Bill Text: NY A09100 | 2015-2016 | General Assembly | Introduced


Bill Title: Relates to calculation of the personal income tax.

Spectrum: Partisan Bill (Republican 13-0)

Status: (Introduced - Dead) 2016-06-15 - held for consideration in ways and means [A09100 Detail]

Download: New_York-2015-A09100-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          9100
                   IN ASSEMBLY
                                    January 26, 2016
                                       ___________
        Introduced  by  M. of A. KOLB -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the tax law, in relation to calculation of the  personal
          income tax
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph 1 of subsection (a) of section  601  of  the  tax
     2  law,  as  amended  by  section 1 of part FF of chapter 59 of the laws of
     3  2013, is amended to read as follows:
     4    (1) (A) For taxable years beginning after  two  thousand  [eleven  and
     5  before two thousand eighteen] sixteen:
     6  If the New York taxable income is:    The tax is:
     7  Not over [$16,000] $40,000            [4%] 0% of
     8                                        taxable income
     9  [Over $16,000 but not over $22,000    $640 plus 4.5% of excess over
    10                                        $16,000
    11  Over $22,000 but not over $26,000     $910 plus 5.25% of excess over
    12                                        $22,000
    13  Over $26,000 but not over $40,000     $1,120 plus 5.90% of excess over
    14                                        $26,000]
    15  Over $40,000 but not over $150,000    $1,946 plus 6.45% of excess over
    16                                        $40,000
    17  Over $150,000 but not over $300,000   $9,041 plus 6.65% of excess over
    18                                        $150,000
    19  Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over
    20                                        $300,000
    21  Over $2,000,000                       $135,466 plus 8.82% of excess over
    22                                        $2,000,000
    23    (B)  For  taxable  years  beginning  after two thousand seventeen, the
    24  following brackets and dollar amounts shall apply, as  adjusted  by  the
    25  cost  of  living  adjustment  prescribed in section six hundred one-a of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13301-01-5
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