Bill > A01281

This bill establishes a more progressive income tax structure for high-income taxpayers in New York State by implementing a series of new tax brackets with increasingly higher rates for different income levels. Specifically, the bill modifies the existing tax law to create additional tax brackets for individuals with incomes ranging from $500,000 to over $20 million, with tax rates progressively increasing from 7.5% to 24% as income levels rise. The changes will take effect for taxable years beginning after 2025, replacing the previous tax structure that had fewer and less steep tax rate increases for high-income earners. The bill removes some existing tax rate provisions and adjusts the calculation of tax table benefits to reflect the new progressive tax rates. The changes aim to create a more graduated tax system where higher-income taxpayers pay a larger percentage of their income in taxes, potentially increasing state revenue and addressing income inequality. The bill applies to different filing statuses (single, married filing jointly, and married filing separately) and will impact taxpayers with significant annual incomes.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1281