Bill Text: NY A02718 | 2015-2016 | General Assembly | Introduced

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Bill Title: Places limitation upon personal income tax levy by the state of New York.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-06-14 - held for consideration in ways and means [A02718 Detail]

Download: New_York-2015-A02718-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2718
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 20, 2015
                                      ___________
       Introduced  by  M.  of A. TEDISCO, KOLB -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the tax law, in relation to a limit upon personal income
         tax levy by the state of New York
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  The tax law is amended by adding a new section 608 to read
    2  as follows:
    3    S  608.  LIMIT UPON PERSONAL INCOME TAX LEVY BY THE STATE OF NEW YORK.
    4  1. UNLESS OTHERWISE PROVIDED BY LAW, THE AMOUNT OF PERSONAL INCOME TAXES
    5  THAT MAY BE LEVIED BY OR ON BEHALF OF THE STATE OF NEW  YORK  SHALL  NOT
    6  EXCEED THE TAX LEVY LIMIT ESTABLISHED PURSUANT TO THIS SECTION.
    7    2. WHEN USED IN THIS SECTION:
    8    (A)  "ALLOWABLE  LEVY  GROWTH  FACTOR" FOR ALL FISCAL YEARS THAT BEGIN
    9  AFTER TWO THOUSAND SIXTEEN SHALL BE THE HIGHER OF: (I) ONE AND TWO  ONE-
   10  HUNDREDTHS;  OR  (II)  THE SUM OF ONE PLUS THE INFLATION FACTOR. FOR THE
   11  FISCAL YEAR THAT BEGINS IN  TWO  THOUSAND  SIXTEEN  THE  ALLOWABLE  LEVY
   12  GROWTH FACTOR SHALL BE ONE.
   13    (B)  "AVAILABLE  CARRYOVER" MEANS THE AMOUNT BY WHICH THE TAX LEVY FOR
   14  THE PRIOR FISCAL YEAR WAS BELOW THE TAX LEVY LIMIT FOR SUCH FISCAL YEAR,
   15  IF ANY, BUT NO MORE THAN AN AMOUNT THAT EQUALS ONE AND ONE-HALF  PERCENT
   16  OF  THE  TAX LEVY LIMIT FOR SUCH FISCAL YEAR, EXCEPT THAT THERE SHALL BE
   17  NO AVAILABLE CARRYOVER ADDED TO THE TAX  LEVY  LIMIT  FOR  FISCAL  YEARS
   18  BEGINNING BEFORE TWO THOUSAND EIGHTEEN.
   19    (C) "COMING FISCAL YEAR" MEANS THE FISCAL YEAR OF THE STATE GOVERNMENT
   20  FOR WHICH A TAX LEVY LIMIT SHALL BE DETERMINED PURSUANT TO THIS SECTION.
   21    (D)  "INFLATION  FACTOR" MEANS THE QUOTIENT OF: (I) THE AVERAGE OF THE
   22  NATIONAL CONSUMER PRICE INDEXES DETERMINED BY THE UNITED STATES  DEPART-
   23  MENT OF LABOR FOR THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO THE
   24  START  OF  THE  COMING  FISCAL  YEAR  MINUS  THE AVERAGE OF THE NATIONAL
   25  CONSUMER PRICE INDEXES DETERMINED BY THE  UNITED  STATES  DEPARTMENT  OF
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02632-01-5
       A. 2718                             2
    1  LABOR  FOR  THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO THE START
