Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 04, 2012 | referred to ways and means |
May 17, 2011 | referred to ways and means |
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
Sponsored By
SILVER
Archive: Last Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
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view actions (2)
Co-Sponsors
Herman D. Farrell
Multi-Sponsors
Peter Abbate
Thomas Abinanti
Carmen E. Arroyo
Jeffrion Aubry
- view additional multi-sponsors
Inez Barron
Michael Benedetto
"William Boyland
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
Guillermo Linares
Donna Lupardo
William Magee
John McEneny
Grace Meng
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
- 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) - 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.