|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Mar 03, 2011||referred to investigations and government operations|
senate Bill S3773
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3773 - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd §601, Tax L
- Versions Introduced in 2009-2010 Legislative Session:
S3773 - Sponsor Memo
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.
S3773 - Bill Text download pdf
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
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