senate Bill S4309

2011-2012 Legislative Session

Reduces the marginal personal income tax for taxable years beginning after 2005 to 6.5%; repealer

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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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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Mar 28, 2011 referred to investigations and government operations

Co-Sponsors

S4309 - Bill Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §601, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A2814

S4309 - Bill Texts

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Reduces the marginal personal income tax for taxable years beginning after 2005 to 6.5%.

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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
liability companies that pay their taxes via personal income tax.
This legislation reduces the marginal personal income tax for taxable
years beginning after 2005 from 6.85% to 6.5% to allow these small
businesses and individual taxpayers to also experience some relief.

LEGISLATIVE HISTORY:
2009-2010: A.2814
2007-2008: A.3124
2005-2006: A.7950

FISCAL IMPLICATIONS:
Yet to be determined.

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
________________________________________________________________________

                                  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

S. 4309                             2

                                      $26,000
Over $40,000                          $1,946 plus [6.85%] 6.5%
                                      of excess over $40,000

  (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 $11,000                      4% of the New York taxable
                                      income
Over $11,000 but not over $15,000     $440 plus 4.5% of excess over
                                      $11,000
Over $15,000 but not over $17,000     $620 plus 5.25% of excess over
                                      $15,000
Over $17,000 but not over $30,000     $725 plus 5.9% of excess over
                                      $17,000
Over $30,000                          $1,492 plus [6.85%] 6.5%
                                       of excess over $30,000

  (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 $8,000                       4% of the New York taxable
                                      income
Over $8,000 but not over $11,000      $320 plus 4.5% of excess over
                                      $8,000
Over $11,000 but not over $13,000     $455 plus 5.25% of excess over
                                      $11,000
Over $13,000 but not over $20,000     $560 plus 5.9% of excess over
                                      $13,000
Over $20,000                          $973 plus [6.85%] 6.5%
                                       of excess over $20,000

  (A)  The tax table benefit is the difference between (i) the amount of
taxable income set forth in the tax table in subsection (a), (b) or (c),
of this section, as the case may be, or in section six  hundred  ninety-
nine,  as the case may be, not subject to the [6.85] 6.5 percent rate of
tax for the taxable year multiplied by such rate  and  (ii)  the  dollar
denominated  tax  for such amount of taxable income set forth in the tax
table applicable to the taxable year in subsection (a), (b)  or  (c)  of
this section, as the case may be, or section six hundred ninety-nine, as
the case may be.
  S 3. This act shall take effect immediately.

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