The first year of the 2021-2022 legislative session, which began on Jan. 6, 2021 ended on June 10, 2021. Here are some of the most significant developments.
What Passed
Highest Income Tax Rates in the Country Enacted (2021-22 Executive Budget, enacted April 19) … Or Will the Last Wealthy New Yorker To Leave the State Please Turn Out the Lights? For calendar years 2021 to 2027, New York state’s highest income tax rates have increased. The top rate has jumped from 8.82% (on taxable income over $2,155,350 for joint filers) to 10.9% (on taxable income over $25 million). Combined with New York City’s highest income tax rate of 3.88%, the top income tax bracket in New York is now 14.78%, the highest in the nation, eclipsing California’s previously highest rate of 13.3%.
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