Some New Yorkers should be prepared to pay more income taxes

The new year brings a fresh start for many people, but it also brings new taxes to New York. New York State income tax rates are on the rise for 2022 and you may be affected by these further rate increases.

New York Governor Kathy Hochul just released her proposed 2022-23 Executive Budget that details New York’s spending priorities for the next year. The executive branch of government in New York has a long list of items it is looking to fund this year. You can find a good summary of these priorities here.

New York State’s operating budget is expected to increase approximately 3.1% from last year. This represents an increase of approximately $3 billion over the last budget. Much of this increase is covered by assistance from the federal government through funds received from the various COVID-19 assistance programs, but unfortunately this assistance does not cover everything.

Current state tax rates range from 4% to approximately 8.8%. Starting with the 2021 state budget, the the tariff bands have changed and increased to range from 4% to approximately 10.9%.

Rates are mostly fixed for low-income New Yorkers and will decrease for middle-income residents. However, personal income tax rates for high-income New Yorkers are rising dramatically, with the highest earners paying almost 2% more.

New York State Tax Rate Schedule for the 2021 tax year

The New York State 2021 Tax Year Rate Schedule

You can find full details on the state budget and any proposed tax rate changes in the New York State Fiscal Year 2023 Executive Budget Fiscal Plan. here.

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