2012 personal income tax returns based on lower tax rates

As New York taxpayers file their personal income tax returns for 2012, they'll benefit from lower tax rates.

Governor Andrew M. Cuomo introduced and signed legislation that:

  • creates the lowest tax rates for middle-class New Yorkers in nearly 60 years
  • reduced the tax rate for at least 4.4 million middle-class taxpayers, resulting in an income tax reduction of $690 million

The lower rates first take effect for 2012 income taxes.

As an example of the reduced rates, see the married filing jointly rates below:

Income Level Previous Tax RateNew 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%

Full list of 2012 income tax rates.

Updated: December 17, 2012