NY S04437

Extends the current top-tier personal income tax rate structure (9.65%, 10.30%, and 10.90% for incomes above $2.15 million, $5 million, and $25 million respectively) that was set to expire in 2028, making the 2023 rates permanent

Increases tax rates for taxable years beginning after 2025 on incomes above $5 million: raises the rate from 10.30% to 10.80% for income between $5 million and $25 million

Raises the top marginal tax rate from 10.90% to 11.40% for income exceeding $25 million, effective for taxable years beginning after 2025

Applies the new rate structure to all filing statuses: married filing jointly, heads of households, and single/married filing separately

Increases the supplemental tax calculation for taxpayers with adjusted gross income over $25 million from 10.90% to 11.40% of taxable income