Bill Text: NY S07845 | 2011-2012 | General Assembly | Introduced
Bill Title: Reduces personal income tax rates for the middle class.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-08-27 - REFERRED TO RULES [S07845 Detail]
Download: New_York-2011-S07845-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7845 I N S E N A T E August 27, 2012 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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 added by section 1 of part A of chapter 3 56 of the laws of 2011, is amended to read as follows: 4 (B) For taxable years beginning after two thousand fourteen, 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 and two thousand fourteen: 8 If the New York taxable income is: The tax is: 9 Not over $16,000 4% of taxable income 10 Over $16,000 but not over $22,000 $640 plus 4.5% of excess over 11 $16,000 12 Over $22,000 but not over $26,000 $910 plus 5.25% of excess over 13 $22,000 14 Over $26,000 but not over $40,000 $1,120 plus 5.90% of excess over 15 $26,000 16 Over $40,000 BUT NOT OVER $1,946 plus [6.85%] 17 $150,000 6.45% of excess over 18 $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 23 S 2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601 24 of the tax law, as added by section 3 of part A of chapter 56 of the 25 laws of 2011, is amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16455-01-2 S. 7845 2 1 (B) For taxable years beginning after two thousand fourteen, the 2 following brackets and dollars amounts shall apply, as adjusted by the 3 cost of living adjustment prescribed in section six hundred one-a of 4 this part for tax years two thousand thirteen and two thousand fourteen: 5 If the New York taxable income is: The tax is: 6 Not over $12,000 4% of taxable income 7 Over $12,000 but not over $16,500 $480 plus 4.5% of excess over 8 $12,000 9 Over $16,500 but not over $19,500 $683 plus 5.25% of excess over 10 $16,500 11 Over $19,500 but not over $30,000 $840 plus 5.90% of excess over 12 $19,500 13 Over $30,000 BUT NOT OVER $1,460 plus [6.85%] 14 $100,000 6.45% of excess over 15 $30,000 16 OVER $100,000 BUT NOT OVER $5,975 PLUS 6.65% OF 17 $250,000 EXCESS OVER $100,000 18 OVER $250,000 $15,950 PLUS 6.85% OF 19 EXCESS OVER $250,000 20 S 3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601 21 of the tax law, as added by section 5 of part A of chapter 56 of the 22 laws of 2011, is amended to read as follows: 23 (B) For taxable years beginning after two thousand fourteen, 24 the following brackets and dollars amounts shall apply, as adjusted by 25 the cost of living adjustment prescribed in section six hundred one-a of 26 this part for tax years two thousand thirteen and two thousand fourteen: 27 If the New York taxable income is: The tax is: 28 Not over $8,000 4% of taxable income 29 Over $8,000 but not over $11,000 $320 plus 4.5% of excess over 30 $8,000 31 Over $11,000 but not over $13,000 $455 plus 5.25% of excess over 32 $11,000 33 Over $13,000 but not over $20,000 $560 plus 5.90% of excess over 34 $13,000 35 Over $20,000 BUT NOT OVER $75,000 $973 plus [6.85%] 36 6.45% of excess over $20,000 37 OVER $75,000 BUT NOT OVER $200,000 $4,521 PLUS 6.65% OF EXCESS 38 OVER $75,000 39 OVER $200,000 $12,833 PLUS 6.85% OF EXCESS 40 OVER $200,000 41 S 4. This act shall take effect immediately.