AB6013 Summary:

BILL NOA06013
 
SAME ASNo Same As
 
SPONSOROaks (MS)
 
COSPNSR
 
MLTSPNSRBarclay, Giglio
 
 
Relates to conducting studies on personal income tax brackets and the corporate franchise tax.
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AB6013 Actions:

BILL NOA06013
 
02/21/2017referred to ways and means
01/03/2018referred to ways and means
06/14/2018held for consideration in ways and means
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AB6013 Committee Votes:

WAYS AND MEANS Chair:Weinstein DATE:06/14/2018AYE/NAY:23/10 Action: Held for Consideration
WeinsteinAyeOaksNay
LentolAyeCrouchNay
SchimmingerAyeBarclayNay
GanttExcusedFitzpatrickNay
GlickAyeHawleyNay
NolanAyeMalliotakisNay
PretlowAyeWalterNay
PerryAyeMontesanoNay
ColtonAyeCurranNay
CookAyeRaNay
CahillAye
AubryAye
HooperExcused
ThieleAye
CusickAye
OrtizAye
BenedettoAye
WeprinAye
RodriguezAye
RamosAye
BraunsteinAye
McDonaldAye
RozicAye
Peoples-StokesAye
SimotasAye

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AB6013 Floor Votes:

There are no votes for this bill in this legislative session.
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AB6013 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A6013
 
SPONSOR: Oaks (MS)
  TITLE OF BILL: An act creating a tax simplification and fairness study to look at the personal income tax brackets and the corporate franchise tax   PURPOSE OR GENERAL IDEA OF BILL: To examine the current tax system to see if there would be a benefit to simplifying the entire system by eliminating all of the various tax credits and taxing all individuals and businesses at the same, lower rate   SUMMARY OF SPECIFIC PROVISIONS: Section 1. Directs the commissioner of Taxation and Finance to conduct a study to examine how income tax brackets and corresponding dollar amounts could be proportionately reduced if all of the personal income tax credits were eliminated and personal income tax receipts were fore- casted to be revenue neutral Section 2. Directs the Commissioner of Taxation and Finance to conduct a study to examine how the corporate franchise tax could be proportionate- ly reduced if all of the tax credits were eliminated and the corporate franchise tax receipts were forecasted to be revenue neutral. Section 3. Requires the commissioner to report on the results of the studies within 180 days of the bill becoming law Section 4. Effective date   JUSTIFICATION: The New York State tax system has been further complicated by the numer- ous tax credits available to certain categories of taxpayers. By direct- ing the Department of Taxation & Finance to put together figures outlin- ing what the tax rates would be without all of the credits, this bill would explore the possibility of removing these tax credits, and moving towards a flat tax.   PRIOR LEGISLATIVE HISTORY: A7614 of 2015-16-Held for consideration in Ways & Means   FISCAL IMPLICATIONS: None   EFFECTIVE DATE: Immediately
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AB6013 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6013
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 21, 2017
                                       ___________
 
        Introduced  by  M. of A. OAKS -- Multi-Sponsored by -- M. of A. BARCLAY,
          GIGLIO -- read once and referred to the Committee on Ways and Means
 
        AN ACT creating a tax simplification and fairness study to look  at  the
          personal income tax brackets and the corporate franchise tax
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The commissioner of taxation and finance  shall  conduct  a
     2  study  to  examine  the  corresponding  income  tax  brackets and dollar
     3  amounts that could be  enacted  if  a  proportionate  reduction  in  the
     4  personal  income  tax  bracket and dollar amounts as provided in section
     5  601 of the tax law for taxable years beginning  after  2011  and  before
     6  2020  and for taxable years beginning after 2019, if all of the personal
     7  income tax credits provided in section 606 of the tax  law  were  elimi-
     8  nated  and  personal  income  tax receipts were forecasted to be revenue
     9  neutral based on current law.
    10    § 2. The commissioner of taxation and finance shall conduct a study to
    11  examine the corresponding reduction in the imposition of  the  corporate
    12  franchise  tax that could be enacted if a proportionate reduction in the
    13  imposition of the corporate franchise tax as provided  by  sections  209
    14  and  210 of the tax law, if all the credits provided in section 210-B of
    15  the tax law were eliminated and the  corporate  franchise  tax  receipts
    16  were forecasted to be revenue neutral based on current law.
    17    §  3.  The  commissioner  of  taxation and finance shall report on the
    18  results of the studies in section one and section two within one hundred
    19  eighty days after this act shall have become a law.
    20    § 4. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08429-01-7
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