Institutional Federal Compliance Report 2021

224 • STATE OF NEW YORK _____________________________________________________________________________________________

Personal Income Tax Rates LAST TEN CALENDAR YEARS

Top Income Tax Rate is Applied to Taxable Income in Excess of Married

Average Effective Rate (1)

Top Rate

Filing Jointly

Head of Household 30,000 500,000 500,000 500,000 1,500,000 1,543,900 1,569,550 1,594,050 1,605,650 1,616,450

Year

Single

2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.85% 8.97% 8.97% 8.97% 8.82% 8.82% 8.82% 8.82% 8.82% 8.82%

$

20,000 500,000 500,000 500,000 1,000,000 1,029,250 1,046,350 1,062,650 1,070,350 1,077,550

$

40,000 500,000 500,000 500,000 2,000,000 2,058,550 2,092,800 2,125,450 2,140,900 2,155,350

$

4.24% 3.53% 3.76% 3.99% 3.90% 4.12% 3.89% 4.09% 4.03% 3.85%

Source: New York State Department of Taxation and Finance (www.tax.ny.gov) Notes: (1) Fiscal year personal income tax collections divided by prior-year personal income. Refer to Exhibit: Demographic and Economic Statistics I for personal income and population data. Refer to Exhibit: Tax Receipts by Source for personal income tax collections.