Bill Text: NY A04575 | 2013-2014 | General Assembly | Amended
Bill Title: Relates to the personal income tax, cost of living adjustment and standard deduction.
Spectrum: Partisan Bill (Republican 13-0)
Status: (Introduced - Dead) 2014-04-07 - held for consideration in ways and means [A04575 Detail]
Download: New_York-2013-A04575-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4575--A
2013-2014 Regular Sessions
I N A S S E M B L Y
February 6, 2013
___________
Introduced by M. of A. KOLB, OAKS, GOODELL, RAIA, MONTESANO, RA, SALADI-
NO, CURRAN, STEC -- Multi-Sponsored by -- M. of A. DIPIETRO -- read
once and referred to the Committee on Ways and Means -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law, in relation to the personal income tax
rates; and to repeal certain provisions of the tax law, relating ther-
eto
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subparagraph (B) of paragraph 1 of subsection (a) of
2 section 601 of the tax law, as amended by section 1 of part FF of chap-
3 ter 59 of the laws of 2013, is amended to read as follows:
4 (B) For taxable years beginning after two thousand seventeen, the
5 following brackets and dollar amounts shall apply, as adjusted by the
6 cost of living adjustment prescribed in section six hundred one-a of
7 this part for tax years two thousand thirteen through two thousand
8 seventeen:
9 If the New York taxable income is: The tax is:
10 Not over $16,000 4% of taxable income
11 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over
12 $16,000
13 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over
14 $22,000
15 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over
16 $26,000
17 Over $40,000 BUT NOT OVER $1,946 plus [6.85%]
18 $150,000 6.45% of excess over $40,000
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05914-03-3
A. 4575--A 2
1 OVER $150,000 BUT NOT OVER $9,041 PLUS 6.65% OF EXCESS OVER
2 $300,000 $150,000
3 OVER $300,000 $19,016 PLUS 6.85% OF EXCESS OVER
4 $300,000
5 S 2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
6 of the tax law, as amended by section 2 of part FF of chapter 59 of the
7 laws of 2013, is amended to read as follows:
8 (B) For taxable years beginning after two thousand seventeen, the
9 following brackets and dollars amounts shall apply, as adjusted by the
10 cost of living adjustment prescribed in section six hundred one-a of
11 this part for tax years two thousand thirteen through two thousand
12 seventeen:
13 If the New York taxable income is: The tax is:
14 Not over $12,000 4% of taxable income
15 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over
16 $12,000
17 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over
18 $16,500
19 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over
20 $19,500
21 Over $30,000 BUT NOT OVER $1,460 plus [6.85%]
22 $100,000 6.45% of excess over $30,000
23 OVER $100,000 BUT NOT OVER $5,975 PLUS 6.65% OF EXCESS
24 $250,000 OVER $100,000
25 OVER $250,000 $15,950 PLUS 6.85% OF EXCESS OVER
26 $250,000
27 S 3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
28 of the tax law, as amended by section 3 of part FF of chapter 59 of the
29 laws of 2013, is amended to read as follows:
30 (B) For taxable years beginning after two thousand seventeen, the
31 following brackets and dollars amounts shall apply, as adjusted by the
32 cost of living adjustment prescribed in section six hundred one-a of
33 this part for tax years two thousand thirteen through two thousand
34 seventeen:
35 If the New York taxable income is: The tax is:
36 Not over $8,000 4% of taxable income
37 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over
38 $8,000
39 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over
40 $11,000
41 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over
42 $13,000
43 Over $20,000 BUT NOT OVER $75,000 $973 plus [6.85%]
44 6.45% of excess over $20,000
45 OVER $75,000 BUT NOT OVER $200,000 $4,521 PLUS 6.65% OF EXCESS OVER
46 $75,000
47 OVER $200,000 $12,833 PLUS 6.85% OF EXCESS OVER
48 $200,000
49 S 4. Subsection (a) of section 601-a of the tax law, as amended by
50 section 10 of part FF of chapter 59 of the laws of 2013, is amended to
51 read as follows:
A. 4575--A 3
1 (a) For tax year two thousand thirteen, the commissioner, not later
2 than September first, two thousand twelve, shall multiply the amounts
3 specified in subsection (b) of this section for tax year two thousand
4 twelve by one plus the cost of living adjustment described in subsection
5 (c) of this section. For tax year two thousand fourteen, the commission-
6 er, not later than September first, two thousand thirteen, shall multi-
7 ply the amounts specified in subsection (b) of this section for tax year
8 two thousand thirteen by one plus the cost of living adjustment. For
9 each succeeding tax year after tax year two thousand fourteen [and
10 before tax year two thousand eighteen], the commissioner, not later than
11 September first of such tax year, shall multiply the amounts specified
12 in subsection (b) of this section for such tax year by one plus the cost
13 of living adjustment described in subsection (c) of this section for
14 such tax year.
15 S 5. Subsection (f) of section 614 of the tax law is REPEALED.
16 S 6. Subsection (d-2) of section 601 of the tax law is REPEALED.
17 S 7. This act shall take effect immediately provided, however, that
18 section six of this act shall take effect January 1, 2018.
