If Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver can whip the votes, here will be New York's income tax brackets for the next two years:
* $40,000 to $150,000 will pay 6.45 percent, a reduction from 6.85 percent.
* $150,000 to $300,000 will pay 6.65 percent, a reduction from 6.85 percent.
* $300,000 to $2 million will pay 6.85 percent, which will keep the taxes steady when not considering the PIT surcharge, but a reduction from 7.85 percent or 8.97 percent they paid with the PIT surcharge (also known as the millionaires' tax).
* Individuals making more than $1 million and joint filers making more than $2 million^ will pay a top rate of 8.82 percent, a hike from the pre-PIT 6.85 percent, but a slight decrease from the rates they've been paying for a few years now under the millionaires' tax, 8.97 percent.
The new tax code will bring $1.9 billion more than it would if the millionaires' tax expired without action, which should go a long way to plug the state's $3.5 billion budget gap.
TPI is awaiting comment from state legislators on this.
It also calls for a "gaming agreement," which means that legalizing non-Native casino gambling in the state will come up for a vote. It must pass twice and then be passed by public referendum to become law.
^ This edit is via Jacob Gershman at the Wall Street Journal. The governor's news release said only that "income levels" of more than $2 million will pay the top rate, but it also applies to individuals making more than $1 million.