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

                                  9404

                          I N  A S S E M B L Y

                            February 28, 2012
                               ___________

Introduced  by M. of A. KOLB, OAKS, GOODELL -- read once and referred to
  the Committee on Ways and Means

AN ACT to amend the tax law, in relation  to  the  personal  income  tax
  rates;  and  to repeal subsection (d-2) of section 601 of the tax law,
  relating to tax table benefit recapture

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

  Section  1.  Subparagraph  (B)  of  paragraph  1  of subsection (a) of
section 601 of the tax law, as added by section 1 of part A  of  chapter
56 of the laws of 2011, is amended to read as follows:
  (B)  For  taxable  years  beginning  after  two thousand fourteen, the
following brackets and dollar amounts shall apply, as  adjusted  by  the
cost  of  living  adjustment  prescribed in section six hundred one-a of
this part for tax years two thousand thirteen and two thousand fourteen:

If the New York taxable income is:    The tax is:
Not over $16,000                      4% of 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 5.90% of excess over
                                      $26,000
Over $40,000 BUT NOT OVER             $1,946 plus [6.85%]
$150,000                              6.45% of excess over $40,000
OVER $150,000 BUT NOT OVER            $9,041 PLUS 6.65% OF EXCESS OVER
$300,000                              $150,000
OVER $300,000                         $19,016 PLUS 6.85% OF EXCESS OVER
                                      $300,000

  S 2. Subparagraph (B) of paragraph 1 of subsection (b) of section  601
of  the  tax  law,  as added by section 3 of part A of chapter 56 of the
laws of 2011, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14407-03-2
              

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  (B) For taxable years  beginning  after  two  thousand  fourteen,  the
following  brackets  and dollars amounts shall apply, as adjusted by the
cost of living adjustment prescribed in section  six  hundred  one-a  of
this part for tax years two thousand thirteen and two thousand fourteen:

If the New York taxable income is:    The tax is:
Not over $12,000                      4% of taxable income
Over $12,000 but not over $16,500     $480 plus 4.5% of excess over
                                      $12,000
Over $16,500 but not over $19,500     $683 plus 5.25% of excess over
                                      $16,500
Over $19,500 but not over $30,000     $840 plus 5.90% of excess over
                                      $19,500
Over $30,000 BUT NOT OVER             $1,460 plus [6.85%]
$100,000                              6.45% of excess over $30,000
OVER $100,000 BUT NOT OVER            $5,975 PLUS 6.65% OF EXCESS
$250,000                              OVER $100,000
OVER 250,000                          $15,950 PLUS 6.85% OF EXCESS OVER
                                      $250,000

  S  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
of the tax law, as added by section 5 of part A of  chapter  56  of  the
laws of 2011, is amended to read as follows:
  (B)  For  taxable  years  beginning  after  two thousand fourteen, the
following brackets and dollars amounts shall apply, as adjusted  by  the
cost  of  living  adjustment  prescribed in section six hundred one-a of
this part for tax years two thousand thirteen and two thousand fourteen:

If the New York taxable income is:    The tax is:
Not over $8,000                       4% of 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 5.90% of excess over
                                      $13,000
Over $20,000 BUT NOT OVER $75,000     $973 plus [6.85%]
                                      6.45% of excess over $20,000
OVER $75,000 BUT NOT OVER $200,000    $4,521 PLUS 6.65% OF EXCESS OVER
                                      $75,000
OVER $200,000                         $12,833 PLUS 6.85% OF EXCESS OVER
                                      $200,000

  S 4. Subsection (a) of section 601-a of  the  tax  law,  as  added  by
section  9  of  part  A of chapter 56 of the laws of 2011, is amended to
read as follows:
  (a) [For tax year two thousand thirteen, the commissioner,  not  later
than  September  first,  two thousand twelve, shall multiply the amounts
specified in subsection (b) of this section for tax  year  two  thousand
twelve by one plus the cost of living adjustment described in subsection
(c) of this section. For tax year two thousand fourteen, the commission-
er,  not later than September first, two thousand thirteen, shall multi-
ply the amounts specified in subsection (b) of this section for tax year
two thousand thirteen by one plus the cost of  living  adjustment.]  FOR
EACH  TAX YEAR, BEGINNING IN TAX YEAR TWO THOUSAND THIRTEEN, THE COMMIS-
SIONER, NOT LATER THAN SEPTEMBER FIRST IMMEDIATELY PRECEDING  THE  START

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OF  THE TAX YEAR, SHALL MULTIPLY THE AMOUNTS SPECIFIED IN SUBSECTION (B)
OF THIS SECTION FOR THE TAX YEAR BY ONE PLUS THE COST OF LIVING  ADJUST-
MENT DESCRIBED IN SUBSECTION (C) OF THIS SECTION.
  S 5. Subsection (f) of section 614 of the tax law, as added by section
10  of  part  A of chapter 56 of the laws of 2011, is amended to read as
follows:
  (f) Adjusted standard deduction. For taxable years beginning after two
thousand [fourteen] TWELVE, the standard deductions set  forth  in  this
section shall be adjusted by the cost of living adjustment prescribed in
section six hundred one-a of this part [for tax years two thousand thir-
teen and two thousand fourteen].
  S 6. Subsection (d-2) of section 601 of the tax law is REPEALED.
  S 7. This act shall take effect immediately.