Bill Text: NY S00103 | 2013-2014 | General Assembly | Amended

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Bill Title: Reduces personal income tax rates for the middle class.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-28 - PRINT NUMBER 103A [S00103 Detail]

Download: New_York-2013-S00103-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        103--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations -- recommitted to the Committee on Investigations  and
         Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
         committee discharged, bill amended, ordered reprinted as  amended  and
         recommitted to said committee
       AN ACT to amend the tax law, in relation to reducing personal income tax
         rates
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subparagraph (B)  of  paragraph  1  of  subsection  (a)  of
    2  section  601 of the tax law, as amended by section 1 of part FF of chap-
    3  ter 59 of the laws of 2013, is amended to read as follows:
    4    (B) For taxable years beginning  after  two  thousand  seventeen,  the
    5  following  brackets  and  dollar amounts shall apply, as adjusted by the
    6  cost of living adjustment prescribed in section  six  hundred  one-a  of
    7  this  part  for  tax  years  two  thousand thirteen through two thousand
    8  seventeen:
    9  If the New York taxable income is:    The tax is:
   10  Not over $16,000                      4% of taxable income
   11  Over $16,000 but not over $22,000     $640 plus 4.5% of excess over
   12                                        $16,000
   13  Over $22,000 but not over $26,000     $910 plus 5.25% of excess over
   14                                        $22,000
   15  Over $26,000 but not over $40,000     $1,120 plus 5.90% of excess over
   16                                        $26,000
   17  Over $40,000 BUT NOT OVER $150,000    $1,946 plus [6.85%]
   18                                        6.45% of excess over $40,000
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01970-02-4
       S. 103--A                           2
    1  OVER $150,000 BUT NOT OVER            $9,041 PLUS 6.65% OF
    2  $300,000                              EXCESS OVER $150,000
    3  OVER $300,000                         $19,016 PLUS 6.85% OF
    4                                        EXCESS OVER $300,000
    5    S  2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
    6  of the tax law, as amended by section 2 of part FF of chapter 59 of  the
    7  laws of 2013, is amended to read as follows:
    8    (B)  For  taxable  years  beginning  after two thousand seventeen, the
    9  following brackets and dollars amounts shall apply, as adjusted  by  the
   10  cost  of  living  adjustment  prescribed in section six hundred one-a of
   11  this part for tax years  two  thousand  thirteen  through  two  thousand
   12  seventeen:
   13  If the New York taxable income is:    The tax is:
   14  Not over $12,000                      4% of taxable income
   15  Over $12,000 but not over $16,500     $480 plus 4.5% of excess over
   16                                        $12,000
   17  Over $16,500 but not over $19,500     $683 plus 5.25% of excess over
   18                                        $16,500
   19  Over $19,500 but not over $30,000     $840 plus 5.90% of excess over
   20                                        $19,500
   21  Over $30,000 BUT NOT OVER $100,000    $1,460 plus [6.85%]
   22                                        6.45% of excess over $30,000
   23  OVER $100,000 BUT NOT OVER            $5,975 PLUS 6.65% OF
   24  $250,000                              EXCESS OVER $100,000
   25  OVER $250,000                         $15,950 PLUS 6.85% OF
   26                                        EXCESS OVER $250,000
   27    S  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
   28  of the tax law, as amended by section 3 of part FF of chapter 59 of  the
   29  laws of 2013, is amended to read as follows:
   30    (B)  For  taxable  years  beginning  after two thousand seventeen, the
   31  following brackets and dollars amounts shall apply, as adjusted  by  the
   32  cost  of  living  adjustment  prescribed in section six hundred one-a of
   33  this part for tax years  two  thousand  thirteen  through  two  thousand
   34  seventeen:
   35  If the New York taxable income is:    The tax is:
   36  Not over $8,000                       4% of taxable income
   37  Over $8,000 but not over $11,000      $320 plus 4.5% of excess over
   38                                        $8,000
   39  Over $11,000 but not over $13,000     $455 plus 5.25% of excess over
   40                                        $11,000
   41  Over $13,000 but not over $20,000     $560 plus 5.90% of excess over
   42                                        $13,000
   43  Over $20,000 BUT NOT OVER $75,000     $973 plus [6.85%]
   44                                        6.45% of excess over $20,000
   45  OVER $75,000 BUT NOT OVER $200,000    $4,521 PLUS 6.65% OF EXCESS
   46                                        OVER $75,000
   47  OVER $200,000                         $12,833 PLUS 6.85% OF EXCESS
   48                                        OVER $200,000
   49    S 4. This act shall take effect immediately.