NY State Senate Bill 2011-S5277

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Jan 04, 2012	referred to investigations and government operations
May 03, 2011	referred to investigations and government operations

2011-S5277 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§601 & 685, Tax L

2011-S5277 (ACTIVE) - Summary

Relates to increasing income tax rates on incomes over one million dollars.

2011-S5277 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S5277
TITLE OF BILL:
An act
to amend the tax law, in relation to increases on income tax rates on
incomes over one million dollars

PURPOSE OR GENERAL IDEA OF BILL:
The legislation will extend the current income tax rates commonly
referred to as the "personal income tax surcharge" (or "PIT") through
the year 2012 and be amended to apply only to those individuals
earning in excess of $1,000,000 for the year 2012. This would apply
to all taxpayers filing as unmarried individuals, married individuals
filing separate returns and estates and trusts, heads of households
and married individuals filing joint returns.

SUMMARY OF PROVISIONS:
Section 1 of the bill amends subsections (a), (b), and (c) of section
601 of the tax law, as amended by section 1 of part Z-1 of chapter
57 of the laws of 2009 the tax rates imposed for the taxable years
beginning after 2011 and before 2013 are as follows:

(a) for married individuals filing joint returns and surviving spouses:

IF NEW YORK INCOME IS:            THE TAX IS:

Not over $16,000                  4%

Over $16,000/not over $22,000     $640 + 4.5% of excess over $16,000
Over $22,000/not over $16,000     $910 + 5.25% of excess over $22,00
Over $26,000/not over $40,000     $1,120 + 5.9% of excess over $26,000
Over $40,000/not over $1,000,000  $1,946 + 6.85% of excess over $40,000
Over $1,000,000                   $67,706 + 8.97% of excess over
                                  $1,000,000

(b) for heads of households:

IF NEW YORK TAXABLE INCOME IS:    THE TAX IS:

Not over $11,000                  4%
Over $11,000/not over $15,000     $440 + 4.5% of excess over $11,000
Over $15,000/not over $17,000     $620 + 5.25% of excess over $15,000
Over $17,000/not over $30,000     $725 + 5.9% of excess over $17,000
Over $30,000/not over $1,000,000  $1,492 + 6.85% of excess over $30,000
Over $1,000,000                   $67,937 + 8.97% of excess over
                                  $1,000,000

(c)  for  unmarried  individuals,  married  individuals  filing separate
returns and estates and trusts:

IF NEW YORK TAXABLE INCOME IS:    THE TAX IS:
Not over $8,000                   4%
Over $8,000/not over $11,000      $320 + 4.5% of excess over $8,000

Over $11,000/not over $13,000     $455 + 5.25% of excess over 11,000
Over $13,000/not over $20,000     $560 + 5.9% of excess over $13,000
Over $20,000/not over $1,000,000  $973 + 6.85% of excess over $20,000
Over $1,000,000                   $68,103 + 8.97% of excess over
                                  $1,000,000

Section  2  of  the  bill  amends  subparagraph  (B)  of  paragraph 3 of
subsection (d) of section 601 of the tax law, as amended by section 3 of
part Z-1 of chapter 57 of the laws of 2009 providing that for the  taxa-
ble years beginning after 2011 and before 2013 the fraction computed for
taxpayers  with  adjusted  gross  income  over  $500,000  is computed as
follows: the numerator is the lesser of $50,000 or  the  excess  of  New
York  adjusted gross income for the taxable year over $1,000,000 and the
denominator is $50,000.

Section 3 of the bill amends clause (ii) of subparagraph  (B)  of  para-
graph  3 of subsection (c) of section 685 of the tax law by adding a new
undesignated paragraph to provide that the tax shown on such return  for
taxable year beginning in 2011 shall be calculated as if such year began
in 2012.

Sections 4 and 5 of the bill address the responsibilities of the Commis-
sioner  of  Taxation and Finance in determining the deductions and with-
holding amounts required to be adjusted as  a  result  of  the  new  tax
tables  created  by  this act and of publicizing these changes to notify
taxpayers.

