S07845 Summary:

BILL NOS07845
 
SAME ASNo same as
 
SPONSORGALLIVAN
 
COSPNSR
 
MLTSPNSR
 
Amd S601, Tax L
 
Reduces personal income tax rates for the middle class.
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S07845 Actions:

BILL NOS07845
 
08/27/2012REFERRED TO RULES
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S07845 Floor Votes:

There are no votes for this bill in this legislative session.
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S07845 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7845
 
                    IN SENATE
 
                                     August 27, 2012
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        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 added by section 1 of part A  of  chapter
     3  56 of the laws of 2011, is amended to read as follows:
     4    (B)  For  taxable  years  beginning  after  two thousand fourteen, 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 and two thousand fourteen:
 
     8  If the New York taxable income is:    The tax is:
     9  Not over $16,000                      4% of taxable 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 5.90% of excess over
    15                                        $26,000

    16  Over $40,000 but not over             $1,946 plus [6.85%]
    17  $150,000                              6.45% of excess over
    18                                        $40,000
    19  Over $150,000 but not over            $9,041 plus 6.65% of
    20  $300,000                              excess over $150,000
    21  Over $300,000                         $19,016 plus 6.85% of
    22                                        excess over $300,000
 
    23    § 2. Subparagraph (B) of paragraph 1 of subsection (b) of section  601
    24  of  the  tax  law,  as added by section 3 of part A of chapter 56 of the
    25  laws of 2011, is amended to read as follows:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets

                              [ ] is old law to be omitted.
                                                                   LBD16455-01-2

        S. 7845                             2
 
     1    (B) For taxable years  beginning  after  two  thousand  fourteen,  the
     2  following  brackets  and dollars amounts shall apply, as adjusted by the
     3  cost of living adjustment prescribed in section  six  hundred  one-a  of
     4  this part for tax years two thousand thirteen and two thousand fourteen:
 
     5  If the New York taxable income is:    The tax is:
     6  Not over $12,000                      4% of taxable income
     7  Over $12,000 but not over $16,500     $480 plus 4.5% of excess over
     8                                        $12,000
     9  Over $16,500 but not over $19,500     $683 plus 5.25% of excess over
    10                                        $16,500

    11  Over $19,500 but not over $30,000     $840 plus 5.90% of excess over
    12                                        $19,500
    13  Over $30,000 but not over             $1,460 plus [6.85%]
    14  $100,000                              6.45% of excess over
    15                                        $30,000
    16  Over $100,000 but not over            $5,975 plus 6.65% of
    17  $250,000                              excess over $100,000
    18  Over $250,000                         $15,950 plus 6.85% of
    19                                        excess over $250,000
 
    20    §  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
    21  of the tax law, as added by section 5 of part A of  chapter  56  of  the
    22  laws of 2011, is amended to read as follows:

    23    (B) For taxable years beginning after two thousand fourteen,
    24  the following brackets and dollars amounts shall apply, as adjusted by
    25  the cost of living adjustment prescribed in section six hundred one-a of
    26  this part for tax years two thousand thirteen and two thousand fourteen:
 
    27  If the New York taxable income is:    The tax is:
    28  Not over $8,000                       4% of taxable income
    29  Over $8,000 but not over $11,000      $320 plus 4.5% of excess over
    30                                        $8,000
    31  Over $11,000 but not over $13,000     $455 plus 5.25% of excess over
    32                                        $11,000
    33  Over $13,000 but not over $20,000     $560 plus 5.90% of excess over
    34                                        $13,000
    35  Over $20,000 but not over $75,000     $973 plus [6.85%]

    36                                        6.45% of excess over $20,000
    37  Over $75,000 but not over $200,000    $4,521 plus 6.65% of excess
    38                                        over $75,000
    39  Over $200,000                         $12,833 plus 6.85% of excess
    40                                        over $200,000
 
    41    § 4. This act shall take effect immediately.
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