Bill Text: NY A07267 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to calculation of the personal income tax.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Introduced - Dead) 2018-06-14 - held for consideration in ways and means [A07267 Detail]

Download: New_York-2017-A07267-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7267
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     April 17, 2017
                                       ___________
        Introduced by M. of A. KOLB, BUTLER, PALMESANO, MONTESANO, RAIA, CROUCH,
          BLANKENBUSH, OAKS, McLAUGHLIN, DiPIETRO, STEC -- Multi-Sponsored by --
          M.  of A.  HAWLEY, LOPEZ -- read once and referred to the Committee on
          Ways and Means
        AN ACT to amend the tax law, in relation to calculation of the  personal
          income tax
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph 1 of subsection (a) of section  601  of  the  tax
     2  law,  as  amended  by  section 1 of part FF of chapter 59 of the laws of
     3  2013, subparagraph (B) as added by section 1 of Part TT of chapter 60 of
     4  the laws of 2016, is amended to read as follows:
     5    (1) (A) For taxable years beginning after  two  thousand  [eleven  and
     6  before two thousand eighteen] eighteen:
     7  If the New York taxable income is:    The tax is:
     8  Not over [$16,000] $40,000            [4%] 0% of
     9                                        taxable income
    10  [Over $16,000 but not over $22,000    $640 plus 4.5% of excess over
    11                                        $16,000
    12  Over $22,000 but not over $26,000     $910 plus 5.25% of excess over
    13                                        $22,000
    14  Over $26,000 but not over $40,000     $1,120 plus 5.90% of excess over
    15                                        $26,000]
    16  Over $40,000 but not over $150,000    $1,946 plus 6.45% of excess over
    17                                        $40,000
    18  Over $150,000 but not over $300,000   $9,041 plus 6.65% of excess over
    19                                        $150,000
    20  Over $300,000 [but not over]          $19,016 plus 6.85% of excess over
    21  [$2,000,000]                          $300,000
    22  [Over $2,000,000                      $135,466 plus 8.82% of excess over

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08116-02-7
        A. 7267                             2

     1                                        $2,000,000]
     2    (B)(i)  For  tax  years  beginning  after  two thousand seventeen, the
     3  brackets and dollars amounts in subparagraph (A) of this  paragraph,  as
     4  adjusted  by  the  cost  of  living adjustment prescribed in section six
     5  hundred one-a of this part for tax years two thousand  thirteen  through
     6  two  thousand  seventeen,  shall  apply.  In  addition, the tax rates in
     7  subparagraph (A) of this paragraph  shall  apply,  except  as  noted  in
     8  clause (ii) of this subparagraph, and except that the rate applicable to
     9  New  York  taxable incomes in excess of $300,000 as adjusted by the cost
    10  of living adjustment prescribed in section six  hundred  one-a  of  this
    11  part for tax years two thousand thirteen through two thousand seventeen,
    12  shall  be  the  highest  tax  rate  specified  in the provisions of this
    13  subparagraph as enacted by chapter fifty-nine of the laws of  two  thou-
    14  sand  thirteen  prior  to its repeal by [a] chapter sixty of the laws of
    15  two thousand sixteen that  added  this  subparagraph.  For  purposes  of
    16  clause  (ii)  of  this  subparagraph, the brackets specified shall be as
    17  adjusted by the cost of living  adjustment  prescribed  in  section  six
    18  hundred  one-a  of this part for tax years two thousand thirteen through
    19  two thousand seventeen. After making the cost of living  adjustments  to
    20  the  dollar  amounts  in  subparagraph (A) of this paragraph, the dollar
    21  amounts in the tax calculations for the income  brackets  for  New  York
    22  taxable  income  over [$26,000] $40,000 shall be adjusted to reflect the
    23  rate reductions in clause (ii) of this subparagraph.
    24    (ii) (I) For tax year two thousand eighteen, the following  tax  rates
    25  shall  apply:  [If  New York taxable income is over $26,000 but not over
    26  $40,000, the tax rate shall be 5.90%.] If New  York  taxable  income  is
    27  over  $40,000 but not over $150,000, the tax rate shall be 6.33%. If New
    28  York taxable income is over $150,000 but not over $300,000, the tax rate
    29  shall be 6.57%.
    30    (II) For tax year two thousand nineteen, the following tax rates shall
    31  apply: [If New York taxable income is over $26,000 but not over $40,000,
    32  the tax rate shall be 5.90%.] If New York taxable income is over $40,000
    33  but not over $150,000, the tax rate shall be 6.21%. If New York  taxable
    34  income  is  over  $150,000  but not over $300,000, the tax rate shall be
    35  6.49%.
