A08149 Summary:

BILL NOA08149B
 
SAME ASSAME AS S05016-C
 
SPONSORMorelle
 
COSPNSR
 
MLTSPNSR
 
Amd S601-a, Tax L
 
Includes New York exemptions of a resident individual within the cost of living adjustment; makes such adjustment applicable to tax years beginning on or after January 1, 2013.
Go to top    

A08149 Actions:

BILL NOA08149B
 
06/02/2011referred to ways and means
01/04/2012referred to ways and means
01/04/2012amend and recommit to ways and means
01/04/2012print number 8149a
05/09/2012amend (t) and recommit to ways and means
05/09/2012print number 8149b
Go to top

A08149 Floor Votes:

There are no votes for this bill in this legislative session.
Go to top

A08149 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8149--B
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 2, 2011
                                       ___________
 
        Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
          tee on Ways and Means -- recommitted to  the  Committee  on  Ways  and
          Means  in  accordance  with  Assembly  Rule  3,  sec.  2  -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee -- again reported from said  committee  with  amend-

          ments, ordered reprinted as amended and recommitted to said committee
 
        AN  ACT  to  amend  the  tax  law,  in  relation  to  including New York
          exemptions of a resident individual within the cost of living  adjust-
          ment  and  making such adjustment applicable to tax years beginning on
          or after January 1, 2013
 
          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, as added by section 9 of part
     2  A of chapter 56 of the laws of 2011, is amended to read as follows:
     3    § 601-a. Cost of living adjustment. (a) For tax [year] years beginning
     4  on  or after January first, two thousand thirteen, the commissioner, not
     5  later than September first[, two thousand  twelve,]  of  each  preceding

     6  calendar year, shall multiply the amounts specified in subsection (b) of
     7  this  section  for  tax year two thousand twelve by one plus the cost of
     8  living adjustment described in subsection (c) of this section. [For  tax
     9  year  two  thousand fourteen, the commissioner, not later than September
    10  first, two thousand thirteen, shall multiply the  amounts  specified  in
    11  subsection (b) of this section for tax year two thousand thirteen by one
    12  plus the cost of living adjustment.]
    13    (b)  The  following  amounts  shall  be  indexed by the cost of living
    14  adjustment.
    15    (1) The dollar amounts in the tax tables set forth in paragraph one of
    16  subsection (a), paragraph one of subsection (b)  and  paragraph  one  of
    17  subsection (c) of section six hundred one of this part.
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10973-09-2

        A. 8149--B                          2
 
     1    (2)  The dollar amount in the numerator of the fractions in subsection
     2  (d) of section six hundred one of this part that is not  fifty  thousand
     3  dollars.
     4    (3)  The  New  York  standard  deduction  of  a resident individual in
     5  section six hundred fourteen of this article.
     6    (4) The New York exemptions of a resident individual  in  section  six
     7  hundred sixteen of this article.
     8    (c)  The cost of living adjustment for a tax year is the percentage if
     9  any, by which the average monthly value of the consumer price index  for

    10  the twelve month period ending on June thirtieth of the year immediately
    11  preceding  the tax year for which the adjustment is being made (referred
    12  to as the adjustment year) exceeds the  average  monthly  value  of  the
    13  consumer  price index for the twelve month period ending on June thirti-
    14  eth [of the year immediately preceding the adjustment year] two thousand
    15  twelve. For purposes of this section, the consumer price index means the
    16  consumer price index for all urban consumers  published  by  the  United
    17  States department of labor.
    18    (d) If the product of the amounts in subsection (b) and subsection (c)
    19  of  this  section is not a multiple of [fifty] one hundred dollars, such
    20  increase shall be rounded to  the  next  [lowest]  highest  multiple  of

    21  [fifty] one hundred dollars.
    22    §  2.  This  act  shall take effect immediately and shall apply to tax
    23  years beginning on or after January 2013.
Go to top