New York § 862 - 862Imposition and rate of tax
Full text of New York New York Consolidated Laws § 862 — 862Imposition and rate of tax, with citation guidance and answers to common questions.
§ 862. 862Imposition and rate of tax
§ 862. Imposition and rate of tax. A tax is hereby imposed for each taxable year on the pass-through entity taxable income of every electing partnership and every electing S corporation. This tax shall be in addition to any other taxes imposed under this chapter and shall be determined in accordance with the following table: For each taxable year beginning on or after January first, two thousand twenty-one: If pass-through entity taxable income is: Not over $2,000,000 6.85% of taxable income. Over $2,000,000 but not over $5,000,000 $137,000 plus 9.65% of the excess over $2,000,000. Over $5,000,000 but not over $25,000,000 $426,500 plus 10.30% of excess over $5,000,000. Over $25,000,000 $2,486,500 plus 10.90% of the excess over $25,000,000.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 862
What does New York Consolidated Laws § 862 cover?
Section 862 ("862Imposition and rate of tax") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 862?
A common citation format is "New York Consolidated Laws § 862" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 862 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.