S 1559: Enacts the "Affordable NY act"; increases the STAR exemptions; adjusts personal income tax rates.

  
  STATE OF NEW YORK ________________________________________________________________________ 1559 2025-2026 Regular Sessions  IN SENATE January 10, 2025 ___________ Introduced by Sens. PALUMBO, BORRELLO, CANZONERI-FITZPATRICK, HELMING, OBERACKER, RHOADS -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property tax law, in relation to increasing the base figure for the STAR exemption (Part A); and to amend the tax law, in relation to adjusting certain rates for the imposition of personal income tax (Part B) The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. This act enacts into law components of legislation relating 2 to the "Affordable NY act". Each component is wholly contained within a 3 Part identified as Parts A through B. The effective date for each 4 particular provision contained within such Part is set forth in the last 5 section of such Part. Any provision in any section contained within a 6 Part, including the effective date of the Part, which makes a reference 7 to a section "of this act", when used in connection with that particular 8 component, shall be deemed to mean and refer to the corresponding 9 section of the Part in which it is found. Section three of this act sets 10 forth the general effective date of this act. 11 PART A 12 Section 1. Subparagraph (vi) of paragraph (b) of subdivision 2 of 13 section 425 of the real property tax law, as added by section 1 of part 14 D-1 of chapter 57 of the laws of 2007, clause (A) as further amended by 15 subdivision (b) of section 1 of part W of chapter 56 of the laws of 16 2010, is amended to read as follows: 17 (vi) For the two thousand nine--two thousand ten school year [and 18 thereafter] through the two thousand twenty-five--two thousand twenty- 19 six school year: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04378-01-5 
 S. 1559 2 1 (A) The base figure for the enhanced STAR exemption shall equal the 2 prior year's base figure multiplied by the percentage increase in the 3 consumer price index for urban wage earners and clerical workers (CPI-W) 4 published by the United States department of labor, bureau of labor 5 statistics, for the third quarter of the calendar year preceding the 6 applicable school year, as compared to the third quarter of the prior 7 calendar year. If a base figure as so determined is not exactly equal to 8 a multiple of one hundred dollars, it shall be rounded to the nearest 9 multiple of one hundred dollars. It shall be the responsibility of the 10 commissioner to annually determine such base figures. 11 (B) The base figure for the basic STAR exemption shall be thirty thou- 12 sand dollars. 13 § 2. Paragraph (b) of subdivision 2 of section 425 of the real proper- 14 ty tax law is amended by adding a new subparagraph (vii) to read as 15 follows: 16 (vii) For the two thousand twenty-five--two thousand twenty-six school 17 year and thereafter: 18 (A) The base figure for the enhanced STAR exemption shall equal the 19 prior year's base figure multiplied by the percentage increase in the 20 consumer price index for urban wage earners and clerical workers (CPI-W) 21 published by the United States department of labor, bureau of labor 22 statistics, for the third quarter of the calendar year preceding the 23 applicable school year, as compared to the third quarter of the prior 24 calendar year, multiplied by two. If a base figure as so determined is 25 not exactly equal to a multiple of one hundred dollars, it shall be 26 rounded to the nearest multiple of one hundred dollars. It shall be the 27 responsibility of the commissioner to annually determine such base 28 figures. 29 (B) The base figure for the basic STAR exemption shall be sixty thou- 30 sand dollars. 31 § 3. Subparagraph (i) of paragraph (a) of subdivision 2 of section 32 1306-a of the real property tax law, as amended by section 1 of part LL 33 of chapter 59 of the laws of 2019, is amended to read as follows: 34 (i) The tax savings for each parcel receiving the exemption authorized 35 by section four hundred twenty-five of this chapter shall be computed by 36 subtracting the amount actually levied against the parcel from the 37 amount that would have been levied if not for the exemption[, provided 38 however, that for the two thousand eleven-two thousand twelve through 39 two thousand eighteen-two thousand nineteen school years, the tax 40 savings applicable to any "portion" (which as used herein shall mean 41 that part of an assessing unit located within a school district) shall 42 not exceed the tax savings applicable to that portion in the prior 43 school year multiplied by one hundred two percent, with the result 44 rounded to the nearest dollar; and provided further that beginning with 45 the two thousand nineteen-two thousand twenty school year: (A) for 46 purposes of the exemption authorized by section four hundred twenty-five 47 of this chapter, the tax savings applicable to any portion shall not 48 exceed the tax savings for the prior year, and (B) for purposes of the 49 credit authorized by subsection (eee) of section six hundred six of the 50 tax law, the tax savings applicable to any portion shall not exceed the 51 tax savings applicable to that portion in the prior school year multi- 52 plied by one hundred two percent, with the result rounded to the nearest 53 dollar]. The tax savings attributable to the basic and enhanced 54 exemptions shall be calculated separately. It shall be the responsibil- 55 ity of the commissioner to calculate tax savings limitations for 56 purposes of this subdivision. 
