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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          83
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                      (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
       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    S 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 FIFTEEN 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-
   21  MENT OF LABOR FOR THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO THE
   22  START OF THE COMING FISCAL  YEAR  MINUS  THE  AVERAGE  OF  THE  NATIONAL
   23  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.
                                                                  LBD01059-01-5
       S. 83                               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 THIRTEEN.
   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 AFTER TWO THOUSAND FIFTEEN,
   16  THE STATE SHALL NOT ADOPT A BUDGET THAT REQUIRES  A  TAX  LEVY  THAT  IS
   17  GREATER 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
   31  IN THE FORM 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.