    36    (III) For tax year two thousand twenty, the following tax rates  shall
    37  apply: [If New York taxable income is over $26,000 but not over $40,000,
    38  the tax rate shall be 5.90%.] If New York taxable income is over $40,000
    39  but  not over $150,000, the tax rate shall be 6.09%. If New York taxable
    40  income is over $150,000 but not over $300,000, the  tax  rate  shall  be
    41  6.41%.
    42    (IV)  For  tax  year  two thousand twenty-one, the following tax rates
    43  shall apply: [If New York taxable income is over $26,000  but  not  over
    44  $40,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
    45  over $40,000 but not over $150,000, the tax rate shall be 5.97%. If  New
    46  York taxable income is over $150,000 but not over $300,000, the tax rate
    47  shall be 6.33%.
    48    (V)  For  tax  year  two  thousand twenty-two, the following tax rates
    49  shall apply: If New York taxable income is over  [$26,000]  $40,000  but
    50  not  over  $150,000,  the  tax  rate shall be 5.85%. If New York taxable
    51  income is over $150,000 but not over $300,000, the  tax  rate  shall  be
    52  6.25%.
    53    (VI)  For  tax year two thousand twenty-three, the following tax rates
    54  shall apply: If New York taxable income is over  [$26,000]  $40,000  but
    55  not  over  $150,000,  the  tax  rate shall be 5.73%. If New York taxable
        A. 7267                             3
     1  income is over $150,000 but not over $300,000, the  tax  rate  shall  be
     2  6.17%.
     3    (VII)  For  tax year two thousand twenty-four, the following tax rates
     4  shall apply: If New York taxable income is over  [$26,000]  $40,000  but
     5  not  over  $150,000,  the  tax  rate shall be 5.61%. If New York taxable
     6  income is over $150,000 but not over $300,000, the  tax  rate  shall  be
     7  6.09%.
     8    (VIII) For tax years after two thousand twenty-four, the following tax
     9  rates  shall apply: If New York taxable income is over [$26,000] $40,000
    10  but not over $150,000, the tax rate shall be 5.50%. If New York  taxable
    11  income  is  over  $150,000  but not over $300,000, the tax rate shall be
    12  6.00%.
    13    § 2. Paragraph 1 of subsection (b) of section 601 of the tax  law,  as
    14  amended  by  section  2  of  part  FF of chapter 59 of the laws of 2013,
    15  subparagraph (B) as added by section 2 of Part TT of chapter 60  of  the
    16  laws of 2016, is amended to read as follows:
    17    (1)  (A)  For  taxable  years beginning after two thousand [eleven and
    18  before two thousand eighteen] eighteen:
    19  If the New York taxable income is:    The tax is:
    20  Not over [$12,000] $30,000            [4%] 0% of
    21                                        taxable income
    22  [Over $12,000 but not over $16,500    $480 plus 4.5% of excess over
    23                                        $12,000
    24  Over $16,500 but not over $19,500     $683 plus 5.25% of excess over
    25                                        $16,500
    26  Over $19,500 but not over $30,000     $840 plus 5.90% of excess over
    27                                        $19,500]
    28  Over $30,000 but not over $100,000    $1,460 plus 6.45% of excess over
    29                                        $30,000
    30  Over $100,000 but not over $250,000   $5,975 plus 6.65% of excess over
    31                                        $100,000
    32  Over $250,000 [but not over]          $15,950 plus 6.85% of excess over
    33  [$1,5000,000]                         $250,000
    34  [Over $1,500,000                      $101,575 plus 8.82% of excess over
    35                                        $1,500,000]
    36    (B) (i) For tax years beginning  after  two  thousand  seventeen,  the
    37  brackets  and  dollars amounts in subparagraph (A) of this paragraph, as
    38  adjusted by the cost of living  adjustment  prescribed  in  section  six
    39  hundred  one-a  of this part for tax years two thousand thirteen through
    40  two thousand seventeen, shall apply.  In  addition,  the  tax  rates  in
    41  subparagraph  (A)  of  this  paragraph  shall  apply, except as noted in
    42  clause (ii) of this subparagraph, and except that the rate applicable to
    43  New York taxable incomes in excess of $250,000 as adjusted by  the  cost
    44  of  living  adjustment  prescribed  in section six hundred one-a of this
    45  part for tax years two thousand thirteen through two thousand  seventeen
    46  shall  be  the  highest  tax  rate  specified  in the provisions of this
    47  subparagraph as enacted by chapter fifty-nine of the laws of  two  thou-
    48  sand  thirteen  prior  to its repeal by [a] chapter sixty of the laws of
    49  two thousand sixteen that  added  this  subparagraph.  For  purposes  of
    50  clause  (ii)  of  this  subparagraph, the brackets specified shall be as
    51  adjusted by the cost of living  adjustment  prescribed  in  section  six
    52  hundred  one-a  of this part for tax years two thousand thirteen through
    53  two thousand seventeen. After making the cost of living  adjustments  to
        A. 7267                             4
     1  the  dollar  amounts  in  subparagraph (A) of this paragraph, the dollar
     2  amounts in the tax calculations for the income  brackets  for  New  York
     3  taxable  income  over [$19,500] $30,000 shall be adjusted to reflect the
     4  rate reductions in clause (ii) of this subparagraph.