Section 6 provides for this act to take  effect  immediately  and  shall
apply to taxable years beginning on or after January 1, 2012.

JUSTIFICATION:
For  the  past several years New York has faced devastating budget defi-
cits each year with a current fiscal year deficit of nearly $10 billion.
Although the Governor and the Legislature were able to  reach  a  budget
agreement  on  time, that budget will cause extreme hardship in the form
of dramatic cuts to  schools,  health  care,  energy  and  environmental
programs and a drastic reduction in the state workforce.

While  these  spending  cuts  were in some part necessary to address the
severe budget shortfall there must be a sense of  shared  sacrifices  by
all  sectors  of  our  communities  so that this burden does not fall on
those least able to bear it  The  legislature  must  look  for  ways  to
increase revenue in a responsible and legitimate manner.

One  such opportunity is to amend and continue what is often referred to
as the "Personal Income  Tax  Surcharge"  or  the  "Millionaire's  Tax".
These additional taxes were initially imposed to extend the responsibil-
ity  for covering the costs of necessary services and benefits the state
provides beyond the lower and middle class to those individuals who  are
fortunate  enough  to be making significant taxable incomes. The current
tax surcharges are set to expire at the end of this year and the  legis-
lature must act to address what will be a significant loss in tax reven-

ue.  While some have argued that the current tax is not a "Millionaire's
Tax", but instead a tax which harms small businesses,  this  legislation
will  amend  the current tax surcharge so that it does indeed only apply
to those fortunate taxpayers making in excess of $1,000,000.

Recent petitions and letters from "millionaires" across the country show
that  these individuals are more than willing to pay additional taxes to
address the serious financial crises being faced by this state and  this
nation.(1) Millionaires like Warren Buffet have argued in favor of high-
er  income taxes for the wealthy stating that "tax hikes on the rich are
essential to an economic recovery".

Therefore, it is only reasonable that New York state amends  its  income
tax  laws  to  require  those  wealthiest New Yorkers to help bridge the
budget gap so that responsibility does not fall solely on the  shoulders
of  our  poor,  our  children and our seniors who have so little and are
losing even more with every state budget that cuts  their  services  and
fails to come up with viable new sources of revenue.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

FOOTNOTE:
(1)  http://biggovernment.com/publius/2010/11/25/left-millionaires- tax-
us-more/

2011-S5277 (ACTIVE) - Bill Text download pdf

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

                                  5277

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sen.  AVELLA -- 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  increases  on  income  tax
  rates on incomes over one million dollars

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

  Section 1. Subsections (a), (b), and (c) of section  601  of  the  tax
law,  as  amended  by section 1 of part Z-1 of chapter 57 of the laws of
2009, are amended to read as follows:
  (a) Resident married individuals filing  joint  returns  and  resident
surviving  spouses. There is hereby imposed for each taxable year on the
New York taxable income of every resident married individual who makes a
single return jointly with his spouse under subsection  (b)  of  section
six  hundred fifty-one and on the New York taxable income of every resi-
dent surviving spouse a tax determined in accordance with the  following
tables:
  (1)  FOR  TAXABLE YEARS BEGINNING AFTER TWO THOUSAND ELEVEN AND BEFORE
TWO THOUSAND 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 BUT NOT OVER $1,000,000  $1,946 PLUS 6.85% OF EXCESS OVER

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10917-01-1

S. 5277                             2

                                      $40,000
OVER $1,000,000                       $67,706 PLUS 8.97% OF EXCESS OVER
                                      $1,000,000

  (2)  For  taxable  years beginning after two thousand eight and before
two thousand twelve:

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

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

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

  [(3)] (4) For taxable years beginning in two thousand five:

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 $150,000    $1,946 plus 6.85% of excess over
                                      $40,000
Over $150,000 but not over $500,000   $9,481 plus 7.25% of excess over
                                      $150,000
Over $500,000                         $34,856 plus 7.7% of excess over
                                      $500,000

S. 5277                             3

  [(4)] (5) For taxable years beginning in two thousand four:

