NY State Assembly Bill A7802

assembly Bill A7802

2011-2012 Legislative Session

Relates to the modification and extension of a tax rate on income in excess of one million dollars

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Archive: Last Bill Status - In Assembly Committee

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed/Vetoed by Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 04, 2012	referred to ways and means
May 17, 2011	referred to ways and means

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A7802 (ACTIVE) - Details

See Senate Version of this Bill:: S5453
Law Section:: Tax Law
Laws Affected:: Amd §§601 & 685, Tax L; add §97-kkkk, St Fin L

A7802 (ACTIVE) - Summary

Relates to the modification and extension of a tax rate on income in excess of one million dollars; creates an educational assistance fund.

A7802 (ACTIVE) - Bill Text download pdf

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

                                  7802

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 17, 2011
                               ___________

Introduced by M. of A. SILVER, FARRELL -- Multi-Sponsored by -- M. of A.
  ABBATE,  ARROYO,  AUBRY, BARRON, BENEDETTO, BOYLAND, BRENNAN, BRONSON,
  BROOK-KRASNY,  CAHILL,  CANESTRARI,  CASTRO,  COLTON,  COOK,   CRESPO,
  CYMBROWITZ,  DINOWITZ, ENGLEBRIGHT, GIBSON, GLICK, GOTTFRIED, GUNTHER,
  HEASTIE, JAFFEE, LANCMAN, LAVINE, LENTOL,  LIFTON,  LINARES,  LUPARDO,
  MAGEE,  McENENY,  MENG,  M. MILLER,  MILLMAN,  MOYA, NOLAN, O'DONNELL,
  PERRY,  PRETLOW,  RAMOS,  ROBERTS,  ROBINSON,  RODRIGUEZ,   ROSENTHAL,
  RUSSELL,  SCARBOROUGH,  SCHIMEL,  SWEENEY,  THIELE,  TITUS, WEINSTEIN,
  WEPRIN, WRIGHT -- read once and referred to the Committee on Ways  and
  Means

AN  ACT to amend the tax law, in relation to the modification and exten-
  sion of a tax rate on income in excess of one million dollars  and  to
  amend  the state finance law, in relation to the creation of an educa-
  tional assistance fund

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

  Section  1.  Subsections  (a),  (b), and (c) of section 601 of the tax
law, as amended by section 1 of part Z-1 of chapter 57 of  the  laws  of
2009, are amended to read as follows:
  (a)  Resident  married  individuals  filing joint returns and resident
surviving spouses. There is hereby imposed for each taxable year on  the
New York taxable income of every resident married individual who makes a
single  return  jointly  with his spouse under subsection (b) of section
six hundred fifty-one and on the New York taxable income of every  resi-
dent  surviving spouse a tax determined in accordance with the following
tables:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND ELEVEN  AND  BEFORE
TWO THOUSAND THIRTEEN:


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10065-05-1

A. 7802                             2

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 $1,000,000  $1,946 PLUS 6.85% OF EXCESS OVER
                                      $40,000
OVER $1,000,000                       $67,706 PLUS 8.97% OF EXCESS
                                      OVER $1,000,000

  (2)  For  taxable  years beginning after two thousand eight 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                         $35,456 plus 8.97% of excess over
                                      $500,000

  [(2)] (3) For taxable years beginning  after  two  thousand  five  and
before two thousand nine and after two thousand [eleven] 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                          $1,946 plus 6.85% of excess over
                                      $40,000

  [(3)] (4) For taxable years beginning in two thousand five:

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

A. 7802                             3

                                      $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 $150,000    $1,946 plus 6.85% of excess over
                                      $40,000
Over $150,000 but not over $500,000   $9,481 plus 7.25% of excess over
                                      $150,000
Over $500,000                         $34,856 plus 7.7% of excess over
                                      $500,000

  [(4)] (5) For taxable years beginning in two thousand four:

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 $150,000    $1,946 plus 6.85% of excess over
                                      $40,000
Over $150,000 but not over $500,000   $9,481 plus 7.375% of excess over
                                      $150,000
Over $500,000                         $35,294 plus 7.7% of excess over
                                      $500,000

