The new revenue bill introduced late last night has four major changes from the original deal struck by Assembly Speaker Sheldon Silver and Senate Democratic Conference Leader John Sampson, including a carve out of the so-called “Bloomberg penalty” for extremely rich residents (like the billionaire mayor) in NYC.

Bloomberg yesterday ripped the legislative plan to reduce the charitable contribution deduction for people who earn more than $10 million from 50 percent to 25 percent.

He again warned against over-taxing the very rich, saying the city’s income tax revenue would be “cut in half” if wealthy people get fed up with New York’s taxing ways and move outside the state.

Around City Hall in Manhattan, wags had reportedly taken to referring to the charitable deduction reduction as the “Bloomberg penalty,” since the mayor, who gave away from $254 million last year alone, would be among those impacted.

The Legislature has since decided to let NYC have the option to opt out, noting that since the city has its own PIT, downstate residents would essentially be hit twice.

The deduction will still apply to the state portion of the PIT paid by city residents.

Other changes in the revenue bill:

- Removal of the language that would recognize same-sex marriage legally performed outside New York in New York tax law.

- Removal of the $2 million threshold for STAR eligibility.

- A technical correction in the film tax credit that prevents double-dipping.

Neither the Assembly nor the Senate is going to vote on the revenue bill today. Instead, the Legislature will likely not take up the bill until Thursday (it becomes live at 12:01 a.m., but it does not at the moment appear either house will be in session at that time).

The Legislature could have submitted chapter amendments and passed them after first passing the revenue bill submitted late Saturday night.

But that would have put lawmakers in the awkward position of first voting in favor of recognizing same-sex marriages, and then voting to repeal that recognition in a subsequent chapter amendment.

In addition, the governor can’t veto anything other than what legislators put back in to the budget bills. He can’t do anything about reductions.

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