S T A T E O F N E W Y O R K ________________________________________________________________________ 1008 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. PARKER -- 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 increases in income tax rates on incomes over one million dollars and incomes over five million dollars THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Paragraphs 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (a) of 2 section 601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8, 9 3 and 10. 4 S 2. Paragraph 1 of subsection (a) of section 601 of the tax law, as 5 added by section 1 of part Z-1 of chapter 57 of the laws of 2009, is 6 amended to read as follows: 7 (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TEN AND BEFORE TWO 8 THOUSAND THIRTEEN: 9 IF THE NEW YORK TAXABLE INCOME IS: THE TAX IS: 10 NOT OVER $16,000 4% OF THE NEW YORK TAXABLE 11 INCOME 12 OVER $16,000 BUT NOT OVER $22,000 $640 PLUS 4.5% OF EXCESS OVER 13 $16,000 14 OVER $22,000 BUT NOT OVER $26,000 $910 PLUS 5.25% OF EXCESS OVER 15 $22,000 16 OVER $26,000 BUT NOT OVER $40,000 $1,120 PLUS 5.9% OF EXCESS OVER 17 $26,000 18 OVER $40,000 BUT NOT OVER $300,000 $1,946 PLUS 6.85% OF EXCESS OVER 19 $40,000 20 OVER $300,000 BUT NOT OVER $500,000 $19,756 PLUS 7.85% OF EXCESS OVER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02153-02-1 S. 1008 2 1 $300,000 2 OVER $500,000 BUT NOT OVER $1,000,000 $35,456 PLUS 8.97% OF EXCESS OVER 3 $500,000 4 OVER $1,000,000 BUT NOT OVER $80,306 PLUS 9.97% OF EXCESS OVER 5 $5,000,000 $1,000,000 6 OVER $5,000,000 $479,106 PLUS 10.97% OF EXCESS OVER 7 $5,000,000 8 (2) For taxable years beginning after two thousand eight and before 9 two thousand [twelve] ELEVEN AND FOR TAXABLE YEARS BEGINNING AFTER TWO 10 THOUSAND TWELVE: 11 If the New York taxable income is: The tax is: 12 Not over $16,000 4% of the New York taxable 13 income 14 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over 15 $16,000 16 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over 17 $22,000 18 Over $26,000 but not over $40,000 $1,120 plus 5.9% of excess over 19 $26,000 20 Over $40,000 but not over $300,000 $1,946 plus 6.85% of excess over 21 $40,000 22 Over $300,000 but not over $500,000 $19,756 plus 7.85% of excess over 23 $300,000 24 Over $500,000 $35,456 plus 8.97% of excess over 25 $500,000 26 S 3. Paragraphs 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (b) of section 27 601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8, 9 and 10. 28 S 4. Paragraph 1 of subsection (b) of section 601 of the tax law, as 29 added by section 1 of part Z-1 of chapter 57 of the laws of 2009, is 30 amended to read as follows: 31 (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TEN AND BEFORE TWO 32 THOUSAND THIRTEEN: 33 IF THE NEW YORK TAXABLE INCOME IS: THE TAX IS: 34 NOT OVER $11,000 4% OF THE NEW YORK TAXABLE 35 INCOME 36 OVER $11,000 BUT NOT OVER $15,000 $440 PLUS 4.5% OF EXCESS OVER 37 $11,000 38 OVER $15,000 BUT NOT OVER $17,000 $620 PLUS 5.25% OF EXCESS OVER 39 $15,000 40 OVER $17,000 BUT NOT OVER $30,000 $725 PLUS 5.9% OF EXCESS OVER 41 $17,000 42 OVER $30,000 BUT NOT OVER $250,000 $1,492 PLUS 6.85% OF EXCESS OVER 43 $30,000 44 OVER $250,000 BUT NOT OVER $500,000 $16,562 PLUS 7.85% OF EXCESS OVER 45 $250,000 46 OVER $500,000 BUT NOT OVER $36,187 PLUS 8.97% OF EXCESS OVER 47 $1,000,000 $500,000 48 OVER $1,000,000 BUT NOT OVER $81,037 PLUS 9.97% OF EXCESS OVER 49 $5,000,000 $1,000,000 50 OVER $5,000,000 $479,837 PLUS 10.97% OF EXCESS 51 OVER $5,000,000 S. 1008 3 1 (2) For taxable years beginning after two thousand eight and before 2 two thousand [twelve] ELEVEN AND FOR TAXABLE YEARS BEGINNING AFTER TWO 3 THOUSAND TWELVE: 4 If the New York taxable income is: The tax is: 5 Not over $11,000 4% of the New York taxable 6 income 7 Over $11,000 but not over $15,000 $440 plus 4.5% of excess over 8 $11,000 9 Over $15,000 but not over $17,000 $620 plus 5.25% of excess over 10 $15,000 11 Over $17,000 but not over $30,000 $725 plus 5.9% of excess over 12 $17,000 13 Over $30,000 but not over $250,000 $1,492 plus 6.85% of excess over 14 $30,000 15 Over $250,000 but not over $500,000 $16,562 plus 7.85% of excess over 16 $250,000 17 Over $500,000 $36,187 plus 8.97% of excess over 18 $500,000 19 S 5. Paragraphs 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (c) of section 20 601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8, 9 and 10. 21 S 6. Paragraph 1 of subsection (c) of section 601 of the tax law, as 22 added by section 1 of part Z-1 of chapter 57 of the laws of 2009, is 23 amended to read as follows: 24 (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TEN AND BEFORE TWO 25 THOUSAND THIRTEEN: 26 If the New York taxable income is: The tax is: 27 Not over $8,000 4% of the New York taxable 28 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 5.9% of excess over 34 $13,000 35 Over $20,000 but not over $200,000 $973 plus 6.85% of excess over 36 $20,000 37 Over $200,000 but not over $500,000 $13,303 plus 7.85% of excess over 38 $200,000 39 OVER $500,000 BUT NOT OVER $36,853 PLUS 8.97% OF EXCESS 40 $1,000,000 OVER $500,000 41 OVER $1,000,000 BUT NOT OVER $81,703 PLUS 9.99% OF EXCESS OVER 42 $5,000,000 $1,000,000 43 OVER $5,000,000 $480,503 PLUS 10.97% OF EXCESS 44 OVER $5,000,000 45 (2) For taxable years beginning after two thousand eight and before 46 two thousand [twelve] ELEVEN AND FOR TAXABLE YEARS BEGINNING AFTER TWO 47 THOUSAND TWELVE: 48 If the New York taxable income is: The tax is: 49 Not over $8,000 4% of the New York taxable S. 1008 4 1 income 2 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over 3 $8,000 4 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over 5 $11,000 6 Over $13,000 but not over $20,000 $560 plus 5.9% of excess over 7 $13,000 8 Over $20,000 but not over $200,000 $973 plus 6.85% of excess over 9 $20,000 10 Over $200,000 but not over $500,000 $13,303 plus 7.85% of excess over 11 $200,000 12 Over $500,000 $36,853 plus 8.97% of excess over 13 $500,000 14 S 7. This act shall take effect immediately and shall apply to taxable 15 years beginning on or after January 1, 2011.