Bill Text: NY S01591 | 2023-2024 | General Assembly | Introduced
Bill Title: Authorizes a childhood education surcharge on the personal income tax for cities having a population of one million or more persons.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2024-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01591 Detail]
Download: New_York-2023-S01591-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1591 2023-2024 Regular Sessions IN SENATE January 12, 2023 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to authorizing a childhood education surcharge on the personal income tax for cities having a population of one million or more persons; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 1304-E to 2 read as follows: 3 § 1304-E. Tax surcharge for early childhood education. (a) In addition 4 to the taxes authorized by subsection (a) of section thirteen hundred 5 one of this article, any city having a population of one million or more 6 persons that imposes such taxes is hereby authorized and empowered to 7 adopt and amend local laws imposing in any such city for all taxable 8 years beginning on or after January first, two thousand twenty-four, a 9 tax surcharge on the city taxable income of every city resident married 10 individuals filing joint returns, resident married individuals filing 11 separate returns, resident surviving spouses, resident heads of house- 12 holds, resident unmarried individuals, and resident estates and trusts, 13 at a rate of up to: 14 If the city taxable income is: the tax surcharge is: 15 Not over $500,000 0 16 Over $500,000 4.3 % of city taxable income 17 (b) A city imposing a tax surcharge pursuant to the authority of this 18 section may, by local law, impose such surcharge at a rate that is less 19 than the percentages set forth in subsection (a) of this section, and 20 may impose such tax at more than one rate depending upon the filing EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04519-01-3S. 1591 2 1 status and city taxable income of such city resident individual, estate, 2 or trust. 3 (c) A tax surcharge imposed pursuant to the authority of this section 4 shall be administered, collected, and distributed by the commissioner in 5 the same manner as the other taxes imposed pursuant to the authority of 6 this article, and all of the provisions of this article, including 7 section thirteen hundred ten of this article, shall apply to the tax 8 surcharge authorized by this section; provided, however, that the 9 provisions of section thirteen hundred thirteen of this article direct- 10 ing payment of taxes to the New York city transitional finance authority 11 shall not apply to any such surcharge. 12 (d) Notwithstanding any provision of this section or of section thir- 13 teen hundred thirteen of this article to the contrary, the total revenue 14 from the tax surcharge imposed pursuant to the authority of this 15 section, including interest and penalties, which the state comptroller 16 is required to pay to the chief fiscal officer of the city imposing the 17 tax surcharge for payment into the treasury of such city shall be cred- 18 ited to the general fund of such city and shall be applied exclusively 19 to or in aid or support of the early childhood education programs of 20 such city. 21 (e) A local law enacted pursuant to this section shall be applicable 22 only if it has been enacted on or before December thirty-first, two 23 thousand twenty-three. A certified copy of such local law shall be 24 mailed by registered mail to the department at its office in Albany 25 within fifteen days of its enactment. However, the department may allow 26 additional time for such certified copy to be mailed if it deems such 27 action to be consistent with its duties under this article. 28 § 2. This act shall take effect immediately and shall apply to all tax 29 years commencing on and after January 1, 2024; provided, however, that 30 the provisions of this act shall expire and be deemed repealed December 31 31, 2028.
