senate Bill S3773

2011-2012 Legislative Session

Relates to the imposition of tax on individuals

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Archive: Last Bill Status - In Committee


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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Mar 03, 2011 referred to investigations and government operations

Co-Sponsors

S3773 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง601, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S3524

S3773 - Bill Texts

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Relates to the imposition of tax on individuals, beginning after 2012.

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BILL NUMBER:S3773

TITLE OF BILL:
An act
to amend the tax law, in relation to the imposition of tax on
individuals

PURPOSE:
This bill would reduce income taxes on individuals earning
less than $150,000 by approximately 15 per cent.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 - amends
subsections (a), (b)
and (c) of section 601 of the Tax Law to reduce tax rates for income
levels under $150,000 beginning in taxable years after 2012. The bill
reduces the tax rate by approximately 15%, after rounding, on income
levels up to $150,000 for (a) resident married individuals filing
joint returns and resident surviving spouses, (b) resident heads of
households and (c) resident unmarried individuals, resident married
individuals filing separate returns and resident estates and trusts
Section 2 - Effective date.

CURRENT LAW:
Tax Law Section 601 sets forth various tax rates for
individuals.

JUSTIFICATION:
Even though the state faces serious challenges in
addressing predicted budget shortfalls, one good way to stimulate our
economy, and increase net tax revenues, is to offer a targeted income
tax reduction for taxpayers who need every dollar they can save to
pay for day-to-day living expenses. Many residents across the state,
and particularly in the upstate region, are barely getting by,
burdened by stagnant or falling wages, increasing property taxes, and
rising costs. This tax cut will not fund purchases of luxuries, but
rather help taxpayers survive, while at the same time injecting
needed dollars into our state economy that will pay dividends,
through the multiplier effect, of greater income and sales taxes from
increased economic activity and help save local businesses.

FISCAL IMPLICATIONS:
To be determined.

LEGISLATIVE HISTORY:
2010: S.3524 -- Investigations

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  3773

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 3, 2011
                               ___________

Introduced by Sens. RANZENHOFER, GOLDEN -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government Operations

AN ACT to amend the tax law, in relation to the  imposition  of  tax  on
  individuals

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

  Section 1. Paragraphs 1, 2, 3, 4, 5, 6, 7, 8 and 9 of  subsection  (a)
of  section  601 of the tax law are renumbered paragraphs 2, 3, 4, 5, 6,
7, 8, 9 and 10 and a new paragraph 1 is added to read as follows:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TWELVE:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $16,000                      3.6% OF THE NEW YORK TAXABLE
                                      INCOME
OVER $16,000 BUT NOT OVER $22,000     $576 PLUS 4% OF EXCESS OVER
                                      $16,000
OVER $22,000 BUT NOT OVER $26,000     $816 PLUS 4.75% OF EXCESS OVER
                                      $22,000
OVER $26,000 BUT NOT OVER $40,000     $1006 PLUS 5.3% OF EXCESS OVER
                                      $26,000
OVER $40,000 BUT NOT OVER $150,000    $1748 PLUS 6.2% OF EXCESS OVER
                                      $40,000
OVER $150,000                         $8568 PLUS 6.85% OF EXCESS OVER
                                      $150,000

  S 2. Paragraphs 1, 2, 3, 4, 5, 6, 7, 8 and  9  of  subsection  (b)  of
section  601  of the tax law are renumbered paragraphs 2, 3, 4, 5, 6, 7,
8, 9 and 10 and a new paragraph 1 is added to read as follows:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TWELVE:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02101-01-1

S. 3773                             2

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $11,000                      3.6% OF THE NEW YORK TAXABLE
                                      INCOME
OVER $11,000 BUT NOT OVER $15,000     $396 PLUS 4% OF EXCESS OVER
                                      $11,000
OVER $15,000 BUT NOT OVER $17,000     $572 PLUS 4.75% OF EXCESS OVER
                                      $15,000
OVER $17,000 BUT NOT OVER $30,000     $667 PLUS 5.3% OF EXCESS OVER
                                      $17,000
OVER $30,000 BUT NOT OVER $150,000    $1,356 PLUS 6.2% OF EXCESS OVER
                                      $30,000
OVER $150,000                         $8796 PLUS 6.85% OF EXCESS OVER
                                      $150,000

  S  3.  Paragraphs  1,  2,  3, 4, 5, 6, 7, 8 and 9 of subsection (c) of
section 601 of the tax law are renumbered paragraphs 2, 3, 4, 5,  6,  7,
8, 9 and 10 and a new paragraph 1 is added to read as follows:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND TWELVE:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $8,000                       3.6% OF THE NEW YORK TAXABLE
                                      INCOME
OVER $8,000 BUT NOT OVER $11,000      $288 PLUS 4% OF EXCESS OVER
                                      $8,000
OVER $11,000 BUT NOT OVER $13,000     $408 PLUS 4.75% OF EXCESS OVER
                                      $11,000
OVER $13,000 BUT NOT OVER $20,000     $503 PLUS 5.3% OF EXCESS OVER
                                      $13,000
OVER $20,000 BUT NOT OVER $150,000    $874 PLUS 6.2% OF EXCESS OVER
                                      $20,000
OVER $150,000                         $8934 PLUS 6.85% OF EXCESS OVER
                                      $150,000

  S 4. This act shall take effect immediately.

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