N.Y. Tax Law § 699: Transition provisions

§ 699. Transition provisions. For purposes of implementation of

changes in tax rate and in amounts of taxable income subject to each

rate applicable to any taxable year (whether or not such taxable year is

a taxable year of twelve months) beginning in nineteen hundred

ninety-five and nineteen hundred ninety-six, under subsections (a), (b)

or (c) of section six hundred one, the tax is imposed and determined for

each such taxable year in accordance with the following provisions:

(1) Taxable years beginning in nineteen hundred ninety-six. Paragraph

two of subsections (a), (b) and (c) of section six hundred one, relating

to imposition of the income tax for taxable years beginning in nineteen

hundred ninety-six, establishes a new tax rate schedule effective on the

first day of the taxpayer's taxable year, except that the highest rate

of tax of seven percent shall not take effect until the first day of the

fourth month of the taxpayer's taxable year beginning in nineteen

hundred ninety-six. For purposes of implementation of the tax for

taxable years beginning in nineteen hundred ninety-six, the highest rate

of tax in each tax rate schedule shall be administered for the entire

taxable year at the rate of 7.125 percent on New York taxable income in

excess of (A) twenty-six thousand dollars in the case of married

individuals filing joint returns and surviving spouses, (B) seventeen

thousand dollars in the case of heads of households and (C) thirteen

thousand dollars in the case of unmarried individuals, married

individuals filing separate returns and estates and trusts.

(2) Taxable years beginning in nineteen hundred ninety-five. Paragraph

three of subsections (a), (b) and (c) of section six hundred one,

relating to imposition of the income tax for taxable years beginning in

nineteen hundred ninety-five, establishes a new tax rate schedule

effective on the first day of the taxpayer's taxable year, except that

the highest rate of tax of seven and one-half percent shall not take

effect until the first day of the fourth month of the taxpayer's taxable

year beginning in nineteen hundred ninety-five. For purposes of

implementation of the tax, the highest rate of tax in each tax rate

schedule shall be administered for the entire taxable year at the rate

of 7.59375 percent on New York taxable income (A) in excess of

twenty-five thousand dollars in the case of married individuals filing

joint returns and surviving spouses, (B) in excess of nineteen thousand

dollars in the case of heads of households and (C) in excess of twelve

thousand five hundred dollars in the case of unmarried individuals,

married individuals filing separate returns and estates and trusts.