Bill S3773-2011

Relates to the imposition of tax on individuals

Relates to the imposition of tax on individuals, beginning after 2012.

Details

Actions

  • Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Mar 3, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S3773

TITLE OF BILL: An act to amend the tax law, in relation to the imposition of tax on individuals

PURPOSE: This bill would reduce income taxes on individuals earning less than $150,000 by approximately 15 per cent.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 - amends subsections (a), (b) and (c) of section 601 of the Tax Law to reduce tax rates for income levels under $150,000 beginning in taxable years after 2012. The bill reduces the tax rate by approximately 15%, after rounding, on income levels up to $150,000 for (a) resident married individuals filing joint returns and resident surviving spouses, (b) resident heads of households and (c) resident unmarried individuals, resident married individuals filing separate returns and resident estates and trusts Section 2 - Effective date.

CURRENT LAW: Tax Law Section 601 sets forth various tax rates for individuals.

JUSTIFICATION: Even though the state faces serious challenges in addressing predicted budget shortfalls, one good way to stimulate our economy, and increase net tax revenues, is to offer a targeted income tax reduction for taxpayers who need every dollar they can save to pay for day-to-day living expenses. Many residents across the state, and particularly in the upstate region, are barely getting by, burdened by stagnant or falling wages, increasing property taxes, and rising costs. This tax cut will not fund purchases of luxuries, but rather help taxpayers survive, while at the same time injecting needed dollars into our state economy that will pay dividends, through the multiplier effect, of greater income and sales taxes from increased economic activity and help save local businesses.

FISCAL IMPLICATIONS: To be determined.

LEGISLATIVE HISTORY: 2010: S.3524 -- Investigations

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 3773 2011-2012 Regular Sessions IN SENATE March 3, 2011 ___________
Introduced by Sens. RANZENHOFER, GOLDEN -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations AN ACT to amend the tax law, in relation to the imposition of tax on individuals THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs 1, 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (a) of section 601 of the tax law are renumbered paragraphs 2, 3, 4, 5, 6, 7, 8, 9 and 10 and a new paragraph 1 is added to read as follows: (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TWELVE: IF THE NEW YORK TAXABLE INCOME IS: THE TAX IS: NOT OVER $16,000 3.6% OF THE NEW YORK TAXABLE INCOME OVER $16,000 BUT NOT OVER $22,000 $576 PLUS 4% OF EXCESS OVER $16,000 OVER $22,000 BUT NOT OVER $26,000 $816 PLUS 4.75% OF EXCESS OVER $22,000 OVER $26,000 BUT NOT OVER $40,000 $1006 PLUS 5.3% OF EXCESS OVER $26,000 OVER $40,000 BUT NOT OVER $150,000 $1748 PLUS 6.2% OF EXCESS OVER $40,000 OVER $150,000 $8568 PLUS 6.85% OF EXCESS OVER $150,000 S 2. Paragraphs 1, 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (b) of section 601 of the tax law are renumbered paragraphs 2, 3, 4, 5, 6, 7, 8, 9 and 10 and a new paragraph 1 is added to read as follows: (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TWELVE:
IF THE NEW YORK TAXABLE INCOME IS: THE TAX IS: NOT OVER $11,000 3.6% OF THE NEW YORK TAXABLE INCOME OVER $11,000 BUT NOT OVER $15,000 $396 PLUS 4% OF EXCESS OVER $11,000 OVER $15,000 BUT NOT OVER $17,000 $572 PLUS 4.75% OF EXCESS OVER $15,000 OVER $17,000 BUT NOT OVER $30,000 $667 PLUS 5.3% OF EXCESS OVER $17,000 OVER $30,000 BUT NOT OVER $150,000 $1,356 PLUS 6.2% OF EXCESS OVER $30,000 OVER $150,000 $8796 PLUS 6.85% OF EXCESS OVER $150,000 S 3. Paragraphs 1, 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (c) of section 601 of the tax law are renumbered paragraphs 2, 3, 4, 5, 6, 7, 8, 9 and 10 and a new paragraph 1 is added to read as follows: (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TWELVE: IF THE NEW YORK TAXABLE INCOME IS: THE TAX IS: NOT OVER $8,000 3.6% OF THE NEW YORK TAXABLE INCOME OVER $8,000 BUT NOT OVER $11,000 $288 PLUS 4% OF EXCESS OVER $8,000 OVER $11,000 BUT NOT OVER $13,000 $408 PLUS 4.75% OF EXCESS OVER $11,000 OVER $13,000 BUT NOT OVER $20,000 $503 PLUS 5.3% OF EXCESS OVER $13,000 OVER $20,000 BUT NOT OVER $150,000 $874 PLUS 6.2% OF EXCESS OVER $20,000 OVER $150,000 $8934 PLUS 6.85% OF EXCESS OVER $150,000 S 4. This act shall take effect immediately.

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