Bill Text: NY A08149 | 2011-2012 | General Assembly | Introduced
Bill Title: Includes New York exemptions of a resident individual within the cost of living adjustment; makes such adjustment applicable to tax years beginning on or after January 1, 2013.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-05-09 - print number 8149b [A08149 Detail]
Download: New_York-2011-A08149-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
8149
2011-2012 Regular Sessions
I N A S S E M B L Y
June 2, 2011
___________
Introduced by M. of A. MORELLE -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to the imposition of personal
income tax
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 601 of the tax law is amended by adding a new
2 subsection (c-1) to read as follows:
3 (C-1) COST OF LIVING ADJUSTMENT. FOR TAXABLE YEARS BEGINNING ON AND
4 AFTER JANUARY FIRST, TWO THOUSAND ELEVEN, THE MINIMUM AND MAXIMUM DOLLAR
5 AMOUNT FOR EACH RATE BRACKET FOR WHICH A TAX IS IMPOSED UNDER
6 SUBSECTIONS (A), (B) AND (C) OF THIS SECTION SHALL BE INCREASED FOR THE
7 COST OF LIVING ADJUSTMENT. FOR THE PURPOSES OF THIS SUBPARAGRAPH, THE
8 COST OF LIVING ADJUSTMENT FOR ANY TAXABLE YEAR SHALL BE THE PERCENTAGE
9 (IF ANY) BY WHICH THE CPI FOR THE PRECEDING CALENDAR YEAR EXCEEDS THE
10 CPI FOR CALENDAR YEAR TWO THOUSAND NINE. THE CPI IS DEFINED AS THE
11 AVERAGE OF THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS PUBLISHED BY
12 THE UNITED STATES DEPARTMENT OF LABOR AS OF THE CLOSE OF THE TWELVE
13 MONTH PERIOD ENDING AUGUST THIRTY-FIRST OF SUCH CALENDAR YEAR. IF ANY
14 INCREASE DETERMINED UNDER THIS SUBPARAGRAPH IS NOT A MULTIPLE OF ONE
15 HUNDRED DOLLARS, SUCH INCREASE SHALL BE ROUNDED TO THE NEXT HIGHEST
16 MULTIPLE OF ONE HUNDRED DOLLARS.
17 S 2. Subparagraph (B) of paragraph 1 of subsection (d) of section 601
18 of the tax law, as amended by section 1 of part R of chapter 63 of the
19 laws of 2003, is amended to read as follows:
20 (B) The fraction is computed as follows: (I) FOR TAXABLE YEARS BEGIN-
21 NING ON OR BEFORE JANUARY FIRST, TWO THOUSAND TEN, the numerator is the
22 lesser of fifty thousand dollars or the excess of New York adjusted
23 gross income for the taxable year over one hundred thousand dollars and
24 the denominator is fifty thousand dollars.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10973-02-1
