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.