NY State Senate Bill 2009-S7791

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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 11, 2010	referred to investigations and government operations

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) - Summary

Relates to increasing income tax rates on incomes over one million dollars and five million dollars.

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

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 5 of the bill renumbers paragraphs 2,3,4,5,6,7,8 and 9 of
subsection (c) of section of the tax law.

Section 6 of the bill amends paragraph 1 of subsection (c) 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 7 of the bill sets forth the effective date.

 JUSTIFICATION :
In 2007, the world economy collapsed, due in part to a collapse of the
sub-prime mortgage market.

Since then, New York State has had to close record budget deficits in
every Executive Budget.  Despite significant attempts over the past
three years to shrink government, and the extraction of hundreds of
millions of dollars in savings from the state agencies, the state
university system and community colleges however, New York is still
facing a significant budget hole in the 2010-2011 Executive Budget.

A new, temporary tax bracket for New York taxable incomes over
$1,000,000, and over $5,000,000, will garner up to $1 billion in new
revenue annually, absent which, New York have to make further cuts to
health care, education, and human services. There are more than
850,000 New Yorkers out of work, and more than 100,000 have lost their
homes. Adding significant cuts to health care and education on top of
the more than $1 billion already cut out of the budgets of the state
agencies - and particularly the human services agencies - would have
the practical effect of balancing the budget upon the backs of New
York's most vulnerable populations.

 PRIOR LEGISLATIVE HISTORY :
None.
 FISCAL IMPLICATIONS :
No cost to the State.

 EFFECTIVE DATE :
This act will take effect immediately and shall apply to taxable years
beginning on or after January 1, 2010.

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

S. 7791                             2

$5,000,000                            $1,000,000
OVER $5,000,000                       $479,106 PLUS 10.97% OF EXCESS OVER
                                      $5,000,000

  (2)  For  taxable  years beginning after two thousand eight and before
two thousand [twelve] TEN AND FOR  TAXABLE  YEARS  BEGINNING  AFTER  TWO
THOUSAND ELEVEN:

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                         $35,456 plus 8.97% of excess over
                                      $500,000

  S 3. Paragraphs 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (b) of section
601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8, 9 and 10.
  S  4.  Paragraph 1 of subsection (b) 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 $11,000                      4% OF THE NEW YORK TAXABLE
                                      INCOME
OVER $11,000 BUT NOT OVER $15,000     $440 PLUS 4.5% OF EXCESS OVER
                                      $11,000
OVER $15,000 BUT NOT OVER $17,000     $620 PLUS 5.25% OF EXCESS OVER
                                      $15,000
OVER $17,000 BUT NOT OVER $30,000     $725 PLUS 5.9% OF EXCESS OVER
                                      $17,000
OVER $30,000 BUT NOT OVER $250,000    $1,492 PLUS 6.85% OF EXCESS OVER
                                      $30,000
OVER $250,000 BUT NOT OVER $500,000   $16,562 PLUS 7.85% OF EXCESS OVER
                                      $250,000
OVER $500,000 BUT NOT OVER            $36,187 PLUS 8.97% OF EXCESS OVER
$1,000,000                            $500,000
OVER $1,000,000 BUT NOT OVER          $81,037 PLUS 9.97% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000                       $479,837 PLUS 10.97% OF EXCESS
                                      OVER $5,000,000

  (2)  For  taxable  years beginning after two thousand eight and before
two thousand [twelve] TEN AND FOR  TAXABLE  YEARS  BEGINNING  AFTER  TWO
THOUSAND ELEVEN:

S. 7791                             3

If the New York taxable income is:    The tax is:
Not over $11,000                      4% of the New York taxable
                                      income
Over $11,000 but not over $15,000     $440 plus 4.5% of excess over
                                      $11,000
Over $15,000 but not over $17,000     $620 plus 5.25% of excess over
                                      $15,000
Over $17,000 but not over $30,000     $725 plus 5.9% of excess over
                                      $17,000
Over $30,000 but not over $250,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $250,000 but not over $500,000   $16,562 plus 7.85% of excess over
                                      $250,000
Over $500,000                         $36,187 plus 8.97% of excess over
                                      $500,000

  S 5. Paragraphs 2, 3, 4, 5, 6, 7, 8 and 9 of subsection (c) of section
601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8, 9 and 10.
  S  6.  Paragraph 1 of subsection (c) 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 $8,000                       4% of the New York taxable
                                      income
Over $8,000 but not over $11,000      $320 plus 4.5% of excess over
                                      $8,000
Over $11,000 but not over $13,000     $455 plus 5.25% of excess over
                                      $11,000
Over $13,000 but not over $20,000     $560 plus 5.9% of excess over
                                      $13,000
Over $20,000 but not over $200,000    $973 plus 6.85% of excess over
                                      $20,000
Over $200,000 but not over $500,000   $13,303 plus 7.85% of excess over
                                      $200,000
OVER $500,000 BUT NOT OVER            $369,853 PLUS 8.97% OF EXCESS
$1,000,000                            OVER $500,000
OVER $1,000,000 BUT NOT OVER          $81,703 PLUS 9.99% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000                       $480,503 PLUS 10.97% OF EXCESS
                                      OVER $5,000,000

  (2)  For  taxable  years beginning after two thousand eight and before
two thousand [twelve] TEN AND FOR  TAXABLE  YEARS  BEGINNING  AFTER  TWO
THOUSAND ELEVEN:

If the New York taxable income is:    The tax is:
Not over $8,000                       4% of the New York taxable
                                      income
Over $8,000 but not over $11,000      $320 plus 4.5% of excess over
                                      $8,000
Over $11,000 but not over $13,000     $455 plus 5.25% of excess over

S. 7791                             4

                                      $11,000
Over $13,000 but not over $20,000     $560 plus 5.9% of excess over
                                      $13,000
Over $20,000 but not over $200,000    $973 plus 6.85% of excess over
                                      $20,000
Over $200,000 but not over $500,000   $13,303 plus 7.85% of excess over
                                      $200,000
Over $500,000                         $36,853 plus 8.97% of excess over
                                      $500,000

  S 7. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2010.

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Senate Bill S7791

Sponsored By

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

Actions

2009-S7791 (ACTIVE) - Details

2009-S7791 (ACTIVE) - Summary

2009-S7791 (ACTIVE) - Sponsor Memo

2009-S7791 (ACTIVE) - Bill Text download pdf

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Sponsored By

Kevin S. Parker

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

Actions

2009-S7791 (ACTIVE) - Details

2009-S7791 (ACTIVE) - Summary

2009-S7791 (ACTIVE) - Sponsor Memo

2009-S7791 (ACTIVE) - Bill Text download pdf

Comments