Bill > S04437

This bill modifies New York State's personal income tax rates for high-income earners, specifically targeting individuals with taxable income above $5,000,000. The key changes include adjusting the tax rates and brackets for different income levels, with the most significant modifications occurring for those in the highest income categories. Starting from tax year 2026, the bill increases the top marginal tax rate from 10.90% to 11.40% for individuals with taxable income over $25,000,000, and raises the rate for those between $5,000,000 and $25,000,000 from 10.30% to 10.80%. Additionally, the bill changes the rate for incomes between $2,155,350 and $5,000,000 from 8.82% to 9.65%. These changes apply to different filing statuses (single, married filing jointly, and married filing separately) and are part of a broader effort to generate additional tax revenue from high-income earners. The bill will take effect immediately upon passage, with the new tax rates applying to taxable years beginning after 2025.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4437