New York S04437 amends the alternative tax table benefit recapture and increases supplemental tax rates for high-income taxpayers.

New York S04437 amends the tax law by modifying the alternative tax table benefit recapture and increasing the rate of supplemental tax for high-income taxpayers. The bill introduces new tax rates for various income brackets, effective for taxable years beginning in 2023 and 2026. For instance, it sets a 3.90% tax rate for income up to $12,800 and a 4.40% rate for income between $12,800 and $17,650. The supplemental tax rate for income exceeding $25 million is set at 11.40%. This bill aims to adjust the tax structure to better align with the income levels of high-earning taxpayers in New York.

New York S04437 amends the alternative tax table benefit recapture and increases supplemental tax rates for high-income taxpayers.

New York S04437 amends the tax law by modifying the alternative tax table benefit recapture and increasing the rate of supplemental tax for high-income taxpayers. The bill introduces new tax rates for various income brackets, effective for taxable years beginning in 2023 and 2026. For instance, it sets a 3.90% tax rate for income up to $12,800 and a 4.40% rate for income between $12,800 and $17,650. The supplemental tax rate for income exceeding $25 million is set at 11.40%. This bill aims to adjust the tax structure to better align with the income levels of high-earning taxpayers in New York.