A. 8149 2
1 (II) IN THE CASE OF ANY TAXABLE YEAR BEGINNING AFTER TWO THOUSAND TEN,
2 THE NUMERATOR IS THE LESSER OF THE DIFFERENCE BETWEEN THE UPPER INCOME
3 THRESHOLD AND THE LOWER INCOME THRESHOLD OR THE EXCESS OF NEW YORK
4 ADJUSTED GROSS INCOME FOR THE TAXABLE YEAR OVER THE LOWER INCOME THRESH-
5 OLD. THE DENOMINATOR SHALL BE THE DIFFERENCE BETWEEN THE UPPER INCOME
6 THRESHOLD AND THE LOWER INCOME THRESHOLD.
7 (III) FOR THE PURPOSES OF THIS SUBPARAGRAPH, THE LOWER INCOME THRESH-
8 OLD SHALL BE THE PRODUCT OF ONE HUNDRED THOUSAND DOLLARS AND THE COST OF
9 LIVING ADJUSTMENT AND THE UPPER INCOME THRESHOLD SHALL BE THE PRODUCT OF
10 ONE HUNDRED FIFTY THOUSAND DOLLARS AND THE COST OF LIVING ADJUSTMENT.
11 (IV) FOR THE PURPOSES OF THIS SUBPARAGRAPH, THE COST OF LIVING ADJUST-
12 MENT FOR ANY TAXABLE YEAR SHALL BE THE PERCENTAGE (IF ANY) BY WHICH THE
13 CPI FOR THE PRECEDING CALENDAR YEAR EXCEEDS THE CPI FOR CALENDAR YEAR
14 TWO THOUSAND NINE. THE CPI IS DEFINED AS THE AVERAGE OF THE CONSUMER
15 PRICE INDEX FOR ALL URBAN CONSUMERS PUBLISHED BY THE UNITED STATES
16 DEPARTMENT OF LABOR AS OF THE CLOSE OF THE TWELVE MONTH PERIOD ENDING
17 AUGUST THIRTY-FIRST OF SUCH CALENDAR YEAR.
18 (V) IF ANY INCREASE DETERMINED UNDER THIS SUBPARAGRAPH IS NOT A MULTI-
19 PLE OF ONE HUNDRED DOLLARS, SUCH INCREASE SHALL BE ROUNDED TO THE NEXT
20 HIGHEST MULTIPLE OF ONE HUNDRED DOLLARS.
21 S 3. Section 614 of the tax law is amended by adding a new subsection
22 (f) to read as follows:
23 (F) COST OF LIVING ADJUSTMENT. FOR TAXABLE YEARS BEGINNING ON AND
24 AFTER JANUARY FIRST, TWO THOUSAND ELEVEN, EACH DOLLAR AMOUNT CONTAINED
25 IN SUBSECTIONS (A), (B), (C), (D) AND (E) OF THIS SECTION SHALL BE
26 INCREASED FOR THE COST OF LIVING ADJUSTMENT. FOR THE PURPOSES OF THIS
27 SUBSECTION, THE COST OF LIVING ADJUSTMENT FOR ANY TAXABLE YEAR SHALL BE
28 THE PERCENTAGE (IF ANY) BY WHICH THE CPI FOR THE PRECEDING CALENDAR YEAR
29 EXCEEDS THE CPI FOR CALENDAR YEAR TWO THOUSAND NINE. THE CPI IS DEFINED
30 AS THE AVERAGE OF THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
31 PUBLISHED BY THE UNITED STATES DEPARTMENT OF LABOR AS OF THE CLOSE OF
32 THE TWELVE MONTH PERIOD ENDING AUGUST THIRTY-FIRST OF SUCH CALENDAR
33 YEAR. IF ANY INCREASE DETERMINED UNDER THIS SUBPARAGRAPH IS NOT A MULTI-
34 PLE OF ONE HUNDRED DOLLARS, SUCH INCREASE SHALL BE ROUNDED TO THE NEXT
35 HIGHEST MULTIPLE OF ONE HUNDRED DOLLARS.
36 S 4. Section 616 of the tax law is amended by adding a new subsection
37 (c) to read as follows:
38 (C) COST OF LIVING ADJUSTMENT. FOR TAXABLE YEARS BEGINNING ON AND
39 AFTER JANUARY FIRST, TWO THOUSAND ELEVEN, EACH DOLLAR AMOUNT CONTAINED
40 IN SUBSECTION (A) OF THIS SECTION SHALL BE INCREASED FOR THE COST OF
41 LIVING ADJUSTMENT. FOR THE PURPOSES OF THIS SUBSECTION, THE COST OF
42 LIVING ADJUSTMENT FOR ANY TAXABLE YEAR SHALL BE THE PERCENTAGE (IF ANY)
43 BY WHICH THE CPI FOR THE PRECEDING CALENDAR YEAR EXCEEDS THE CPI FOR
44 CALENDAR YEAR TWO THOUSAND NINE. THE CPI IS DEFINED AS THE AVERAGE OF
45 THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS PUBLISHED BY THE UNITED
46 STATES DEPARTMENT OF LABOR AS OF THE CLOSE OF THE TWELVE MONTH PERIOD
47 ENDING AUGUST THIRTY-FIRST OF SUCH CALENDAR YEAR. IF ANY INCREASE DETER-
48 MINED UNDER THIS SUBPARAGRAPH IS NOT A MULTIPLE OF ONE HUNDRED DOLLARS,
49 SUCH INCREASE SHALL BE ROUNDED TO THE NEXT HIGHEST MULTIPLE OF ONE
50 HUNDRED DOLLARS.
51 S 5. This act shall take effect immediately and shall apply to taxable
52 years starting on or after January 1, 2011.