 S. 1559 3 1 § 4. This act shall take effect immediately. 2 PART B 3 Section 1. Paragraph 1 of subsection (a) of section 601 of the tax 4 law, as amended by section 1 of part FF of chapter 59 of the laws of 5 2013, subparagraph (B) as added by section 1 of part R of chapter 59 of 6 the laws of 2017, clause (iii) of subparagraph (B) as amended by section 7 1 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 8 subparagraph (B) as amended by section 1 of part A of chapter 59 of the 9 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 10 by section 1 of subpart A of part A of chapter 59 of the laws of 2022, 11 is amended to read as follows: 12 (1) (A) For taxable years beginning after two thousand eleven and 13 before two thousand [eighteen] sixteen: 14 If the New York taxable income is: The tax is: 15 Not over $16,000 4% of taxable income 16 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over 17 $16,000 18 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over 19 $22,000 20 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over 21 $26,000 22 Over $40,000 but not over $150,000 $1,946 plus 6.45% of excess over 23 $40,000 24 Over $150,000 but not over $300,000 $9,041 plus 6.65% of excess over 25 $150,000 26 Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over 27 $300,000 28 Over $2,000,000 $135,466 plus 8.82% of excess over 29 $2,000,000 30 (B)(i) For taxable years beginning in two thousand eighteen the 31 following rates shall apply: 32 If the New York taxable income is: The tax is: 33 Not over $17,150 4% of the New York taxable 34 income 35 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 36 $17,150 37 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 38 $23,600 39 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 40 $27,900 41 Over $43,000 but not over $161,550 $2,093 plus 6.33% of excess over 42 $43,000 43 Over $161,550 but not over $323,200 $9,597 plus 6.57% of excess over 44 $161,550 45 Over $323,200 but not over $2,155,350 $20,218 plus 6.85% of excess over 46 $323,200 47 Over $2,155,350 $145,720 plus 8.82% of excess over 48 $2,155,350 49 (ii) For taxable years beginning in two thousand nineteen the follow- 50 ing rates shall apply: 51 If the New York taxable income is: The tax is: 52 Not over $17,150 4% of the New York taxable 
 S. 1559 4 1 income 2 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 3 $17,150 4 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 5 $23,600 6 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 7 $27,900 8 Over $43,000 but not over $161,550 $2,093 plus 6.21% of excess over 9 $43,000 10 Over $161,550 but not over $323,200 $9,455 plus 6.49% of excess over 11 $161,550 12 Over $323,200 but not over $2,155,350 $19,946 plus 6.85% of excess over 13 $323,200 14 Over $2,155,350 $145,448 plus 8.82% of excess over 15 $2,155,350 16 (iii) For taxable years beginning in two thousand twenty the following 17 rates shall apply: 18 If the New York taxable income is: The tax is: 19 Not over $17,150 4% of the New York taxable income 20 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 21 $17,150 22 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 23 $23,600 24 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 25 $27,900 26 Over $43,000 but not over $161,550 $2,093 plus 6.09% of excess over 27 $43,000 28 Over $161,550 but not over $323,200 $9,313 plus 6.41% of excess over 29 $161,550 30 Over $323,200 but not over $19,674 plus 6.85% of excess 31 $2,155,350 over $323,200 [over] 32 Over $2,155,350 $145,177 plus 8.82% of excess over 33 $2,155,350 34 [(iv) For taxable years beginning in two thousand twenty-one the 35 following rates shall apply: 36 If the New York taxable income is: The tax is: 37 Not over $17,150 4% of the New York taxable income 38 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 