  [(5)] (6) For taxable years beginning in two thousand three:

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 $150,000    $1,946 plus 6.85% of excess over
                                      $40,000
Over $150,000 but not over $500,000   $9,481 plus 7.5% of excess over
                                      $150,000
Over $500,000                         $35,731 plus 7.7% of excess over
                                      $500,000

  [(6)]  (7)  For taxable years beginning after nineteen hundred ninety-
six and before two thousand three:

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

A. 7802                             4

                                      $22,000
Over $26,000 but not over $40,000     $1,120 plus 5.9% of excess over
                                      $26,000
Over $40,000                          $1,946 plus 6.85% of excess over
                                      $40,000

  [(7)] (8) For taxable years beginning in nineteen hundred ninety-six:

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 $16,000     $440 plus 5% of excess over
                                      $11,000
Over $16,000 but not over $22,000     $690 plus 6% of excess over
                                      $16,000
Over $22,000                          $1,050 plus 7% of excess over
                                      $22,000
  [(8)] (9) For taxable years beginning in nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $13,000                      4.55% of the New York taxable
                                      income
Over $13,000 but not over $19,000     $592 plus 5.55% of excess over
                                      $13,000
Over $19,000 but not over $25,000     $925 plus 6.55% of excess over
                                      $19,000
Over $25,000                          $1,318 plus 7.5% of excess over
                                      $25,000

  [(9)]  (10) For taxable years beginning after nineteen hundred eighty-
nine and before nineteen hundred ninety-five:

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 $16,000     $440 plus 5% of excess over
                                      $11,000
Over $16,000 but not over $22,000     $690 plus 6% of excess over
                                      $16,000
Over $22,000 but not over $26,000     $1,050 plus 7% of excess over
                                      $22,000
Over $26,000                          $1,330 plus 7.875% of excess over
                                      $26,000

  (b) Resident heads of households. There is  hereby  imposed  for  each
taxable  year on the New York taxable income of every resident head of a
household a tax determined in accordance with the following tables:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND ELEVEN  AND  BEFORE
TWO THOUSAND THIRTEEN:

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

A. 7802                             5

                                      $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 $1,000,000  $1,492 PLUS 6.85% OF EXCESS OVER
                                      $30,000
OVER $1,000,000                       $67,937 PLUS 8.97% OF EXCESS OVER
                                      $1,000,000

  (2)  For  taxable  years beginning after two thousand eight 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                         $36,187 plus 8.97% of excess over
                                      $500,000

  [(2)] (3) For taxable years beginning  after  two  thousand  five  and
before two thousand nine and after two thousand [eleven] 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                          $1,492 plus 6.85% of excess over
                                      $30,000

  [(3)] (4) For taxable years beginning in two thousand five:

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 $125,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $125,000 but not over $500,000   $8,000 plus 7.25% of excess over

A. 7802                             6

                                      $125,000
Over $500,000                         $35,187 plus 7.7% of excess over
                                      $500,000

  [(4)] (5) For taxable years beginning in two thousand four:

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 $125,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $125,000 but not over $500,000   $8,000 plus 7.375% of excess over
                                      $125,000
Over $500,000                         $35,656 plus 7.7% of excess over
                                      $500,000

  [(5)] (6) For taxable years beginning in two thousand three:

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 $125,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $125,000 but not over $500,000   $8,000 plus 7.5% of excess over
                                      $125,000
Over $500,000                         $36,125 plus 7.7% of excess over
                                      $500,000

  [(6)]  (7)  For taxable years beginning after nineteen hundred ninety-
six and before two thousand three:

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                          $1,492 plus 6.85% of excess over
                                      $30,000

  [(7)] (8) For taxable years beginning in nineteen hundred ninety-six:

A. 7802                             7

If the New York taxable income is:    The tax is:
Not over $7,500                       4% of the New York taxable
                                      income
Over $7,500 but not over $11,000      $300 plus 5% of excess over
                                      $7,500
Over $11,000 but not over $15,000     $475 plus 6% of excess over
                                      $11,000
Over $15,000                          $ 715 plus 7% of excess over
                                      $15,000

