Senate Bill S540

2009-2010 Legislative Session

Relates to tax table benefit recapture; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S540 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §601, rpld sub§ (d), Tax L

2009-S540 (ACTIVE) - Summary

Raises the cap on income levels triggering the supplemental tax in an effort to decrease the tax burden on joint filers and heads-of-households.

2009-S540 (ACTIVE) - Sponsor Memo

2009-S540 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   540

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  Sen.  ALESI  -- 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  the  personal  income  tax
  table  benefit  recapture;  to repeal subsection (d) of section 601 of
  such law relating to personal income tax; and providing for the repeal
  of certain provisions upon expiration thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The opening paragraph of subsection (d) of section 601 of
the tax law, as amended by section 1 of part R of chapter 63 of the laws
of 2003, is amended to read as follows:
  For taxable years beginning after nineteen hundred ninety  AND  BEFORE
TWO  THOUSAND  NINE, there is hereby imposed a supplemental tax in addi-
tion to the tax imposed under subsections  (a),  (b)  and  (c)  of  this
section  for  the  purpose  of recapturing the benefit of the tax tables
contained in such subsections or section six hundred ninety-nine of this
article, as the case may be. The supplemental tax  shall  be  an  amount
equal  to  the  sum of the tax table benefits in paragraphs one, two and
three of this subsection multiplied by  their  respective  fractions  in
such paragraphs provided, however, that paragraph two of this subsection
shall  not apply to taxpayers that are not subject to the second highest
rate of tax.
  S 2. Section 601 of the  tax  law  is  amended  by  adding  three  new
subsections (d-1), (d-2) and (d-3) to read as follows:
  (D-1)  TAX TABLE BENEFIT RECAPTURE. FOR TAXABLE YEARS BEGINNING ON AND
AFTER JANUARY FIRST, TWO THOUSAND TEN  AND  BEFORE  JANUARY  FIRST,  TWO
THOUSAND  ELEVEN, THERE IS HEREBY IMPOSED A SUPPLEMENTAL TAX IN ADDITION
TO THE TAX IMPOSED UNDER SUBSECTIONS (A), (B) AND (C)  OF  THIS  SECTION
FOR  THE  PURPOSE OF RECAPTURING THE BENEFIT OF THE TAX TABLES CONTAINED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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