Senate Bill S3498

2011-2012 Legislative Session

Extends the expiration of the current personal income tax and tax benefit recapture rates until and including the 2013 tax year

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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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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 12, 2012	committee discharged and committed to rules
Mar 08, 2012	notice of committee consideration - requested
Jan 04, 2012	referred to investigations and government operations
Feb 23, 2011	referred to investigations and government operations

2011-S3498 (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Tax Law
Laws Affected:: Amd §601, Tax L

2011-S3498 (ACTIVE) - Summary

Extends the expiration of the current personal income tax and tax benefit recapture rates until and including the 2013 tax year.

2011-S3498 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3498

TITLE OF BILL:

An act
to amend the tax law, in relation to extending the expiration of certain
personal income tax rates and tax benefit recapture rates

PURPOSE:

To extend the expiration of the current personal income tax and tax
benefit recapture rates until and including the 2013 tax year.

SUMMARY OF PROVISIONS:

Section 1: The sunset provisions contained in paragraphs 1 and 2
subsection (a) of section 601 of the tax law (as added and amended
respectively by part z-1 of chapter 57 of the laws of 2009) are
extended two (2) years.

Section 2: The sunset provisions contained in paragraphs 1 and 2
subsection (b) of section 601 of the tax law (as added and amended
respectively by part z-1 of chapter 57 of the laws of 2009) are
extended two (2) years.

Section .3: The sunset provisions contained in paragraphs 1 and 2

subsection (c) of section 601 of the tax law (as added and amended
respectively by part z-1 of chapter 57 of the laws of 2009) are
extended two (2) years.

Section 4: Subparagraphs (B) and (C) of paragraph 2 of subsection (d)
of section 601 of the tax law, as amended by section 2 of part z-1 of
chapter 57 of the laws of 2009 are extended for two (2) years.

JUSTIFICATION:
There is a need to extend the temporary surcharges enacted in 2009 on
single individuals with taxable incomes over $200,000 and married
couples with taxable incomes over $300,000.

New York state is facing an approximate $10 billion deficit with a
projected four-year deficit of approximately $64.6 billion (from
February 1, 2011 Governor Cuomo Executive Budget press release).

Extending the personal income tax (PIT) surcharge would add only $1
billion in revenues for the coming state fiscal year, 2011-2012, that
begins on April 1, 2011. The surcharge already runs through December
31, 2011. But extending the surcharge for 2012 and 2013 would add at
least
$5 billion in the state's fiscal year 2012-2013, and would be an
important counterweight to the additional cuts in essential services
that would be necessary that year if the economic recovery does not

accelerate and the states' revenue systems do not rebound (from the
Fiscal Policy Institute, "FPI responds to the Partnership for New
York City: Can New York Depend on a "Millionaire's Tax" to Solve the
Budget Crisis?)

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

2011-S3498 (ACTIVE) - Bill Text download pdf

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

                                  3498

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 23, 2011
                               ___________

Introduced  by  Sen. PERALTA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to extending the expiration  of
  certain personal income tax rates and tax benefit recapture rates

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

  Section 1. Paragraphs 1 and 2 of subsection (a) of section 601 of  the
tax law, paragraph 1 as added and paragraph 2 as amended by section 1 of
part  Z-1  of  chapter  57  of  the  laws of 2009 are amended to read as
follows:
  (1) For taxable years beginning after two thousand  eight  and  before
two thousand [twelve] FOURTEEN:

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
                                      $26,000
Over $40,000 but not over $300,000    $1,946 plus 6.85% of excess over
                                      $40,000
Over $300,000 but not over $500,000   $19,756 plus 7.85% of excess over
                                      $300,000
Over $500,000                         $35,456 plus 8.97% of excess over
                                      $500,000

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09414-01-1

S. 3498                             2

  (2) For taxable years beginning after two thousand five and before two
thousand nine and after two thousand [eleven] THIRTEEN:

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

  S  2.  Paragraphs  1 and 2 of subsection (b) of section 601 of the tax
law, paragraph 1 as added and paragraph 2 as amended  by  section  1  of
part  Z-1  of  chapter  57  of  the laws of 2009, are amended to read as
follows:
  (1) For taxable years beginning after two thousand  eight  and  before
two thousand [twelve] FOURTEEN:

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 but not over $250,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $250,000 but not over $500,000   $16,562 plus 7.85% of excess over
                                      $250,000
Over $500,000                         $36,187 plus 8.97% of excess over
                                      $500,000

  (2) For taxable years beginning after two thousand five and before two
thousand nine and after two thousand [eleven] THIRTEEN:

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% of excess over
                                      $30,000

  S  3.  Paragraphs  1 and 2 of subsection (c) of section 601 of the tax
law, paragraph 1 as added and paragraph 2 as amended  by  section  1  of

S. 3498                             3

part  Z-1  of  chapter  57  of  the laws of 2009, are amended to read as
follows:
  (1)  For  taxable  years beginning after two thousand eight and before
two thousand [twelve] FOURTEEN:

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 but not over $200,000    $973 plus 6.85% of excess over
                                      $20,000
Over $200,000 but not over $500,000   $13,303 plus 7.85% of excess over
                                      $200,000
Over $500,000                         $36,853 plus 8.97% of excess over
                                      $500,000

  (2) For taxable years beginning after two thousand five and before two
thousand nine and after two thousand [eleven] THIRTEEN:

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% of excess over
                                      $20,000
  S 4. Subparagraphs (B) and (C) of paragraph 2  of  subsection  (d)  of
section 601 of the tax law, as amended by section 2 of part Z-1 of chap-
ter 57 of the laws of 2009, are amended to read as follows:
  (B)  For taxable years beginning after two thousand two and before two
thousand six, the fraction is computed as follows: the numerator is  the
lesser  of  fifty  thousand  dollars  or the excess of New York adjusted
gross income for the  taxable  year  over  one  hundred  fifty  thousand
dollars and the denominator is fifty thousand dollars. For taxable years
beginning  after  two  thousand  eight  and before two thousand [twelve]
FOURTEEN, the fraction is computed as  follows:  the  numerator  is  the
lesser  of  fifty  thousand  dollars  or the excess of New York adjusted
gross income for the taxable year over three  hundred  thousand  dollars
and the denominator is fifty thousand dollars.
  (C)  This  paragraph shall only apply to taxable years beginning after
two thousand two and before two thousand  six  and  after  two  thousand
eight and before two thousand [twelve] FOURTEEN.
  S 5. This act shall take effect immediately.

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Senate Bill S3498

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

2011-S3498 (ACTIVE) - Details

2011-S3498 (ACTIVE) - Summary

2011-S3498 (ACTIVE) - Sponsor Memo

2011-S3498 (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Jose Peralta

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

2011-S3498 (ACTIVE) - Details

2011-S3498 (ACTIVE) - Summary

2011-S3498 (ACTIVE) - Sponsor Memo

2011-S3498 (ACTIVE) - Bill Text download pdf

Comments