39 $17,150 40 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 41 $23,600 42 Over $27,900 but not over $43,000 $1,202 plus 5.9% of excess over 43 $27,900 44 Over $43,000 but not over $161,550 $2,093 plus 5.97% of excess over 45 $43,000 46 Over $161,550 but not over $323,200 $9,170 plus 6.33% of excess over 47 $161,550 48 Over $323,200 but not over $19,403 plus 6.85% of excess 49 $2,155,350 over $323,200 50 Over $2,155,350 but not over $144,905 plus 9.65% of excess over 51 $5,000,000 $2,155,350 52 Over $5,000,000 but not over $419,414 plus 10.30% of excess over 53 $25,000,000 $5,000,000 54 Over $25,000,000 $2,479,414 plus 10.90% of excess over 55 $25,000,000 
 S. 1559 5 1 (v) For taxable years beginning in two thousand twenty-two the follow- 2 ing rates shall apply: 3 If the New York taxable income is: The tax is: 4 Not over $17,150 4% of the New York taxable income 5 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 6 $17,150 7 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 8 $23,600 9 Over $27,900 but not over $161,550 $1,202 plus 5.85% of excess over 10 $27,900 11 Over $161,550 but not over $323,200 $9,021 plus 6.25% of excess over 12 $161,550 13 Over $323,200 but not over $19,124 plus 14 $2,155,350 6.85% of excess over $323,200 15 Over $2,155,350 but not over $144,626 plus 9.65% of excess over 16 $5,000,000 $2,155,350 17 Over $5,000,000 but not over $419,135 plus 10.30% of excess over 18 $25,000,000 $5,000,000 19 Over $25,000,000 $2,479,135 plus 10.90% of excess over 20 $25,000,000 21 (vi) For taxable years beginning in two thousand twenty-three and 22 before two thousand twenty-eight the following rates shall apply: 23 If the New York taxable income is: The tax is: 24 Not over $17,150 4% of the New York taxable income 25 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 26 $17,150 27 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 28 $23,600 29 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 30 $27,900 31 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess over 32 $161,550 33 Over $323,200 but not over $18,252 plus 6.85% of excess over 34 $2,155,350 $323,200 35 Over $2,155,350 but not over $143,754 plus 9.65% of excess over 36 $5,000,000 $2,155,350 37 Over $5,000,000 but not over $418,263 plus 10.30% of excess over 38 $25,000,000 $5,000,000 39 Over $25,000,000 $2,478,263 plus 10.90% of excess over 40 $25,000,000 41 (vii) For taxable years beginning after two thousand twenty-seven the 42 following rates shall apply: 43 If the New York taxable income is: The tax is: 44 Not over $17,150 4% of the New York taxable income 45 Over $17,150 but not over $23,600 $686 plus 4.5% of excess over 46 $17,150 47 Over $23,600 but not over $27,900 $976 plus 5.25% of excess over 48 $23,600 49 Over $27,900 but not over $161,550 $1,202 plus 5.5% of excess over 50 $27,900 51 Over $161,550 but not over $323,200 $8,553 plus 6.00% of excess 52 over $161,550 53 Over $323,200 but not over $18,252 plus 6.85% of excess 54 $2,155,350 over $323,200 55 Over $2,155,350 $143,754 plus 8.82% of excess 
 S. 1559 6 1 over $2,155,350] 2 § 2. Paragraph 1 of subsection (b) of section 601 of the tax law, as 3 amended by section 2 of part FF of chapter 59 of the laws of 2013, 4 subparagraph (B) as added by section 2 of part R of chapter 59 of the 5 laws of 2017, clause (iii) of subparagraph (B) as amended by section 2 6 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 7 subparagraph (B) as amended by section 2 of part A of chapter 59 of the 8 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 9 by section 2 of subpart A of part A of chapter 59 of the laws of 2022, 10 is amended to read as follows: 11 (1) (A) For taxable years beginning after two thousand eleven and 12 before two thousand [eighteen] sixteen: 13 If the New York taxable income