Bill Text: NY S00083 | 2015-2016 | General Assembly | Amended

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Bill Title: Places a limit on the personal income tax levy by New York state.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-08 - PRINT NUMBER 83A [S00083 Detail]

Download: New_York-2015-S00083-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          83--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 7, 2015
                                       ___________
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- recommitted to the Committee on Investigations  and
          Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee
        AN  ACT  to  amend  the tax law, in relation to placing a limit upon the
          personal income tax 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    §  608.  Limit  upon  the personal income tax levy by the state of New
     4  York.
     5    1. Unless otherwise provided by law, the  amount  of  personal  income
     6  taxes  that may be levied by or on behalf of the state of New York shall
     7  not exceed the tax levy limit established pursuant to this section.
     8    2. When used in this section:
     9    (a) "Allowable levy growth factor" for all  fiscal  years  that  begin
    10  after  two thousand sixteen shall be the higher of: (i) one and two one-
    11  hundredths; or (ii) the  sum  of  ninety-nine  one-hundredths  plus  the
    12  inflation factor.
    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.
    17    (c) "Coming fiscal year" means the fiscal year of the state government
    18  for which a tax levy limit shall be determined pursuant to this section.
    19    (d)  "Inflation  factor" means the quotient of: (i) the average of the
    20  national consumer price indexes determined by the United States  depart-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01059-02-6