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

New York Assembly Bill 8149 (Prior Session Legislation)

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

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8149--B
                              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 -- recommitted to  the  Committee  on  Ways  and
         Means  in  accordance  with  Assembly  Rule  3,  sec.  2  -- committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee -- again reported from said  committee  with  amend-
         ments, ordered reprinted as amended and recommitted to said committee
       AN  ACT  to  amend  the  tax  law,  in  relation  to  including New York
         exemptions of a resident individual within the cost of living  adjust-
         ment  and  making such adjustment applicable to tax years beginning on
         or after January 1, 2013
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 601-a of the tax law, as added by section 9 of part
    2  A of chapter 56 of the laws of 2011, is amended to read as follows:
    3    S 601-a. Cost of living adjustment. (a) For tax [year] YEARS BEGINNING
    4  ON  OR AFTER JANUARY FIRST, two thousand thirteen, the commissioner, not
    5  later than September first[, two thousand  twelve,]  OF  EACH  PRECEDING
    6  CALENDAR YEAR, shall multiply the amounts specified in subsection (b) of
    7  this  section  for  tax year two thousand twelve by one plus the cost of
    8  living adjustment described in subsection (c) of this section. [For  tax
    9  year  two  thousand fourteen, the commissioner, not later than September
   10  first, two thousand thirteen, shall multiply the  amounts  specified  in
   11  subsection (b) of this section for tax year two thousand thirteen by one
   12  plus the cost of living adjustment.]
   13    (b)  The  following  amounts  shall  be  indexed by the cost of living
   14  adjustment.
   15    (1) The dollar amounts in the tax tables set forth in paragraph one of
   16  subsection (a), paragraph one of subsection (b)  and  paragraph  one  of
   17  subsection (c) of section six hundred one of this part.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10973-09-2
       A. 8149--B                          2
    1    (2)  The dollar amount in the numerator of the fractions in subsection
    2  (d) of section six hundred one of this part that is not  fifty  thousand
    3  dollars.
    4    (3)  The  New  York  standard  deduction  of  a resident individual in
    5  section six hundred fourteen of this article.
    6    (4) THE NEW YORK EXEMPTIONS OF A RESIDENT INDIVIDUAL  IN  SECTION  SIX
    7  HUNDRED SIXTEEN OF THIS ARTICLE.
    8    (c)  The cost of living adjustment for a tax year is the percentage if
    9  any, by which the average monthly value of the consumer price index  for
   10  the twelve month period ending on June thirtieth of the year immediately
   11  preceding  the tax year for which the adjustment is being made (referred
   12  to as the adjustment year) exceeds the  average  monthly  value  of  the
   13  consumer  price index for the twelve month period ending on June thirti-
   14  eth [of the year immediately preceding the adjustment year] TWO THOUSAND
   15  TWELVE. For purposes of this section, the consumer price index means the
   16  consumer price index for all urban consumers  published  by  the  United
   17  States department of labor.
   18    (d) If the product of the amounts in subsection (b) and subsection (c)
   19  of  this  section is not a multiple of [fifty] ONE HUNDRED dollars, such
   20  increase shall be rounded to  the  next  [lowest]  HIGHEST  multiple  of
   21  [fifty] ONE HUNDRED dollars.
   22    S  2.  This  act  shall take effect immediately and shall apply to tax
   23  years beginning on or after January 2013.