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 $150,000    $1,946 plus 6.85% of excess over
                                      $40,000
Over $150,000 but not over $500,000   $9,481 plus 7.375% of excess over
                                      $150,000
Over $500,000                         $35,294 plus 7.7% of excess over
                                      $500,000

  [(5)] (6) For taxable years beginning in two thousand three:

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 $150,000    $1,946 plus 6.85% of excess over
                                      $40,000
Over $150,000 but not over $500,000   $9,481 plus 7.5% of excess over
                                      $150,000
Over $500,000                         $35,731 plus 7.7% of excess over
                                      $500,000

  [(6)]  (7)  For taxable years beginning after nineteen hundred ninety-
six and before two thousand three:

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

  [(7)] (8) For taxable years beginning in nineteen hundred ninety-six:

If the New York taxable income is:    The tax is:
Not over $11,000                      4% of the New York taxable

S. 5277                             4

                                      income
Over $11,000 but not over $16,000     $440 plus 5% of excess over
                                      $11,000
Over $16,000 but not over $22,000     $690 plus 6% of excess over
                                      $16,000
Over $22,000                          $1,050 plus 7% of excess over
                                      $22,000
  [(8)] (9) For taxable years beginning in nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $13,000                      4.55% of the New York taxable
                                      income
Over $13,000 but not over $19,000     $592 plus 5.55% of excess over
                                      $13,000
Over $19,000 but not over $25,000     $925 plus 6.55% of excess over
                                      $19,000
Over $25,000                          $1,318 plus 7.5% of excess over
                                      $25,000

  [(9)]  (10) For taxable years beginning after nineteen hundred eighty-
nine and before nineteen hundred ninety-five:

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 $16,000     $440 plus 5% of excess over
                                      $11,000
Over $16,000 but not over $22,000     $690 plus 6% of excess over
                                      $16,000
Over $22,000 but not over $26,000     $1,050 plus 7% of excess over
                                      $22,000
Over $26,000                          $1,330 plus 7.875% of excess over
                                      $26,000

  (b) Resident heads of households. There is  hereby  imposed  for  each
taxable  year on the New York taxable income of every resident head of a
household a tax determined in accordance with the following tables:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND ELEVEN  AND  BEFORE
TWO THOUSAND 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 BUT NOT OVER $1,000,000  $1,492 PLUS 6.85% OF EXCESS OVER
                                      $30,000
OVER $1,000,000                       $67,937 PLUS 8.97% OF EXCESS OVER
                                      $1,000,000

  (2)  For  taxable  years beginning after two thousand eight and before
two thousand twelve:

S. 5277                             5

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

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

  [(3)] (4) For taxable years beginning in two thousand five:

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 $125,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $125,000 but not over $500,000   $8,000 plus 7.25% of excess over
                                      $125,000
Over $500,000                         $35,187 plus 7.7% of excess over
                                      $500,000

  [(4)] (5) For taxable years beginning in two thousand four:

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

S. 5277                             6

                                      $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 $125,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $125,000 but not over $500,000   $8,000 plus 7.375% of excess over
                                      $125,000
Over $500,000                         $35,656 plus 7.7% of excess over
                                      $500,000

  [(5)] (6) For taxable years beginning in two thousand three:

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 $125,000    $1,492 plus 6.85% of excess over
                                      $30,000
Over $125,000 but not over $500,000   $8,000 plus 7.5% of excess over
                                      $125,000
Over $500,000                         $36,125 plus 7.7% of excess over
                                      $500,000

  [(6)]  (7)  For taxable years beginning after nineteen hundred ninety-
six and before two thousand three:

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

  [(7)] (8) For taxable years beginning in nineteen hundred ninety-six:

If the New York taxable income is:    The tax is:
Not over $7,500                       4% of the New York taxable
                                      income
Over $7,500 but not over $11,000      $300 plus 5% of excess over
                                      $7,500
Over $11,000 but not over $15,000     $475 plus 6% of excess over
                                      $11,000
Over $15,000                          $ 715 plus 7% of excess over
                                      $15,000