is: The tax is: 14 Not over $12,000 4% of taxable income 15 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over 16 $12,000 17 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over 18 $16,500 19 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over 20 $19,500 21 Over $30,000 but not over $100,000 $1,460 plus 6.45% of excess over 22 $30,000 23 Over $100,000 but not over $250,000 $5,975 plus 6.65% of excess over 24 $100,000 25 Over $250,000 but not over $1,500,000 $15,950 plus 6.85% of excess over 26 $250,000 27 Over $1,500,000 $101,575 plus 8.82% of excess over 28 $1,500,000 29 (B)(i) For taxable years beginning in two thousand eighteen the 30 following rates shall apply: 31 If the New York taxable income is: The tax is: 32 Not over $12,800 4% of the New York taxable income 33 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 34 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 35 $17,650 36 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 37 Over $32,200 but not over $107,650 $1,568 plus 6.33% of excess over 38 $32,200 39 Over $107,650 but not over $269,300 $6,344 plus 6.57% of excess over 40 $107,650 41 Over $269,300 but not over $1,616,450 $16,964 plus 6.85% of excess over 42 $269,300 43 Over $1,616,450 $109,244 plus 8.82% of excess over 44 $1,616,450 45 (ii) For taxable years beginning in two thousand nineteen the follow- 46 ing rates shall apply: 47 If the New York taxable income is: The tax is: 48 Not over $12,800 4% of the New York taxable income 49 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 50 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 
 S. 1559 7 1 $17,650 2 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 3 Over $32,200 but not over $107,650 $1,568 plus 6.21% of excess over 4 $32,200 5 Over $107,650 but not over $269,300 $6,253 plus 6.49% of excess over 6 $107,650 7 Over $269,300 but not over $1,616,450 $16,744 plus 6.85% of excess over 8 $269,300 9 Over $1,616,450 $109,024 plus 8.82% of excess over 10 $1,616,450 11 (iii) For taxable years beginning in two thousand twenty the following 12 rates shall apply: 13 If the New York taxable income is: The tax is: 14 Not over $12,800 4% of the New York taxable income 15 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over $12,800 16 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 17 $17,650 18 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over $20,900 19 Over $32,200 but not over $107,650 $1,568 plus 6.09% of excess over 20 $32,200 21 Over $107,650 but not over $269,300 $6,162 plus 6.41% of excess over 22 $107,650 23 Over $269,300 but not over $16,524 plus 6.85% of 24 $1,616,450 excess over $269,300 25 Over $1,616,450 $108,804 plus 8.82% of excess over 26 $1,616,450 27 [(iv) For taxable years beginning in two thousand twenty-one the 28 following rates shall apply: 29 If the New York taxable income is: The tax is: 30 Not over $12,800 4% of the New York taxable income 31 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 32 $12,800 33 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 34 $17,650 35 Over $20,900 but not over $32,200 $901 plus 5.9% of excess over 36 $20,900 37 Over $32,200 but not over $107,650 $1,568 plus 5.97% of excess over 38 $32,200 39 Over $107,650 but not over $269,300 $6,072 plus 6.33% of excess over 40 $107,650 41 Over $269,300 but not over $16,304 plus 6.85% of excess over 42 $1,616,450 $269,300 43 Over $1,616,450 but not over $108,584 plus 9.65% of excess over 44 $5,000,000 $1,616,450 45 Over $5,000,000 but not over $435,097 plus 10.30% of excess over 46 $25,000,000 $5,000,000 47 Over $25,000,000 $2,495,097 plus 10.90% of excess over 48 $25,000,000 49 (v) For taxable years beginning in two thousand twenty-two the follow- 50 ing rates shall apply: 51 If the New York taxable income is: The tax is: 52 Not over $12,800 4% of the New York taxable income 53 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 54 $12,800 55 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 