  [(8)] (9) For taxable years beginning in nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $9,000                       4.55% of the New York taxable
                                      income
Over $9,000 but not over $14,000      $410 plus 5.55% of excess over
                                      $9,000
Over $14,000 but not over $19,000     $687 plus 6.55% of excess over
                                      $14,000
Over $19,000                          $1,015 plus 7.5% of excess over
                                      $19,000

  [(9)]  (10) For taxable years beginning after nineteen hundred eighty-
nine and before nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $7,500                       4% of the New York taxable
                                      income
Over $7,500 but not over $11,000      $300 plus 5% of excess over
                                      $7,500
Over $11,000 but not over $15,000     $475 plus 6% of excess over
                                      $11,000
Over $15,000 but not over $17,000     $715 plus 7% of excess over
                                      $15,000
Over $17,000                          $855 plus 7.875% of excess over
                                      $17,000

  (c)  Resident  unmarried  individuals,  resident  married  individuals
filing separate returns and resident estates and trusts. There is hereby
imposed  for  each  taxable year on the New York taxable income of every
resident individual who is not a married individual who makes  a  single
return  jointly  with  his  spouse  under  subsection (b) of section six
hundred fifty-one or a resident  head  of  a  household  or  a  resident
surviving  spouse,  and on the New York taxable income of every resident
estate and trust a tax  determined  in  accordance  with  the  following
tables:
  (1)  FOR  TAXABLE YEARS BEGINNING AFTER TWO THOUSAND ELEVEN AND BEFORE
TWO THOUSAND THIRTEEN:

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

A. 7802                             8

                                      $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 $1,000,000  $973 PLUS 6.85% OF EXCESS OVER
                                      $20,000
OVER $1,000,000                       $68,103 PLUS 8.97% OF EXCESS OVER
                                      $1,000,000

  (2)  For  taxable  years beginning after two thousand eight 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                         $36,853 plus 8.97% of excess over
                                      $500,000

  [(2)] (3) For taxable years beginning  after  two  thousand  five  and
before two thousand nine and after two thousand [eleven] 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                          $973 plus 6.85% of excess over
                                      $20,000

  [(3)] (4) For taxable years beginning in two thousand five:

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 $100,000    $973 plus 6.85% of excess over
                                      $20,000
Over $100,000 but not over $500,000   $6,453 plus 7.25% of excess over

A. 7802                             9

                                      $100,000
Over $500,000                         $35,453 plus 7.7% of excess over
                                      $500,000

  [(4)] (5) For taxable years beginning in two thousand four:

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 $100,000    $973 plus 6.85% of excess over
                                      $20,000
Over $100,000 but not over $500,000   $6,453 plus 7.375% of excess over
                                      $100,000
Over $500,000                         $35,953 plus 7.7% of excess over
                                      $500,000

  [(5)] (6) For taxable years beginning in two thousand three:

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 $100,000    $973 plus 6.85% of excess over
                                      $20,000
Over $100,000 but not over $500,000   $6,453 plus 7.5% of excess over
                                      $100,000
Over $500,000                         $36,453 plus 7.7% of excess over
                                      $500,000

  [(6)]  (7)  For taxable years beginning after nineteen hundred ninety-
six and before two thousand three:

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                          $973 plus 6.85% of excess over
                                      $20,000

  [(7)] (8) For taxable years beginning in nineteen hundred ninety-six:

A. 7802                            10

If the New York taxable income is:    The tax is:
Not over $5,500                       4% of the New York taxable
                                      income
Over $5,500 but not over $8,000       $220 plus 5% of excess over
                                      $5,500
Over $8,000 but not over $11,000      $345 plus 6% of excess over
                                      $8,000
Over $11,000                          $525 plus 7% of excess over
                                      $11,000

  [(8)] (9) For taxable years beginning in nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $6,500                       4.55% of the New York taxable
                                      income
Over $6,500 but not over $9,500       $296 plus 5.55% of excess over
                                      $6,500
Over $9,500 but not over $12,500      $462 plus 6.55% of excess over
                                      $9,500
Over $12,500                          $659 plus 7.5% of excess over
                                      $12,500

