Bill Text: NY A08149 | 2011-2012 | General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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
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
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.