    2  OF THE PRIOR FISCAL YEAR, DIVIDED BY: (II) THE AVERAGE OF  THE  NATIONAL
    3  CONSUMER  PRICE  INDEXES  DETERMINED  BY THE UNITED STATES DEPARTMENT OF
    4  LABOR  FOR  THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO THE START
    5  OF THE PRIOR FISCAL YEAR, WITH THE RESULT EXPRESSED AS A DECIMAL TO FOUR
    6  PLACES.
    7    (E) "PRIOR FISCAL YEAR" MEANS THE FISCAL YEAR OF THE STATE IMMEDIATELY
    8  PRECEDING THE COMING FISCAL YEAR.
    9    (F) "TAX LEVY LIMIT" MEANS THE AMOUNT OF TAXES AUTHORIZED TO BE LEVIED
   10  BY OR ON BEHALF OF THE STATE PURSUANT TO THIS SECTION FOR  FISCAL  YEARS
   11  BEGINNING AFTER TWO THOUSAND FIFTEEN.
   12    (G)  "TAX"  OR  "TAXES"  MEANS  PERSONAL  INCOME TAXES LEVIED BY OR ON
   13  BEHALF OF THE STATE.
   14    3. (A) SUBJECT TO THE PROVISIONS OF SUBDIVISION FIVE OF THIS  SECTION,
   15  BEGINNING  WITH THE FISCAL YEAR THAT BEGINS IN TWO THOUSAND SIXTEEN, THE
   16  STATE SHALL NOT ADOPT A BUDGET THAT REQUIRES A TAX LEVY THAT IS  GREATER
   17  THAN THE TAX LEVY LIMIT FOR THE COMING FISCAL YEAR.
   18    (B)  THE  STATE  SHALL  CALCULATE THE TAX LEVY LIMIT APPLICABLE TO THE
   19  COMING FISCAL YEAR WHICH SHALL BE DETERMINED AS FOLLOWS:
   20    (I) ASCERTAIN THE TOTAL AMOUNT OF TAXES LEVIED FOR  THE  PRIOR  FISCAL
   21  YEAR.
   22    (II) MULTIPLY THE RESULT BY THE ALLOWABLE LEVY GROWTH FACTOR.
   23    (III) ADD THE AVAILABLE CARRYOVER, IF ANY.
   24    4.  IN  THE  EVENT THE STATE'S ACTUAL TAX LEVY FOR A GIVEN FISCAL YEAR
   25  EXCEEDS THE TAX LEVY LIMIT BY MORE THAN ONE  PERCENT  OF  THE  TAX  LEVY
   26  LIMIT,  THE STATE SHALL REBATE THE TOTAL AMOUNT THAT THE ACTUAL TAX LEVY
   27  EXCEEDS THE TAX LEVY LIMIT SO THAT  EACH  INDIVIDUAL  FILER  RECEIVES  A
   28  REBATE  OF  EQUAL AMOUNT ROUNDED DOWN TO THE NEAREST CENT, PROVIDED THAT
   29  NO INDIVIDUAL SHALL RECEIVE A REBATE OF A GREATER AMOUNT THAN THE INCOME
   30  TAXES PAID DURING THE SAME FISCAL YEAR. THESE REBATES SHALL BE MAILED IN
   31  THE FORMS OF CHECKS PAYABLE TO THE FILING INDIVIDUAL NO LATER  THAN  THE
   32  FIRST OF SEPTEMBER FOLLOWING THE END OF EACH FISCAL YEAR.
   33    5.  IN  THE  EVENT THE STATE'S ACTUAL TAX LEVY FOR A GIVEN FISCAL YEAR
   34  EXCEEDS THE TAX LEVY LIMIT AS ESTABLISHED PURSUANT TO  THIS  SECTION  BY
   35  LESS  THAN  ONE PERCENT OF THE TAX LEVY LIMIT, THE STATE SHALL PLACE THE
   36  EXCESS AMOUNT OF THE LEVY IN RESERVE IN ACCORDANCE  WITH  SUCH  REQUIRE-
   37  MENTS  AS  THE STATE COMPTROLLER MAY PRESCRIBE, AND SHALL USE SUCH FUNDS
   38  AND ANY INTEREST EARNED THEREON TO OFFSET THE TAX LEVY FOR  THE  ENSUING
   39  FISCAL YEAR.
   40    S 2. This act shall take effect immediately.