Bill Text: NY S03498 | 2011-2012 | General Assembly | Introduced
Bill Title: Extends the expiration of the current personal income tax and tax benefit recapture rates until and including the 2013 tax year.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-03-12 - COMMITTEE DISCHARGED AND COMMITTED TO RULES [S03498 Detail]
Download: New_York-2011-S03498-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
3498
2011-2012 Regular Sessions
I N S E N A T E
February 23, 2011
___________
Introduced by Sen. PERALTA -- 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 extending the expiration of
certain personal income tax rates and tax benefit recapture rates
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraphs 1 and 2 of subsection (a) of section 601 of the
2 tax law, paragraph 1 as added and paragraph 2 as amended by section 1 of
3 part Z-1 of chapter 57 of the laws of 2009 are amended to read as
4 follows:
5 (1) For taxable years beginning after two thousand eight and before
6 two thousand [twelve] FOURTEEN:
7 If the New York taxable income is: The tax is:
8 Not over $16,000 4% of the New York taxable
9 income
10 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over
11 $16,000
12 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over
13 $22,000
14 Over $26,000 but not over $40,000 $1,120 plus 5.9% of excess over
15 $26,000
16 Over $40,000 but not over $300,000 $1,946 plus 6.85% of excess over
17 $40,000
18 Over $300,000 but not over $500,000 $19,756 plus 7.85% of excess over
19 $300,000
20 Over $500,000 $35,456 plus 8.97% of excess over
21 $500,000
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09414-01-1
S. 3498 2
1 (2) For taxable years beginning after two thousand five and before two
2 thousand nine and after two thousand [eleven] THIRTEEN:
3 If the New York taxable income is: The tax is:
4 Not over $16,000 4% of the New York taxable
5 income
6 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over
7 $16,000
8 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over
9 $22,000
10 Over $26,000 but not over $40,000 $1,120 plus 5.9% of excess over
11 $26,000
12 Over $40,000 $1,946 plus 6.85% of excess over
13 $40,000
14 S 2. Paragraphs 1 and 2 of subsection (b) of section 601 of the tax
15 law, paragraph 1 as added and paragraph 2 as amended by section 1 of
16 part Z-1 of chapter 57 of the laws of 2009, are amended to read as
17 follows:
18 (1) For taxable years beginning after two thousand eight and before
19 two thousand [twelve] FOURTEEN:
20 If the New York taxable income is: The tax is:
21 Not over $11,000 4% of the New York taxable
22 income
23 Over $11,000 but not over $15,000 $440 plus 4.5% of excess over
24 $11,000
25 Over $15,000 but not over $17,000 $620 plus 5.25% of excess over
26 $15,000
27 Over $17,000 but not over $30,000 $725 plus 5.9% of excess over
28 $17,000
29 Over $30,000 but not over $250,000 $1,492 plus 6.85% of excess over
30 $30,000
31 Over $250,000 but not over $500,000 $16,562 plus 7.85% of excess over
32 $250,000
33 Over $500,000 $36,187 plus 8.97% of excess over
34 $500,000
35 (2) For taxable years beginning after two thousand five and before two
36 thousand nine and after two thousand [eleven] THIRTEEN:
37 If the New York taxable income is: The tax is:
38 Not over $11,000 4% of the New York taxable
39 income
40 Over $11,000 but not over $15,000 $440 plus 4.5% of excess over
41 $11,000
42 Over $15,000 but not over $17,000 $620 plus 5.25% of excess over
43 $15,000
44 Over $17,000 but not over $30,000 $725 plus 5.9% of excess over
45 $17,000
46 Over $30,000 $1,492 plus 6.85% of excess over
47 $30,000
48 S 3. Paragraphs 1 and 2 of subsection (c) of section 601 of the tax
49 law, paragraph 1 as added and paragraph 2 as amended by section 1 of
S. 3498 3
1 part Z-1 of chapter 57 of the laws of 2009, are amended to read as
2 follows:
3 (1) For taxable years beginning after two thousand eight and before
4 two thousand [twelve] FOURTEEN:
5 If the New York taxable income is: The tax is:
6 Not over $8,000 4% of the New York taxable
7 income
8 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over
9 $8,000
10 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over
11 $11,000
12 Over $13,000 but not over $20,000 $560 plus 5.9% of excess over
13 $13,000
14 Over $20,000 but not over $200,000 $973 plus 6.85% of excess over
15 $20,000
16 Over $200,000 but not over $500,000 $13,303 plus 7.85% of excess over
17 $200,000
18 Over $500,000 $36,853 plus 8.97% of excess over
19 $500,000
20 (2) For taxable years beginning after two thousand five and before two
21 thousand nine and after two thousand [eleven] THIRTEEN:
22 If the New York taxable income is: The tax is:
23 Not over $8,000 4% of the New York taxable
24 income
25 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over
26 $8,000
27 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over
28 $11,000
29 Over $13,000 but not over $20,000 $560 plus 5.9% of excess over
30 $13,000
31 Over $20,000 $973 plus 6.85% of excess over
32 $20,000
33 S 4. Subparagraphs (B) and (C) of paragraph 2 of subsection (d) of
34 section 601 of the tax law, as amended by section 2 of part Z-1 of chap-
35 ter 57 of the laws of 2009, are amended to read as follows:
36 (B) For taxable years beginning after two thousand two and before two
37 thousand six, the fraction is computed as follows: the numerator is the
38 lesser of fifty thousand dollars or the excess of New York adjusted
39 gross income for the taxable year over one hundred fifty thousand
40 dollars and the denominator is fifty thousand dollars. For taxable years
41 beginning after two thousand eight and before two thousand [twelve]
42 FOURTEEN, the fraction is computed as follows: the numerator is the
43 lesser of fifty thousand dollars or the excess of New York adjusted
44 gross income for the taxable year over three hundred thousand dollars
45 and the denominator is fifty thousand dollars.
46 (C) This paragraph shall only apply to taxable years beginning after
47 two thousand two and before two thousand six and after two thousand
48 eight and before two thousand [twelve] FOURTEEN.
49 S 5. This act shall take effect immediately.