     5    (ii)  (I)  For tax year two thousand eighteen, the following tax rates
     6  shall apply: [If New York taxable income is over $19,500  but  not  over
     7  $30,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
     8  over $30,000 but not over $100,000, the tax rate shall be 6.33%. If  New
     9  York taxable income is over $100,000 but not over $250,000, the tax rate
    10  shall be 6.57%.
    11    (II) For tax year two thousand nineteen, the following tax rates shall
    12  apply: [If New York taxable income is over $19,500 but not over $30,000,
    13  the tax rate shall be 5.90%.] If New York taxable income is over $30,000
    14  but  not over $100,000, the tax rate shall be 6.21%. If New York taxable
    15  income is over $100,000 but not over $250,000, the  tax  rate  shall  be
    16  6.49%.
    17    (III)  For tax year two thousand twenty, the following tax rates shall
    18  apply: [If New York taxable income is over $19,500 but not over $30,000,
    19  the tax rate shall be 5.90%.] If New York taxable income is over $30,000
    20  but not over $100,000, the tax rate shall be 6.09%. If New York  taxable
    21  income  is  over  $100,000  but not over $250,000, the tax rate shall be
    22  6.41%.
    23    (IV) For tax year two thousand twenty-one,  the  following  tax  rates
    24  shall  apply:  [If  New York taxable income is over $19,500 but not over
    25  $30,000, the tax rate shall be 5.90%.] If New  York  taxable  income  is
    26  over  $30,000 but not over $100,000, the tax rate shall be 5.97%. If New
    27  York taxable income is over $100,000 but not over $250,000, the tax rate
    28  shall be 6.33%.
    29    (V) For tax year two thousand  twenty-two,  the  following  tax  rates
    30  shall  apply:  If  New York taxable income is over [$19,500] $30,000 but
    31  not over $100,000, the tax rate shall be  5.85%.  If  New  York  taxable
    32  income  is  over  $100,000  but not over $250,000, the tax rate shall be
    33  6.25%.
    34    (VI) For tax year two thousand twenty-three, the following  tax  rates
    35  shall  apply:  If  New York taxable income is over [$19,500] $30,000 but
    36  not over $100,000, the tax rate shall be  5.73%.  If  New  York  taxable
    37  income  is  over  $100,000  but not over $250,000, the tax rate shall be
    38  6.17%.
    39    (VII) For tax year two thousand twenty-four, the following  tax  rates
    40  shall  apply:  If  New York taxable income is over [$19,500] $30,000 but
    41  not over $100,000, the tax rate shall be  5.61%.  If  New  York  taxable
    42  income  is  over  $100,000  but not over $250,000, the tax rate shall be
    43  6.09%.
    44    (VIII) For tax years after two thousand twenty-four, the following tax
    45  rates shall apply: If New York taxable income is over [$19,500]  $30,000
    46  but  not over $100,000, the tax rate shall be 5.50%. If New York taxable
    47  income is over $100,000 but not over $250,000, the  tax  rate  shall  be
    48  6.00%.