S. 5277                             7

  [(8)] (9) For taxable years beginning in nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $9,000                       4.55% of the New York taxable
                                      income
Over $9,000 but not over $14,000      $410 plus 5.55% of excess over
                                      $9,000
Over $14,000 but not over $19,000     $687 plus 6.55% of excess over
                                      $14,000
Over $19,000                          $1,015 plus 7.5% of excess over
                                      $19,000

  [(9)]  (10) For taxable years beginning after nineteen hundred eighty-
nine and before nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $7,500                       4% of the New York taxable
                                      income
Over $7,500 but not over $11,000      $300 plus 5% of excess over
                                      $7,500
Over $11,000 but not over $15,000     $475 plus 6% of excess over
                                      $11,000
Over $15,000 but not over $17,000     $715 plus 7% of excess over
                                      $15,000
Over $17,000                          $855 plus 7.875% of excess over
                                      $17,000

  (c)  Resident  unmarried  individuals,  resident  married  individuals
filing separate returns and resident estates and trusts. There is hereby
imposed  for  each  taxable year on the New York taxable income of every
resident individual who is not a married individual who makes  a  single
return  jointly  with  his  spouse  under  subsection (b) of section six
hundred fifty-one or a resident  head  of  a  household  or  a  resident
surviving  spouse,  and on the New York taxable income of every resident
estate and trust a tax  determined  in  accordance  with  the  following
tables:
  (1)  FOR  TAXABLE YEARS BEGINNING AFTER TWO THOUSAND ELEVEN AND BEFORE
TWO THOUSAND 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 BUT NOT OVER $1,000,000  $973 PLUS 6.85% OF EXCESS OVER
                                      $20,000
OVER $1,000,000                       $68,103 PLUS 8.97% OF EXCESS OVER
                                      $1,000,000

(2) For taxable years beginning after two thousand eight and before  two
thousand twelve:

S. 5277                             8

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

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

  [(3)] (4) For taxable years beginning in two thousand five:

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 $100,000    $973 plus 6.85% of excess over
                                      $20,000
Over $100,000 but not over $500,000   $6,453 plus 7.25% of excess over
                                      $100,000
Over $500,000                         $35,453 plus 7.7% of excess over
                                      $500,000

  [(4)] (5) For taxable years beginning in two thousand four:

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

S. 5277                             9

                                      $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 $100,000    $973 plus 6.85% of excess over
                                      $20,000
Over $100,000 but not over $500,000   $6,453 plus 7.375% of excess over
                                      $100,000
Over $500,000                         $35,953 plus 7.7% of excess over
                                      $500,000

  [(5)] (6) For taxable years beginning in two thousand three:

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 $100,000    $973 plus 6.85% of excess over
                                      $20,000
Over $100,000 but not over $500,000   $6,453 plus 7.5% of excess over
                                      $100,000
Over $500,000                         $36,453 plus 7.7% of excess over
                                      $500,000

  [(6)]  (7)  For taxable years beginning after nineteen hundred ninety-
six and before two thousand three:

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

  [(7)] (8) For taxable years beginning in nineteen hundred ninety-six:

If the New York taxable income is:    The tax is:
Not over $5,500                       4% of the New York taxable
                                      income
Over $5,500 but not over $8,000       $220 plus 5% of excess over
                                      $5,500
Over $8,000 but not over $11,000      $345 plus 6% of excess over
                                      $8,000
Over $11,000                          $525 plus 7% of excess over
                                      $11,000

S. 5277                            10

  [(8)] (9) For taxable years beginning in nineteen hundred ninety-five:

If the New York taxable income is:    The tax is:
Not over $6,500                       4.55% of the New York taxable
                                      income
Over $6,500 but not over $9,500       $296 plus 5.55% of excess over
                                      $6,500
Over $9,500 but not over $12,500      $462 plus 6.55% of excess over
                                      $9,500
Over $12,500                          $659 plus 7.5% of excess over
                                      $12,500

  [(9)]  (10) For taxable years beginning after nineteen hundred eighty-
nine and before nineteen hundred ninety-five:

If the New York taxable
income is:                            The tax is:
Not over $5,500                       4% of the New York taxable
                                      income
Over $5,500 but not over $8,000       $220 plus 5% of excess over
                                      $5,500
Over $8,000 but not over $11,000      $345 plus 6% of excess over
                                      $8,000
Over $11,000 but not over $13,000     $525 plus 7% of excess over
                                      $11,000
Over $13,000                          $665 plus 7.875% of excess over
                                      $13,000

  S 2. Subparagraph (B) of paragraph 3 of subsection (d) of section  601
of the tax law, as amended by section 3 of part Z-1 of chapter 57 of the
laws of 2009, is amended to read as follows:
  (B)  For  such  taxpayers with adjusted gross income over five hundred
thousand dollars, for taxable years beginning after two  thousand  eight
and before two thousand twelve, 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 five hundred  thou-
sand dollars and the denominator is fifty thousand dollars.  FOR TAXABLE
YEARS  BEGINNING AFTER TWO THOUSAND ELEVEN AND BEFORE TWO THOUSAND THIR-
TEEN, 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 MILLION DOLLARS AND THE DENOMINATOR
IS FIFTY THOUSAND DOLLARS. Provided, however, that the total  tax  prior
to  the application of any tax credits shall not exceed the highest rate
of tax set forth in the tax table in  subsection  (a)  of  this  section
multiplied by the taxpayer's taxable income.
  S  3. Clause (ii) of subparagraph (B) of paragraph 3 of subsection (c)
of section 685 of the tax law is amended by adding  a  new  undesignated
paragraph to read as follows:
  FURTHER  PROVIDED  THAT  THE TAX SHOWN ON SUCH RETURN FOR TAXABLE YEAR
BEGINNING IN TWO THOUSAND ELEVEN SHALL BE CALCULATED  AS  IF  SUCH  YEAR
BEGAN IN TWO THOUSAND TWELVE.
  S  4. Notwithstanding any provision of law to the contrary, the method
of determining the amount to be deducted  and  withheld  from  wages  on
account  of  taxes imposed by or pursuant to the authority of article 22
of the tax law in connection with the implementation of  the  provisions
of  this  act  shall be prescribed by regulations of the commissioner of

S. 5277                            11

taxation and finance with due consideration to the effect such withhold-
ing tables and methods would have on the receipt and amount of  revenue.
The  commissioner  of taxation and finance shall adjust such withholding
tables  and  methods  in  regard  to taxable years beginning in 2012 and
after in such manner as to result, so far as practicable, in withholding
from an employee's wages an amount substantially equivalent to  the  tax
reasonably estimated to be due for such taxable years as a result of the
provisions  of  this act. Provided, however, for tax year 2012 the with-
holding tables shall reflect  as  accurately  as  practicable  the  full
amount  of  tax  year  2012 liability so that such amount is withheld by
December 31, 2012. Any such regulations to implement a change  in  with-
holding tables and methods for tax year 2012 shall be adopted and effec-
tive as soon as practicable and the commissioner of taxation and finance
may  adopt  such  regulations  on  an  emergency  basis  notwithstanding
anything to the contrary in section  202  of  the  state  administrative
procedure  act.  In  carrying out his or her duties and responsibilities
under this section, the commissioner of taxation and finance may  accom-
pany  such a rule making procedure with a similar procedure with respect
to the taxes required to be deducted and withheld by local laws imposing
taxes pursuant to the authority of articles 30, 30-A and 30-B of the tax
law, the provisions of any other law in relation to such a procedure  to
the contrary notwithstanding.
  S  5.  The  commissioner  of  taxation and finance shall take steps to
publicize the necessary adjustments to estimated tax and, to the  extent
reasonably possible, to inform the taxpayer of the tax liability changes
made by this act.
  S 6. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2012.

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Senate Bill S5277

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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Sponsored By

Tony Avella

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

2011-S5277 (ACTIVE) - Details

2011-S5277 (ACTIVE) - Summary

2011-S5277 (ACTIVE) - Sponsor Memo

2011-S5277 (ACTIVE) - Bill Text download pdf

Comments