 S. 1559 8 1 $17,650 2 Over $20,900 but not over $107,650 $901 plus 5.85% of excess over 3 $20,900 4 Over $107,650 but not over $269,300 $5,976 plus 6.25% of excess over 5 $107,650 6 Over $269,300 but not over $16,079 plus 6.85% of excess 7 $1,616,450 over $269,300 8 Over $1,616,450 but not over $108,359 plus 9.65% of excess over 9 $5,000,000 $1,616,450 10 Over $5,000,000 but not over $434,871 plus 10.30% of excess over 11 $25,000,000 $5,000,000 12 Over $25,000,000 $2,494,871 plus 10.90% of excess over 13 $25,000,000 14 (vi) For taxable years beginning in two thousand twenty-three and 15 before two thousand twenty-eight the following rates shall apply: 16 If the New York taxable income is: The tax is: 17 Not over $12,800 4% of the New York taxable income 18 Over $12,800 but not over $17,650 $512 plus 4.5% of excess over 19 $12,800 20 Over $17,650 but not over $20,900 $730 plus 5.25% of excess over 21 $17,650 22 Over $20,900 but not over $107,650 $901 plus 5.5% of excess over 23 $20,900 24 Over $107,650 but not over $269,300 $5,672 plus 6.00% of excess over 25 $107,650 26 Over $269,300 but not over $15,371 plus 6.85% of excess over 27 $1,616,450 $269,300 28 Over $1,616,450 but not over $107,651 plus 9.65% of excess over 29 $5,000,000 $1,616,450 30 Over $5,000,000 but not over $434,163 plus 10.30% of excess over 31 $25,000,000 $5,000,000 32 Over $25,000,000 $2,494,163 plus 10.90% of excess over 33 $25,000,000 34 (vii) For taxable years beginning after two thousand twenty-seven the 35 following rates shall apply: 36 If the New York taxable income is: The tax is: 37 Not over $12,800 4% of the New York taxable income 38 Over $12,800 but not over $512 plus 4.5% of excess over 39 $17,650 $12,800 40 Over $17,650 but not over $730 plus 5.25% of excess over 41 $20,900 $17,650 42 Over $20,900 but not over $901 plus 5.5% of excess over 43 $107,650 $20,900 44 Over $107,650 but not over $5,672 plus 6.00% of excess 45 $269,300 over $107,650 46 Over $269,300 but not over $15,371 plus 6.85% of excess 47 $1,616,450 over $269,300 48 Over $1,616,450 $107,651 plus 8.82% of excess 49 over $1,616,450] 50 (C) For taxable years beginning in two thousand twenty-five, the 51 following brackets and dollar amounts shall apply: 
 S. 1559 9 1 If the New York taxable income is: The tax is: 2 Not over $12,000 2% of taxable income 3 Over $12,000 but not over $16,500 $240 plus 2.5% of excess over 4 $12,000 5 Over $16,500 but not over $19,500 $353 plus 3.25% of excess over 6 $16,500 7 Over $19,500 but not over $30,000 $451 plus 3.90% of excess over 8 $19,500 9 Over $30,000 but not over $100,000 $861 plus 4.45% of excess over 10 $30,000 11 Over $100,000 but not over $250,000 $3,976 plus 4.65% of excess over 12 $100,000 13 Over $250,000 but not over $10,951 plus 6.85% of excess over 14 $1,500,000 $250,000 15 Over $1,500,000 $96,576 plus 8.82% of excess over 16 $1,500,000 17 § 3. Paragraph 1 of subsection (c) of section 601 of the tax law, as 18 amended by section 3 of part FF of chapter 59 of the laws of 2013, 19 subparagraph (B) as added by section 3 of part R of chapter 59 of the 20 laws of 2017, clause (iii) of subparagraph (B) as amended by section 3 21 of part P of chapter 59 of the laws of 2019, clauses (iv) and (v) of 22 subparagraph (B) as amended by section 3 of part A of chapter 59 of the 23 laws of 2021, and clauses (vi) and (vii) of subparagraph (B) as amended 24 by section 3 of subpart A of part A of chapter 59 of the laws of 2022, 25 is amended to read as follows: 26 (1) (A) For taxable years beginning after two thousand eleven and 27 before two thousand [eighteen] sixteen: 28 If the New York taxable income