    49    §  3.  Paragraph 1 of subsection (c) of section 601 of the tax law, as
    50  amended by section 3 of part FF of chapter  59  of  the  laws  of  2013,
    51  subparagraph  (B)  as added by section 3 of Part TT of chapter 60 of the
    52  laws of 2016, is amended to read as follows:
    53    (1) (A) For taxable years beginning after  two  thousand  [eleven  and
    54  before two thousand eighteen] eighteen:
        A. 7267                             5
     1  If the New York taxable income is:    The tax is:
     2  Not over [$8,000] $20,000             [4%] 0% of
     3                                        taxable income
     4  [Over $8,000 but not over $11,000     $320 plus 4.5% of excess over
     5                                        $8,000
     6  Over $11,000 but not over $13,000     $455 plus 5.25% of excess over
     7                                        $11,000
     8  Over $13,000 but not over $20,000     $560 plus 5.90% of excess over
     9                                        $13,000]
    10  Over $20,000 but not over $75,000     $973 plus 6.45% of excess over
    11                                        $20,000
    12  Over $75,000 but not over $200,000    $4,521 plus 6.65% of excess over
    13                                        $75,000
    14  Over $200,000 [but not over]          $12,833 plus 6.85% of excess over
    15  [$1,000,000]                          $200,000
    16  [Over $1,000,000                      $67,633 plus 8.82% of excess over
    17                                        $1,000,000]
    18    (B)(i)  For  tax  years  beginning  after  two thousand seventeen, the
    19  brackets and dollars amount in subparagraph (A) of  this  paragraph,  as
    20  adjusted  by  the  cost  of  living adjustment prescribed in section six
    21  hundred one-a of this part for tax years two thousand  thirteen  through
    22  two  thousand  seventeen,  shall  apply.  In  addition, the tax rates in
    23  subparagraph (A) of this paragraph  shall  apply,  except  as  noted  in
    24  clause (ii) of this subparagraph, and except that the rate applicable to
    25  New York taxable income in excess of $200,000 as adjusted by the cost of
    26  living  adjustment  prescribed in section six hundred one-a of this part
    27  for tax years two thousand thirteen through two thousand seventeen shall
    28  be the highest tax rate specified in the provisions of this subparagraph
    29  as enacted by chapter fifty-nine of the laws of  two  thousand  thirteen
    30  prior  to  its  repeal  by [a] chapter sixty of the laws of two thousand
    31  sixteen that added this subparagraph. For purposes  of  clause  (ii)  of
    32  this  subparagraph,  the  brackets specified shall be as adjusted by the
    33  cost of living adjustment prescribed in section  six  hundred  one-a  of
    34  this  part  for  tax  years  two  thousand thirteen through two thousand
    35  seventeen.  After making the cost of living adjustments  to  the  dollar
    36  amounts in subparagraph (A) of this paragraph, the dollar amounts in the
    37  tax  calculations  for  the  income brackets for New York taxable income
    38  over [$13,000] $20,000 shall be adjusted to reflect the rate  reductions
    39  in clause (ii) of this subparagraph.
    40    (ii)(I)  For  tax  year two thousand eighteen, the following tax rates
    41  shall apply: [If New York taxable income is over $13,000  but  not  over
    42  $20,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
    43  over $20,000 but not over $75,000, the tax rate shall be 6.33%.  If  New
    44  York  taxable income is over $75,000 but not over $200,000, the tax rate
    45  shall be 6.57%.
    46    (II) For tax year two thousand nineteen, the following tax rates shall
    47  apply: [If New York taxable income is over $13,000 but not over $20,000,
    48  the tax rate shall be 5.90%.] If New York taxable income is over $20,000
    49  but not over $75,000, the tax rate shall be 6.21%. If New  York  taxable
    50  income  is  over  $75,000  but  not over $200,000, the tax rate shall be
    51  6.49%.
    52    (III) For tax year two thousand twenty, the following tax rates  shall
    53  apply: [If New York taxable income is over $13,000 but not over $20,000,
    54  the tax rate shall be 5.90%.] If New York taxable income is over $20,000
    55  but  not  over $75,000, the tax rate shall be 6.09%. If New York taxable
        A. 7267                             6
     1  income is over $75,000 but not over $200,000,  the  tax  rate  shall  be
     2  6.41%.
     3    (IV)  For  tax  year  two thousand twenty-one, the following tax rates
     4  shall apply: [If New York taxable income is over $13,000  but  not  over
     5  $20,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
     6  over $20,000 but not over $75,000, the tax rate shall be 5.97%.  If  New
     7  York  taxable income is over $75,000 but not over $200,000, the tax rate
     8  shall be 6.33%.
     9    (V) For tax year two thousand  twenty-two,  the  following  tax  rates
    10  shall  apply:  If  New York taxable income is over [$13,000] $20,000 but
    11  not over $75,000, the tax rate shall  be  5.85%.  If  New  York  taxable
    12  income  is  over  $75,000  but  not over $200,000, the tax rate shall be
    13  6.25%.
    14    (VI) For tax year two thousand twenty-three, the following  tax  rates
    15  shall  apply:  If  New York taxable income is over [$13,000] $20,000 but
    16  not over $75,000, the tax rate shall  be  5.73%.  If  New  York  taxable
    17  income  is  over  $75,000  but  not over $200,000, the tax rate shall be
    18  6.17%.
    19    (VII) For tax year two thousand twenty-four, the following  tax  rates
    20  shall  apply:  If  New York taxable income is over [$13,000] $20,000 but
    21  not over $75,000, the tax rate shall  be  5.61%.  If  New  York  taxable
    22  income  is  over  $75,000  but  not over $200,000, the tax rate shall be
    23  6.09%.
    24    (VIII) For tax years after two thousand twenty-four, the following tax
    25  rates shall apply: If New York taxable income is over [$13,000]  $20,000
    26  but  not  over $75,000, the tax rate shall be 5.50%. If New York taxable
    27  income is over $75,000 but not over $200,000,  the  tax  rate  shall  be
    28  6.00%.
    29    § 4. This act shall take effect immediately and shall apply to taxable
    30  years beginning on and after January 1, 2018.