Bill > S01622

This bill implements a progressive income tax structure for high-income taxpayers in New York State, introducing significant changes to the state's tax brackets. The bill modifies the existing tax law by creating a more nuanced tax rate system for different income levels, specifically targeting taxpayers with higher incomes. Starting after the 2025 tax year, the bill introduces new tax brackets with increasingly higher marginal tax rates for income over specific thresholds, ranging from 7.5% for incomes over $500,000 to a top marginal rate of 24% for incomes over $20 million. These changes replace the previous tax structure, which had lower maximum tax rates and different income thresholds. The bill applies to multiple filing categories (single, married filing jointly, and married filing separately) and is designed to generate additional tax revenue from high-income earners by implementing a more progressive tax rate system. The tax rates are calculated using a complex formula that considers the taxpayer's total New York taxable income and applies different rates to various income ranges, with the tax amount increasing as income levels rise. The bill also repeals certain existing provisions related to tax calculations and takes effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1622