Bill Text: NY S06532 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 6532 (Prior Session Legislation)

Introduced

Bill Title: Indexes personal income taxes to the cost of living adjustment beginning in 2024.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S06532 Detail]

Download: New_York-2023-S06532-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          6532

                               2023-2024 Regular Sessions

                    IN SENATE

                                     April 25, 2023
                                       ___________

        Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law, in relation to indexing taxes to inflation;
          and to repeal certain provisions of such law relating thereto

          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 Section 601-a of the tax law is REPEALED and a new section
     2  601-a is added to read as follows:
     3    § 601-a. Cost of living adjustment. (a)  For  tax  year  two  thousand
     4  twenty-four  and  thereafter,  the commissioner, no later than September
     5  first preceding the end of the previous tax  year,  shall  multiply  the
     6  amounts specified in subsection (b) of this section by one plus the cost
     7  of living adjustment described in subsection (c) of this section.
     8    (b)  The  following  amounts  shall  be  indexed by the cost of living
     9  adjustment:
    10    (1) The dollar amounts in the tax tables set forth in paragraph one of
    11  subsection (a), paragraph one of subsection (b)  and  paragraph  one  of
    12  subsection (c) of section six hundred one of this part.
    13    (2)  The dollar amount in the numerator of the fractions in subsection
    14  (d) of section six hundred one of this part that is not  fifty  thousand
    15  dollars.
    16    (3)  The  New  York  standard  deduction  of  a resident individual in
    17  section six hundred fourteen of this article.
    18    (c) The cost of living adjustment shall  be  calculated  in  the  same
    19  manner  as determined by the secretary of the United States treasury for
    20  purposes of section 1(f) of the United States Internal Revenue  Code  of
    21  1954, as amended. For purposes of this section, the consumer price index
    22  means the Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
    23  published  by  the  United  States  department of labor, bureau of labor
    24  statistics.
    25    (d) If the product of the amounts in subsection (b) and subsection (c)
    26  of this section is not a multiple of fifty dollars, such increase  shall
    27  be rounded to the next lowest multiple of fifty dollars.
    28    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11011-01-3