|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Jan 05, 2011||referred to investigations and government operations|
senate Bill S1008
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1008 - Details
S1008 - Summary
Relates to increasing income tax rates on incomes over one million dollars and five million dollars.
S1008 - Sponsor Memo
BILL NUMBER:S1008 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
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
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