is: The tax is: 29 Not over $8,000 4% of taxable income 30 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over 31 $8,000 32 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over 33 $11,000 34 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over 35 $13,000 36 Over $20,000 but not over $75,000 $973 plus 6.45% of excess over 37 $20,000 38 Over $75,000 but not over $200,000 $4,521 plus 6.65% of excess over 39 $75,000 40 Over $200,000 but not over $1,000,000 $12,833 plus 6.85% of excess over 41 $200,000 42 Over $1,000,000 $67,633 plus 8.82% of excess over 43 $1,000,000 44 (B)(i) For taxable years beginning in two thousand eighteen the 45 following rates shall apply: 46 If the New York taxable income is: The tax is: 47 Not over $8,500 4% of the New York taxable income 48 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 49 $8,500 50 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 51 $11,700 52 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 
 S. 1559 10 1 $13,900 2 Over $21,400 but not over $80,650 $1,042 plus 6.33% of excess over 3 $21,400 4 Over $80,650 but not over $215,400 $4,793 plus 6.57% of excess over 5 $80,650 6 Over $215,400 but not over $1,077,550 $13,646 plus 6.85% of excess over 7 $215,400 8 Over $1,077,550 $72,703 plus 8.82% of excess over 9 $1,077,550 10 (ii) For taxable years beginning in two thousand nineteen the follow- 11 ing rates shall apply: 12 If the New York taxable income is: The tax is: 13 Not over $8,500 4% of the New York taxable income 14 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 15 $8,500 16 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 17 $11,700 18 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 19 $13,900 20 Over $21,400 but not over $80,650 $1,042 plus 6.21% of excess over 21 $21,400 22 Over $80,650 but not over $215,400 $4,721 plus 6.49% of excess over 23 $80,650 24 Over $215,400 but not over $1,077,550 $13,467 plus 6.85% of excess over 25 $215,400 26 Over $1,077,550 $72,524 plus 8.82% of excess over 27 $1,077,550 28 (iii) For taxable years beginning in two thousand twenty the following 29 rates shall apply: 30 If the New York taxable income is: The tax is: 31 Not over $8,500 4% of the New York taxable income 32 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 33 $8,500 34 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 35 $11,700 36 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 37 $13,900 38 Over $21,400 but not over $80,650 $1,042 plus 6.09% of excess over 39 $21,400 40 Over $80,650 but not over $215,400 $4,650 plus 6.41% of excess over 41 $80,650 42 Over $215,400 but not over $13,288 plus 6.85% of excess 43 $1,077,550 over $215,400 44 Over $1,077,550 $72,345 plus 8.82% of excess over 45 $1,077,550 46 [(iv) For taxable years beginning in two thousand twenty-one the 47 following rates shall apply: 48 If the New York taxable income is: The tax is: 49 Not over $8,500 4% of the New York taxable income 50 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 51 $8,500 52 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 53 $11,700 54 Over $13,900 but not over $21,400 $600 plus 5.9% of excess over 55 $13,900 56 Over $21,400 but not over $80,650 $1,042 plus 5.97% of excess over 
 S. 1559 11 1 $21,400 2 Over $80,650 but not over $215,400 $4,579 plus 6.33% of excess over 3 $80,650 4 Over $215,400 but not over $13,109 plus 6.85% of excess 5 $1,077,550 over $215,400 6 Over $1,077,550 but not over $72,166 plus 9.65% of excess over 7 $5,000,000 $1,077,550 8 Over $5,000,000 but not over $450,683 plus 10.30% of excess over 9 $25,000,000 $5,000,000 10 Over $25,000,000 $2,510,683 plus 10.90% of excess over 11 $25,000,000 12 (v) For taxable years beginning in two thousand twenty-two the follow- 13 ing rates shall apply: 14 If the New York taxable income is: The tax