Bill Text: NY S00089 | 2015-2016 | General Assembly | Introduced
Bill Title: Reduces personal income tax rates for the middle class.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00089 Detail]
Download: New_York-2015-S00089-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 89 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 reducing personal income tax rates THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subparagraph (B) of paragraph 1 of subsection (a) of 2 section 601 of the tax law, as amended by section 1 of part FF of chap- 3 ter 59 of the laws of 2013, is amended to read as follows: 4 (B) For taxable years beginning after two thousand seventeen, the 5 following brackets and dollar amounts shall apply, as adjusted by the 6 cost of living adjustment prescribed in section six hundred one-a of 7 this part for tax years two thousand thirteen through two thousand 8 seventeen: 9 If the New York taxable income is: The tax is: 10 Not over $16,000 4% of taxable income 11 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over 12 $16,000 13 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over 14 $22,000 15 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over 16 $26,000 17 Over $40,000 BUT NOT OVER $150,000 $1,946 plus [6.85%] 18 6.45% of excess over $40,000 19 OVER $150,000 BUT NOT OVER $9,041 PLUS 6.65% OF 20 $300,000 EXCESS OVER $150,000 21 OVER $300,000 $19,016 PLUS 6.85% OF 22 EXCESS OVER $300,000 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00666-01-5 S. 89 2 1 S 2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601 2 of the tax law, as amended by section 2 of part FF of chapter 59 of the 3 laws of 2013, is amended to read as follows: 4 (B) For taxable years beginning after two thousand seventeen, the 5 following brackets and dollars amounts shall apply, as adjusted by the 6 cost of living adjustment prescribed in section six hundred one-a of 7 this part for tax years two thousand thirteen through two thousand 8 seventeen: 9 If the New York taxable income is: The tax is: 10 Not over $12,000 4% of taxable income 11 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over 12 $12,000 13 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over 14 $16,500 15 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over 16 $19,500 17 Over $30,000 BUT NOT OVER $100,000 $1,460 plus [6.85%] 18 6.45% of excess over $30,000 19 OVER $100,000 BUT NOT OVER $5,975 PLUS 6.65% OF 20 $250,000 EXCESS OVER $100,000 21 OVER $250,000 $15,950 PLUS 6.85% OF 22 EXCESS OVER $250,000 23 S 3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601 24 of the tax law, as amended by section 3 of part FF of chapter 59 of the 25 laws of 2013, is amended to read as follows: 26 (B) For taxable years beginning after two thousand seventeen, the 27 following brackets and dollars amounts shall apply, as adjusted by the 28 cost of living adjustment prescribed in section six hundred one-a of 29 this part for tax years two thousand thirteen through two thousand 30 seventeen: 31 If the New York taxable income is: The tax is: 32 Not over $8,000 4% of taxable income 33 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over 34 $8,000 35 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over 36 $11,000 37 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over 38 $13,000 39 Over $20,000 BUT NOT OVER $75,000 $973 plus [6.85%] 40 6.45% of excess over $20,000 41 OVER $75,000 BUT NOT OVER $200,000 $4,521 PLUS 6.65% OF EXCESS 42 OVER $75,000 43 OVER $200,000 $12,833 PLUS 6.85% OF EXCESS 44 OVER $200,000 45 S 4. This act shall take effect immediately.