Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 11, 2010 |
referred to investigations and government operations |
Senate Bill S7791
2009-2010 Legislative Session
Sponsored By
(D, WF) 21st Senate District
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
Actions
2009-S7791 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §601, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S1008
2009-S7791 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7791 TITLE OF BILL : An act to amend the tax law, in relation to increases in income tax rates on incomes over one million dollars and incomes over five million dollars PURPOSE OR GENERAL IDEA OF BILL : To provide for a temporary increase of personal income taxes upon New Yorkers earning more than one million dollars annually, and five million dollars annually. Such increase will be a temporary 9.97% bracket for annual incomes over $1,000,000 and a 10.97% bracket for annual incomes over $5,000,000. SUMMARY OF SPECIFIC PROVISIONS : Section 2 of the bill amends paragraph 1 of subsection (a) of section 601 of the tax law, as added by chapter 57 of the laws of 2009, to provide for two new tax brackets, a bracket for New York taxable incomes over $1,000,000 but less than $5,000,000, and a bracket for incomes over $5,000,000. Section 3 of the bill renumbers paragraphs 2,3,4,5,6,7,8 and 9 of subsection (b) of section of the tax law. Section 4 of the bill amends paragraph 1 of subsection (b) of section
2009-S7791 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7791 I N S E N A T E May 11, 2010 ___________ Introduced by Sen. PARKER -- 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 increases in income tax rates on incomes over one million dollars and incomes over five million dollars THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (a) of section 601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8, 9 and 10. S 2. Paragraph 1 of subsection (a) of section 601 of the tax law, as added by section 1 of part Z-1 of chapter 57 of the laws of 2009, is amended to read as follows: (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND NINE AND BEFORE TWO THOUSAND TWELVE: IF THE NEW YORK TAXABLE INCOME IS: THE TAX IS: NOT OVER $16,000 4% OF THE NEW YORK TAXABLE INCOME OVER $16,000 BUT NOT OVER $22,000 $640 PLUS 4.5% OF EXCESS OVER $16,000 OVER $22,000 BUT NOT OVER $26,000 $910 PLUS 5.25% OF EXCESS OVER $22,000 OVER $26,000 BUT NOT OVER $40,000 $1,120 PLUS 5.9% OF EXCESS OVER $26,000 OVER $40,000 BUT NOT OVER $300,000 $1,946 PLUS 6.85% OF EXCESS OVER $40,000 OVER $300,000 BUT NOT OVER $500,000 $19,756 PLUS 7.85% OF EXCESS OVER $300,000 OVER $500,000 BUT NOT OVER $1,000,000 $35,456 PLUS 8.97% OF EXCESS OVER $500,000 OVER $1,000,000 BUT NOT OVER $80,306 PLUS 9.97% OF EXCESS OVER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD17150-02-0
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.