is: 15 Not over $8,500 4% of the New York taxable income 16 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 17 $8,500 18 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 19 $11,700 20 Over $13,900 but not over $80,650 $600 plus 5.85% of excess over 21 $13,900 22 Over $80,650 but not over $215,400 $4,504 plus 6.25% of excess over 23 $80,650 24 Over $215,400 but not over $12,926 plus 6.85% of excess 25 $1,077,550 over $215,400 26 Over $1,077,550 but not over $71,984 plus 9.65% of excess over 27 $5,000,000 $1,077,550 28 Over $5,000,000 but not over $450,500 plus 10.30% of excess over 29 $25,000,000 $5,000,000 30 Over $25,000,000 $2,510,500 plus 10.90% of excess over 31 $25,000,000 32 (vi) For taxable years beginning in two thousand twenty-three and 33 before two thousand twenty-eight the following rates shall apply: 34 If the New York taxable income is: The tax is: 35 Not over $8,500 4% of the New York taxable income 36 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 37 $8,500 38 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 39 $11,700 40 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 41 $13,900 42 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess over 43 $80,650 44 Over $215,400 but not over $12,356 plus 6.85% of excess over 45 $1,077,550 $215,400 46 Over $1,077,550 but not over $71,413 plus 9.65% of excess over 47 $5,000,000 $1,077,550 48 Over $5,000,000 but not over $449,929 plus 10.30% of excess over 49 $25,000,000 $5,000,000 50 Over $25,000,000 $2,509,929 plus 10.90% of excess over 51 $25,000,000 52 (vii) For taxable years beginning after two thousand twenty-seven the 53 following rates shall apply: 54 If the New York taxable income is: The tax is: 55 Not over $8,500 4% of the New York taxable income 56 Over $8,500 but not over $11,700 $340 plus 4.5% of excess over 
 S. 1559 12 1 $8,500 2 Over $11,700 but not over $13,900 $484 plus 5.25% of excess over 3 $11,700 4 Over $13,900 but not over $80,650 $600 plus 5.50% of excess over 5 $13,900 6 Over $80,650 but not over $215,400 $4,271 plus 6.00% of excess 7 over $80,650 8 Over $215,400 but not over $12,356 plus 6.85% of excess 9 $1,077,550 over $215,400 10 Over $1,077,550 $71,413 plus 8.82% of excess 11 over $1,077,550] 12 (C) For taxable years beginning in two thousand twenty-five, the 13 following brackets and dollar amounts shall apply: 14 If the New York taxable income is: The tax is: 15 Not over $8,000 2% of taxable income 16 Over $8,000 but not over $11,000 $160 plus 2.5% of excess over 17 $8,000 18 Over $11,000 but not over $13,000 $235 plus 3.25% of excess over 19 $11,000 20 Over $13,000 but not over $20,000 $300 plus 3.90% of excess over 21 $13,000 22 Over $20,000 but not over $75,000 $573 plus 4.45% of excess over 23 $20,000 24 Over $75,000 but not over $200,000 $3,021 plus 4.65% of excess over 25 $75,000 26 Over $200,000 to $1,000,000 $8,834 plus 6.85% of excess over 27 $200,000 28 § 4. This act shall take effect immediately. 29 § 2. Severability clause. If any clause, sentence, paragraph, subdivi- 30 sion, section or part of this act shall be adjudged by a court of compo- 31 nent jurisdiction to be invalid, such judgment shall not affect, impair 32 or invalidate the remainder thereof, but shall be confined in its opera- 33 tion to the clause, sentence, paragraph, subdivision, section or part 34 thereof directly involved in the controversy in which such judgment 35 shall have been rendered. It is hereby declared to be the intent of the 36 legislature that this act would have been enacted even if such invalid 37 provisions had not been included herein. 38 § 3. This act shall take effect immediately provided, however, that 39 the applicable effective date of Parts A through B of this act shall be 40 as specifically set forth in the last section of such Parts.