STATE OF NEW YORK
________________________________________________________________________
89
2015-2016 Regular Sessions
IN SENATE(Prefiled)
January 7, 2015
___________
Introduced by Sen. GALLIVAN -- 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 reducing personal income tax
rates
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (B) of paragraph 1 of subsection (a) of
2 section 601 of the tax law, as amended by section 1 of part FF of chap-
3 ter 59 of the laws of 2013, is amended to read as follows:
4 (B) For taxable years beginning after two thousand seventeen, the
5 following brackets and dollar amounts shall apply, as adjusted by the
6 cost of living adjustment prescribed in section six hundred one-a of
7 this part for tax years two thousand thirteen through two thousand
8 seventeen:
9 If the New York taxable income is: The tax is:
10 Not over $16,000 4% of taxable income
11 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over
12 $16,000
13 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over
14 $22,000
15 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over
16 $26,000
17 Over $40,000 but not over $150,000 $1,946 plus [6.85%]
18 6.45% of excess over $40,000
19 Over $150,000 but not over$9,041 plus 6.65% of
20 $300,000excess over $150,000
21 Over $300,000$19,016 plus 6.85% of
22 excess over $300,000
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00666-01-5
S. 89 2
1 § 2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
2 of the tax law, as amended by section 2 of part FF of chapter 59 of the
3 laws of 2013, is amended to read as follows:
4 (B) For taxable years beginning after two thousand seventeen, the
5 following brackets and dollars amounts shall apply, as adjusted by the
6 cost of living adjustment prescribed in section six hundred one-a of
7 this part for tax years two thousand thirteen through two thousand
8 seventeen:
9 If the New York taxable income is: The tax is:
10 Not over $12,000 4% of taxable income
11 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over
12 $12,000
13 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over
14 $16,500
15 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over
16 $19,500
17 Over $30,000 but not over $100,000 $1,460 plus [6.85%]
18 6.45% of excess over $30,000
19 Over $100,000 but not over$5,975 plus 6.65% of
20 $250,000excess over $100,000
21 Over $250,000$15,950 plus 6.85% of
22 excess over $250,000
23 § 3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
24 of the tax law, as amended by section 3 of part FF of chapter 59 of the
25 laws of 2013, is amended to read as follows:
26 (B) For taxable years beginning after two thousand seventeen, the
27 following brackets and dollars amounts shall apply, as adjusted by the
28 cost of living adjustment prescribed in section six hundred one-a of
29 this part for tax years two thousand thirteen through two thousand
30 seventeen:
31 If the New York taxable income is: The tax is:
32 Not over $8,000 4% of taxable income
33 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over
34 $8,000
35 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over
36 $11,000
37 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over
38 $13,000
39 Over $20,000 but not over $75,000 $973 plus [6.85%]
40 6.45% of excess over $20,000
41 Over $75,000 but not over $200,000$4,521 plus 6.65% of excess
42 over $75,000
43 Over $200,000$12,833 plus 6.85% of excess
44 over $200,000
45 § 4. This act shall take effect immediately.
