D),  Phara Souffrant Forrest (D),  Fred Thiele (D),  Latrice Walker (D),  Stefani Zinerman (D), 

Last Action

referred to ways and means (on 01/05/2022)
(1 Companion Bills)

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