senate Bill S1008

2011-2012 Legislative Session

Relates to increasing income tax rates

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


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

do you support this bill?

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 05, 2011 referred to investigations and government operations

S1008 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง601, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S1593, S7791

S1008 - Summary

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

S1008 - Sponsor Memo

S1008 - Bill Text download pdf

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

                                  1008

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

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 TEN AND BEFORE  TWO
THOUSAND THIRTEEN:

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02153-02-1

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.