ALBANY, N.Y. (AP) — New York's second major income tax increase in two years will charge millionaires more, but give 4.4 million middle-class residents a rare break worth $200 to $400 a year.
Under the plan backed by Gov. Andrew Cuomo, which the state Senate passed 55-0 Wednesday night and the Assembly approved 130-8 early Thursday, those tax breaks will go to most households with annual earnings of $40,000 to $300,000, or single filers making $20,000 to $150,000 a year.
To pay for it, the state will rely on households making over $2 million or single filers making $1 million to pay higher taxes. Their income tax rate will increase from 6.85 percent to 8.82 percent on Jan. 1.
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