Bill Text: NY A08149 | 2011-2012 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8149--A
                              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 -- committee discharged, bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       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 TWELVE, 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 SUBSECTION, THE COST
    8  OF  LIVING  ADJUSTMENT  FOR ANY TAXABLE YEAR SHALL BE THE PERCENTAGE (IF
    9  ANY) BY WHICH THE CPI FOR THE PRECEDING CALENDAR YEAR  EXCEEDS  THE  CPI
   10  FOR  CALENDAR  YEAR TWO THOUSAND TEN.  THE CPI IS DEFINED AS THE AVERAGE
   11  OF THE CONSUMER PRICE INDEX FOR ALL URBAN  CONSUMERS  PUBLISHED  BY  THE
   12  UNITED  STATES  DEPARTMENT  OF LABOR AS OF THE CLOSE OF THE TWELVE MONTH
   13  PERIOD ENDING AUGUST THIRTY-FIRST OF SUCH CALENDAR YEAR. IF ANY INCREASE
   14  DETERMINED UNDER THIS SUBPARAGRAPH IS NOT  A  MULTIPLE  OF  ONE  HUNDRED
   15  DOLLARS,  SUCH INCREASE SHALL BE ROUNDED TO THE NEXT HIGHEST MULTIPLE OF
   16  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 ELEVEN, the numerator is
   22  the 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.
                                                                  LBD10973-05-1
       A. 8149--A                          2
    1    (II) IN THE CASE OF ANY TAXABLE  YEAR  BEGINNING  AFTER  TWO  THOUSAND
    2  ELEVEN,  THE NUMERATOR IS THE LESSER OF THE DIFFERENCE BETWEEN THE UPPER
    3  INCOME THRESHOLD AND THE LOWER INCOME THRESHOLD OR  THE  EXCESS  OF  NEW
    4  YORK  ADJUSTED  GROSS  INCOME FOR THE TAXABLE YEAR OVER THE LOWER INCOME
    5  THRESHOLD.  THE  DENOMINATOR  SHALL  BE THE DIFFERENCE BETWEEN THE UPPER
    6  INCOME 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  TEN.  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  (g) to read as follows:
   23    (G) COST OF LIVING ADJUSTMENT.   FOR TAXABLE YEARS  BEGINNING  ON  AND
   24  AFTER  JANUARY  FIRST, TWO THOUSAND TWELVE, 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 TEN. 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 SUBSECTION IS NOT A MULTIPLE
   34  OF ONE HUNDRED DOLLARS, SUCH INCREASE SHALL BE ROUNDED TO THE NEXT HIGH-
   35  EST 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 TWELVE, 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 TEN. THE CPI IS DEFINED AS THE AVERAGE OF THE
   45  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 SUBSECTION 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, 2012.