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.