In December, Governor Andrew M. Cuomo signed into law new lower personal income tax rates for New York State.
The legislation:
- created the lowest tax rates for middle-class New Yorkers in 58 years
- reduced the tax rate for at least 4.4 million middle-class taxpayers, resulting in an income tax reduction of $690 million
| Income Level * | Previous Tax Rate | New Tax Rate |
| $40,001 to $150,000 |
6.85% |
6.45% |
| $150,001 to $300,000 |
6.85% |
6.65% |
| $300,001 to $2 million |
7.85% - 8.97% |
6.85% |
| Over $2 million |
8.97% |
8.82% |
* Married filing jointly