| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 04, 2012 |
referred to investigations and government operations |
| Mar 28, 2011 |
referred to investigations and government operations |
Senate Bill S4309
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
co-Sponsors
(R, C, IP) Senate District
(R) Senate District
(R, C, IP) Senate District
(R, C, IP, RFM) Senate District
2011-S4309 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §601, Tax L
2011-S4309 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4309
TITLE OF BILL:
An act
to amend the tax law, in relation to personal income tax rates;
and to repeal paragraph 1 of subsections (a), (b) and (c) of section 601
of the tax law, in relation thereto
PURPOSE:
This bill reduces the marginal personal income tax for taxable years
beginning after 2005 from 6.85% to 6.5%, alleviating a portion of the
tax burden for small businesses and individual taxpayers.
SUMMARY OF PROVISIONS:
§1 - Amends paragraph 1 of subsections (a), (b) and (c) and
subparagraph (A) of paragraph 1 of subsection (d) of section 601 of
the Tax Law. The lowest personal income tax rate of 6.85% is
decreased by 0.35% to 6.5%.
§2 - Effective date.
JUSTIFICATION:
In the 2005-2006 budget, provisions were included to reduce the
corporate franchise tax for many small incorporated businesses from
6.85% to 6.5%. However, this tax reduction does not apply to sole
proprietors, partnerships, subchapter S corporations or limited
2011-S4309 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4309
2011-2012 Regular Sessions
I N S E N A T E
March 28, 2011
___________
Introduced by Sens. DeFRANCISCO, MAZIARZ, SEWARD -- read twice and
ordered printed, and when printed to be committed to the Committee on
Investigations and Government Operations
AN ACT to amend the tax law, in relation to personal income tax rates;
and to repeal paragraph 1 of subsections (a), (b) and (c) of section
601 of the tax law, in relation thereto
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 1 of subsections (a), (b) and (c) of section 601
of the tax law are REPEALED and paragraphs 2, 3, 4, 5, 6, 7, 8 and 9 of
subsections (a), (b) and (c) are renumbered paragraphs 1, 2, 3, 4, 5, 6,
7 and 8.
S 2. Paragraph 1 of subsections (a), (b) and (c) and subparagraph (A)
of paragraph 1 of subsection (d) of section 601 of the tax law, para-
graph 1 of subsections (a), (b) and (c) as amended by section 1 of part
Z1 of chapter 57 of the laws of 2009 and as renumbered by section 1 of
this act and subparagraph (A) of paragraph 1 of subsection (d) as
amended by section 1 of part R of chapter 63 of the laws of 2003, are
amended to read as follows:
(1) For taxable years beginning after two thousand five [and before
two thousand nine and after two thousand eleven]:
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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07271-01-1
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