Bill
Bill > S02059
summary
Introduced
01/18/2023
01/18/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
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 thereto
AI Summary
This bill imposes a progressive income tax structure for high-income taxpayers in New York. It extends the top state income tax rate beyond its current expiration date and adds new higher tax brackets with rates ranging from 7.5% to 24% for taxable income over $500,000. The bill also makes changes to the tax table benefit provisions, which reduce the tax owed for certain income levels. The new tax structure applies to taxable years beginning after 2023.
Committee Categories
Budget and Finance
Sponsors (25)
Robert Jackson (D)*,
Neil Breslin (D),
Jabari Brisport (D),
Samra Brouk (D),
Cordell Cleare (D),
Leroy Comrie (D),
Jeremy Cooney (D),
Nathalia Ferna´ndez (D),
Michael Gianaris (D),
Kristen Gonzalez (D),
Andrew Gounardes (D),
Michelle Hinchey (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),
Toby Stavisky (D),
Lea Webb (D),
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S2059 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S02059&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S02059 |
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