S 8720: Makes certain higher personal income tax rates permanent.

  
  STATE OF NEW YORK ________________________________________________________________________ 8720  IN SENATE January 7, 2026 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to making certain higher personal income tax rates permanent; and to repeal certain provisions of such law relating thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clause (viii) of subparagraph (B) of paragraph 1 of subdi- 2 vision (a) of section 601 of the tax law, as added by section 2 of part 3 B of chapter 59 of the laws of 2025, is amended to read as follows: 4 (viii) For taxable years beginning after two thousand twenty-six [and 5 before two thousand thirty-three] the following rates shall apply: 6 If the New York taxable income is: The tax is: 7 Not over $17,150 3.80% of the New York taxable 8 income 9 Over $17,150 but not over $23,600 $652 plus 4.30% of excess over 10 $17,150 11 Over $23,600 but not over $27,900 $929 plus 5.05% of excess over 12 $23,600 13 Over $27,900 but not over $161,550 $1,146 plus 5.30% of excess over 14 $27,900 15 Over $161,550 but not over $323,200 $8,229 plus 5.80% of excess 16 over $161,550 17 Over $323,200 but not over $17,605 plus 6.85% of excess 18 $2,155,350 over $323,200 19 Over $2,155,350 but not over $143,107 plus 9.65% of excess 20 $5,000,000 over $2,155,350 21 Over $5,000,000 but not over $417,616 plus 10.30% of excess 22 $25,000,000 over $5,000,000 23 Over $25,000,000 $2,477,616 plus 10.90% of excess 24 over $25,000,000 25 § 2. Clause (ix) of subparagraph (B) of paragraph 1 of subdivision (a) 26 of section 601 of the tax law is REPEALED. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14192-01-5 
 S. 8720 2 1 § 3. Clause (viii) of subparagraph (B) of paragraph 1 of subdivision 2 (b) of section 601 of the tax law, as added by section 4 of part B of 3 chapter 59 of the laws of 2025, is amended to read as follows: 4 (viii) For taxable years beginning after two thousand twenty-six [and 5 before two thousand thirty-three] the following rates shall apply: 6 If the New York taxable income is: The tax is: 7 Not over $12,800 3.80% of the New York taxable 8 income 9 Over $12,800 but not over $486 plus 4.30% of excess over 10 $17,650 $12,800 11 Over $17,650 but not over $695 plus 5.05% of excess over 12 $20,900 $17,650 13 Over $20,900 but not over $859 plus 5.30% of excess over 14 $107,650 $20,900 15 Over $107,650 but not over $5,457 plus 5.80% of excess 16 $269,300 over $107,650 17 Over $269,300 but not over $14,833 plus 6.85% of excess 18 $1,616,450 over $269,300 19 Over $1,616,450 but not over $107,113 plus 9.65% of excess 20 $5,000,000 over $1,616,450 21 Over $5,000,000 but not over $433,626 plus 10.30% of excess 22 $25,000,000 over $5,000,000 23 Over $25,000,000 $2,493,626 plus 10.90% of excess 24 over $25,000,000 25 § 4. Clause (ix) of subparagraph (B) of paragraph 1 of subdivision (b) 26 of section 601 of the tax law is REPEALED. 27 § 5. Clause (viii) of subparagraph (B) of paragraph 1 of subdivision 28 (c) of section 601 of the tax law, as added by section 6 of part B of 29 chapter 59 of the laws of 2025, is amended to read as follows: 30 (viii) For taxable years beginning after two thousand twenty-six [and 31 before two thousand thirty-three] the following rates shall apply: 32 If the New York taxable income is: The tax is: 33 Not over $8,500 3.80% of the New York taxable income 34 Over $8,500 but not over $11,700 $323 plus 4.30% of excess over 35 $8,500 36 Over $11,700 but not over $13,900 $461 plus 5.05% of excess over 37 $11,700 38 Over $13,900 but not over $80,650 $572 plus 5.30% of excess over 39 $13,900 40 Over $80,650 but not over $215,400 $4,110 plus 5.80% of excess 41 over $80,650 42 Over $215,400 but not over $11,926 plus 6.85% of excess 43 $1,077,550 over $215,400 44 Over $1,077,550 but not over $70,983 plus 9.65% of excess 45 $5,000,000 over $1,077,550 46 Over $5,000,000 but not over $449,499 plus 10.30% of excess 47 $25,000,000 over $5,000,000 48 Over $25,000,000 $2,509,499 plus 10.90% of excess 49 over $25,000,000 50 § 6. Clause (ix) of subparagraph (B) of paragraph 1 of subdivision (c) 51 of section 601 of the tax law is REPEALED. 52 § 7. This act shall take effect immediately.