NY State Senate Bill 2011-S7845

Archive: Last Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Aug 27, 2012	referred to rules

2011-S7845 (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Tax Law
Laws Affected:: Amd §601, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S103
2015-2016: S89

2011-S7845 (ACTIVE) - Summary

Reduces personal income tax rates for the middle class.

2011-S7845 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S7845

TITLE OF BILL:
An act to amend the tax law, in relation to reducing personal income tax
rates

PURPOSE:
This bill would make the lower tax rates put into effect in 2011 perma-
nent.

SUMMARY OF PROVISIONS:
Section one makes the lower tax rates put into effect in 2011 for joint
filers making less than $300,000 permanent. Section two makes the lower
tax rates put into effect in 2011 for heads of household filers making
less than $250,000 permanent. Section three makes the lower tax rates
put into effect in 2011 for single filers making less than $200,000
permanent. Section four states that is act shall take effect immediate-
ly.

EXISTING LAW:
The lower tax rates on middle class families put into effect in 2011 are
scheduled to expire in 2015.

JUSTIFICATION:
With the tax reforms of 2011, middle class families in New York now pay
the lowest tax rates they have in nearly 60 years. Thanks to these

reforms, over four million New Yorkers saw their tax rates go down and
the typical middle class New York family will save between $300 and $400
per year.

Unfortunately, these tax reforms are set to expire in 2015. For many
middle class families, this will result in a four to five percent tax
increase. Wealthier families will see larger cuts in dollar amounts, but
as a percentage of their income these cuts will be significantly less A
family making one million dollars pays more than eleven times as much in
personal income taxes as a family making one hundred thousand dollars,
but will get less than four times the reduction in tax liability from
this legislation.  Making the middle class tax cuts permanent is essen-
tial to preserving New York's consumer base, as middle class families
tend to spend a high percentage of their income within the State. At the
same time it is necessary that the higher tax rates on small businesses
and job creators expire as scheduled in 2015.

Preserving the middle class tax cuts while allowing the temporary higher
tax rates to expire will be a powerful one-two punch combination for the
New York economy. Middle class families will continue to see reduced
rates, allowing for increased consumption. At the same time, small busi-
nesses will see their tax rates return to previous levels, allowing for
increased investment and expansion.

LEGISLATIVE HISTORY:

FISCAL IMPLICATIONS:
To be determined.

LOCAL FISCAL IMPLICATIONS:

EFFECTIVE DATE:
This act shall take effect immediately.

2011-S7845 (ACTIVE) - Bill Text download pdf

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

                                  7845

                            I N  S E N A T E

                             August 27, 2012
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the tax law, in relation to reducing personal income tax
  rates

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

  Section  1.  Subparagraph  (B)  of  paragraph  1  of subsection (a) of
section 601 of the tax law, as added by section 1 of part A  of  chapter
56 of the laws of 2011, is amended to read as follows:
  (B)  For  taxable  years  beginning  after  two thousand fourteen, the
following brackets and dollar amounts shall apply, as  adjusted  by  the
cost  of  living  adjustment  prescribed in section six hundred one-a of
this part for tax years two thousand thirteen and two thousand fourteen:

If the New York taxable income is:    The tax is:
Not over $16,000                      4% of 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 5.90% of excess over
                                      $26,000
Over $40,000 BUT NOT OVER             $1,946 plus [6.85%]
$150,000                              6.45% of excess over
                                      $40,000
OVER $150,000 BUT NOT OVER            $9,041 PLUS 6.65% OF
$300,000                              EXCESS OVER $150,000
OVER $300,000                         $19,016 PLUS 6.85% OF
                                      EXCESS OVER $300,000

  S 2. Subparagraph (B) of paragraph 1 of subsection (b) of section  601
of  the  tax  law,  as added by section 3 of part A of chapter 56 of the
laws of 2011, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16455-01-2

S. 7845                             2

  (B) For taxable years  beginning  after  two  thousand  fourteen,  the
following  brackets  and dollars amounts shall apply, as adjusted by the
cost of living adjustment prescribed in section  six  hundred  one-a  of
this part for tax years two thousand thirteen and two thousand fourteen:

If the New York taxable income is:    The tax is:
Not over $12,000                      4% of taxable income
Over $12,000 but not over $16,500     $480 plus 4.5% of excess over
                                      $12,000
Over $16,500 but not over $19,500     $683 plus 5.25% of excess over
                                      $16,500
Over $19,500 but not over $30,000     $840 plus 5.90% of excess over
                                      $19,500
Over $30,000 BUT NOT OVER             $1,460 plus [6.85%]
$100,000                              6.45% of excess over
                                      $30,000
OVER $100,000 BUT NOT OVER            $5,975 PLUS 6.65% OF
$250,000                              EXCESS OVER $100,000
OVER $250,000                         $15,950 PLUS 6.85% OF
                                      EXCESS OVER $250,000

  S  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
of the tax law, as added by section 5 of part A of  chapter  56  of  the
laws of 2011, is amended to read as follows:
  (B) For taxable years beginning after two thousand fourteen,
the following brackets and dollars amounts shall apply, as adjusted by
the cost of living adjustment prescribed in section six hundred one-a of
this part for tax years two thousand thirteen and two thousand fourteen:

If the New York taxable income is:    The tax is:
Not over $8,000                       4% of 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 5.90% of excess over
                                      $13,000
Over $20,000 BUT NOT OVER $75,000     $973 plus [6.85%]
                                      6.45% of excess over $20,000
OVER $75,000 BUT NOT OVER $200,000    $4,521 PLUS 6.65% OF EXCESS
                                      OVER $75,000
OVER $200,000                         $12,833 PLUS 6.85% OF EXCESS
                                      OVER $200,000

  S 4. This act shall take effect immediately.

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Senate Bill S7845

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2011-S7845 (ACTIVE) - Details

2011-S7845 (ACTIVE) - Summary

2011-S7845 (ACTIVE) - Sponsor Memo

2011-S7845 (ACTIVE) - Bill Text download pdf

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Sponsored By

Patrick M. Gallivan

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

2011-S7845 (ACTIVE) - Details

2011-S7845 (ACTIVE) - Summary

2011-S7845 (ACTIVE) - Sponsor Memo

2011-S7845 (ACTIVE) - Bill Text download pdf

Comments