  [(9)]  (10) For taxable years beginning after nineteen hundred eighty-
nine and before nineteen hundred ninety-five:

If the New York taxable
income is:                            The tax is:
Not over $5,500                       4% of the New York taxable
                                      income
Over $5,500 but not over $8,000       $220 plus 5% of excess over
                                      $5,500
Over $8,000 but not over $11,000      $345 plus 6% of excess over
                                      $8,000
Over $11,000 but not over $13,000     $525 plus 7% of excess over
                                      $11,000
Over $13,000                          $665 plus 7.875% of excess over
                                      $13,000

  S 2. Subparagraph (B) of paragraph 3 of subsection (d) of section  601
of the tax law, as amended by section 3 of part Z-1 of chapter 57 of the
laws of 2009, is amended to read as follows:
  (B)  For  such  taxpayers with adjusted gross income over five hundred
thousand dollars, for taxable years beginning after two  thousand  eight
and before two thousand twelve, the fraction is computed as follows: the
numerator  is  the lesser of fifty thousand dollars or the excess of New
York adjusted gross income for the taxable year over five hundred  thou-
sand dollars and the denominator is fifty thousand dollars.  FOR TAXABLE
YEARS  BEGINNING AFTER TWO THOUSAND ELEVEN AND BEFORE TWO THOUSAND THIR-
TEEN, THE FRACTION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS  THE  LESSER
OF  FIFTY  THOUSAND  DOLLARS  OR  THE  EXCESS OF NEW YORK ADJUSTED GROSS
INCOME FOR THE TAXABLE YEAR OVER ONE MILLION DOLLARS AND THE DENOMINATOR
IS FIFTY THOUSAND DOLLARS. Provided, however, that the total  tax  prior
to  the application of any tax credits shall not exceed the highest rate
of tax set forth in the tax table in  subsection  (a)  of  this  section
multiplied by the taxpayer's taxable income.

A. 7802                            11

  S  3. Clause (ii) of subparagraph (B) of paragraph 3 of subsection (c)
of section 685 of the tax law is amended by adding  a  new  undesignated
paragraph to read as follows:
  FURTHER  PROVIDED  THAT  THE TAX SHOWN ON SUCH RETURN FOR TAXABLE YEAR
BEGINNING IN TWO THOUSAND ELEVEN SHALL BE CALCULATED  AS  IF  SUCH  YEAR
BEGAN IN TWO THOUSAND TWELVE.
  S  4. Notwithstanding any provision of law to the contrary, the method
of determining the amount to be deducted  and  withheld  from  wages  on
account  of  taxes imposed by or pursuant to the authority of article 22
of the tax law in connection with the implementation of  the  provisions
of  this  act  shall be prescribed by regulations of the commissioner of
taxation and finance with due consideration to the effect such withhold-
ing tables and methods would have on the receipt and amount of  revenue.
The  commissioner  of taxation and finance shall adjust such withholding
tables and methods in regard to taxable  years  beginning  in  2011  and
after in such manner as to result, so far as practicable, in withholding
from  an  employee's wages an amount substantially equivalent to the tax
reasonably estimated to be due for such taxable years as a result of the
provisions of this act. Provided, however, for tax year 2011  the  with-
holding  tables  shall  reflect  as  accurately  as practicable the full
amount of tax year 2011 liability so that such  amount  is  withheld  by
December  31,  2011. Any such regulations to implement a change in with-
holding tables and methods for tax year 2011 shall be adopted and effec-
tive as soon as practicable and the commissioner of taxation and finance
may  adopt  such  regulations  on  an  emergency  basis  notwithstanding
anything  to  the  contrary  in  section 202 of the state administrative
procedure act. In carrying out his or her  duties  and  responsibilities
under  this section, the commissioner of taxation and finance may accom-
pany such a rule making procedure with a similar procedure with  respect
to the taxes required to be deducted and withheld by local laws imposing
taxes pursuant to the authority of articles 30, 30-A and 30-B of the tax
law,  the provisions of any other law in relation to such a procedure to
the contrary notwithstanding.
  S 5. 1. Notwithstanding any provision of law to the contrary, no addi-
tion to tax required shall be imposed for failure to pay  the  estimated
tax  in subsection (c) of section 685 of the tax law with respect to any
underpayment of a required installment due prior to,  or  within  thirty
days  of,  the effective date of this act to the extent that such under-
payment was created or increased by the  amendments  made  by  this  act
provided,  however, that the taxpayer remits the amount of the underpay-
ment with his or her next quarterly estimated tax payment.
  2. The commissioner of taxation and finance shall take steps to publi-
cize the necessary adjustments to  estimated  tax  and,  to  the  extent
reasonably possible, to inform the taxpayer of the tax liability changes
made by this act.
  S  6. The state finance law is amended by adding a new section 97-kkkk
to read as follows:
  S 97-KKKK. EDUCATIONAL ASSISTANCE FUND. 1.   THERE  IS  HEREBY  ESTAB-
LISHED  IN  THE JOINT CUSTODY OF THE COMPTROLLER AND THE COMMISSIONER OF
TAXATION AND FINANCE OF THE MISCELLANEOUS STATE SPECIAL REVENUE FUND  TO
BE KNOWN AS THE EDUCATIONAL ASSISTANCE FUND.
  2.  SUCH  ACCOUNT SHALL CONSIST OF THIRTY PERCENT OF RECEIPTS FROM THE
IMPOSITION OF THE SURCHARGE OF PERSONAL INCOME TAXES PURSUANT TO ARTICLE
TWENTY-TWO OF THE TAX LAW, ON NEW YORK TAXABLE INCOME WHEN  SUCH  INCOME
IS  TAXED AT A RATE GREATER THAN 6.85 PERCENT ON OR AFTER JANUARY FIRST,

