Bill
Bill > A03115
summary
Introduced
02/02/2023
02/02/2023
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 and repeals certain provisions related to it. The bill establishes new tax brackets and rates, with the highest rate being 24% for taxable income over $20 million. It also amends the tax table benefit provisions to increase the income thresholds at which these benefits phase out. The new tax structure will apply to taxable years beginning after 2023.
Committee Categories
Budget and Finance
Sponsors (43)
Demond Meeks (D)*,
George Alvarez (D),
Khaleel Anderson (D),
Juan Ardila (D),
Rodneyse Bichotte Hermelyn (D),
Kenny Burgos (D),
Pat Burke (D),
Robert Carroll (D),
Sarah Clark (D),
Catalina Cruz (D),
Brian Cunningham (D),
Maritza Davila (D),
Manny De Los Santos (D),
Harvey Epstein (D),
Emily Gallagher (D),
Jessica González-Rojas (D),
Pamela Hunter (D),
Chantel Jackson (D),
Anna Kelles (D),
Ron Kim (D),
Grace Lee (D),
Dana Levenberg (D),
Donna Lupardo (D),
Zohran Mamdani (D),
Marcela Mitaynes (D),
Steven Raga (D),
Phil Ramos (D),
Karines Reyes (D),
Linda Rosenthal (D),
Nader Sayegh (D),
Rebecca Seawright (D),
Maryjane Shimsky (D),
Sarahana Shrestha (D),
Gina Sillitti (D),
Jo Anne Simon (D),
Tony Simone (D),
Michaelle Solages (D),
Phara Souffrant Forrest (D),
Phil Steck (D),
Al Taylor (D),
Fred Thiele (D),
Latrice Walker (D),
Stefani Zinerman (D),
Last Action
referred to ways and means (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/A3115 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A03115&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A03115 |
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