Bill > A05435

This bill amends New York State's personal income tax rates, specifically targeting high-income earners by increasing tax rates for individuals with taxable income above $5,000,000. The key changes include shifting the implementation year for new tax brackets from 2028 to 2026, and increasing the top marginal tax rates. For taxpayers with income over $5,000,000, the bill raises the tax rate from 10.30% to 10.80% for incomes between $5,000,000 and $25,000,000, and from 10.90% to 11.40% for incomes over $25,000,000. These changes apply to different filing statuses (single, married filing jointly, and married filing separately) and will also impact the supplemental tax calculation for high-income earners. The bill is designed to generate additional tax revenue from the state's highest-income residents by implementing more progressive tax rates, with the new rates taking effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5435