A. 7802                            12

TWO THOUSAND TWELVE. ANY MONEYS IN SUCH ACCOUNT MAY BE INVESTED  BY  THE
COMPTROLLER PURSUANT TO SECTION NINETY-EIGHT-A OF THIS ARTICLE.
  3.  MONEYS  IN THE ACCOUNT, FOLLOWING AN APPROPRIATION BY THE LEGISLA-
TURE, SHALL BE USED ONLY FOR THE PAYMENT  OF  EDUCATION  AID  TO  SCHOOL
DISTRICTS  AND  BOARDS  OF  COOPERATIVE  EDUCATIONAL SERVICES DURING THE
CALENDAR QUARTER BEGINNING ON APRIL FIRST OF  EACH  YEAR  IN  ACCORDANCE
WITH  SECTION  THIRTY-SIX  HUNDRED  NINE-A OF THE EDUCATION LAW, AS FROM
TIME TO TIME AMENDED.
  S 7. This act shall take effect immediately.

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Inez Barron

Michael Benedetto

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James F. Brennan

Harry B. Bronson

Alec Brook-Krasny

Kevin Cahill

Ronald Canestrari

Nelson Castro

Barbara Clark

William Colton

Vivian Cook

Marcos Crespo

Steven Cymbrowitz

Michael DenDekker

Jeffrey Dinowitz

Steven Englebright

Vanessa Gibson

Deborah Glick

Richard Gottfried

Aileen Gunther

Carl Heastie

Rhoda Jacobs

Ellen C. Jaffee

Hakeem Jeffries

Rory Lancman

Charles Lavine

Joseph Lentol

Barbara Lifton

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Michael G. Miller

Joan Millman

Francisco Moya

Catherine Nolan

Daniel O'Donnell

Crystal Peoples-Stokes

N. Nick Perry

J. Gary Pretlow

Philip Ramos

Peter Rivera

Sam Roberts

Annette Robinson

Robert J. Rodriguez

Linda Rosenthal

Addie Jenne

William Scarborough

Michelle Schimel

Robert Sweeney

Fred Thiele

Michele Titus

Helene Weinstein

Harvey Weisenberg

David Weprin

Keith L.T. Wright

A7802 (ACTIVE) - Details

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