Northern New York Newspapers
NNY Business
NNY Living
Sun., Oct. 4
Serving the communities of Jefferson, St. Lawrence and Lewis counties, New York
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Your new tax brackets


If Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver can whip the votes, here will be New York's income tax brackets for the next two years:
* $40,000 to $150,000 will pay 6.45 percent, a reduction from 6.85 percent.
* $150,000 to $300,000 will pay 6.65 percent, a reduction from 6.85 percent.
* $300,000 to $2 million will pay 6.85 percent, which will keep the taxes steady when not considering the PIT surcharge, but a reduction from 7.85 percent or 8.97 percent they paid with the PIT surcharge (also known as the millionaires' tax).
* Individuals making more than $1 million and joint filers making more than $2 million^ will pay a top rate of 8.82 percent, a hike from the pre-PIT 6.85 percent, but a slight decrease from the rates they've been paying for a few years now under the millionaires' tax, 8.97 percent.
The new tax code will bring $1.9 billion more than it would if the millionaires' tax expired without action, which should go a long way to plug the state's $3.5 billion budget gap.
TPI is awaiting comment from state legislators on this.
It also calls for a "gaming agreement," which means that legalizing non-Native casino gambling in the state will come up for a vote. It must pass twice and then be passed by public referendum to become law.
^ This edit is via Jacob Gershman at the Wall Street Journal. The governor's news release said only that "income levels" of more than $2 million will pay the top rate, but it also applies to individuals making more than $1 million.

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