Bill > S01439

This bill introduces an additional tax on long-term capital gains and investment income for New York state taxpayers, creating a new tax structure that applies progressive rates based on income levels and filing status. Specifically, the bill imposes a 7.5% additional tax on long-term capital gains for individuals with New York taxable income over $500,000, and a 15% additional tax for those with income over $1 million, with the rates being phased in proportionally. The tax rates vary slightly depending on filing status (married filing jointly, head of household, single, or estate/trust), with different income thresholds triggering the additional taxes. For example, single filers and estates/trusts will see the 7.5% rate kick in at $400,000 and the 15% rate at $800,000, compared to the $500,000 and $1 million thresholds for married couples filing jointly. The new tax is designed to be implemented and administered in the same manner as existing income taxes, with the state department of taxation authorized to create necessary regulations. The bill aims to generate additional revenue by imposing higher taxes on higher-income taxpayers' investment income.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1439