Senate Bill S6122

2011-2012 Legislative Session

Places a limit on the personal income tax levy by New York state

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Sponsored By

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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2011-S6122 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §608, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S152
2015-2016: S83
2017-2018: S3170
2019-2020: S863

2011-S6122 (ACTIVE) - Summary

Places a limit on the personal income tax levy by New York state.

2011-S6122 (ACTIVE) - Sponsor Memo

2011-S6122 (ACTIVE) - Bill Text download pdf

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

                                  6122

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by Sen. GALLIVAN -- 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 placing  a  limit  upon  the
  personal income tax by the state of New York

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

  Section 1.  The tax law is amended by adding a new section 608 to read
as follows:
  S 608. LIMIT UPON THE PERSONAL INCOME TAX LEVY BY  THE  STATE  OF  NEW
YORK.
  1.  UNLESS  OTHERWISE  PROVIDED  BY LAW, THE AMOUNT OF PERSONAL INCOME
TAXES THAT MAY BE LEVIED BY OR ON BEHALF OF THE STATE OF NEW YORK  SHALL
NOT EXCEED THE TAX LEVY LIMIT ESTABLISHED PURSUANT TO THIS SECTION.
  2. WHEN USED IN THIS SECTION:
  (A)  "ALLOWABLE  LEVY  GROWTH  FACTOR" FOR ALL FISCAL YEARS THAT BEGIN
AFTER TWO THOUSAND TWELVE SHALL BE  THE  HIGHER  OF:  (I)  ONE  AND  TWO
ONE-HUNDREDTHS;  OR  (II) THE SUM OF NINETY-NINE ONE-HUNDREDTHS PLUS THE
INFLATION FACTOR.
  (B) "AVAILABLE CARRYOVER" MEANS THE AMOUNT BY WHICH THE TAX  LEVY  FOR
THE PRIOR FISCAL YEAR WAS BELOW THE TAX LEVY LIMIT FOR SUCH FISCAL YEAR,
IF  ANY, BUT NO MORE THAN AN AMOUNT THAT EQUALS ONE AND ONE-HALF PERCENT
OF THE TAX LEVY LIMIT FOR SUCH FISCAL YEAR.
  (C) "COMING FISCAL YEAR" MEANS THE FISCAL YEAR OF THE STATE GOVERNMENT
FOR WHICH A TAX LEVY LIMIT SHALL BE DETERMINED PURSUANT TO THIS SECTION.
  (D) "INFLATION FACTOR" MEANS THE QUOTIENT OF: (I) THE AVERAGE  OF  THE
NATIONAL  CONSUMER PRICE INDEXES DETERMINED BY THE UNITED STATES DEPART-
MENT OF LABOR FOR THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO THE
START OF THE COMING FISCAL  YEAR  MINUS  THE  AVERAGE  OF  THE  NATIONAL
CONSUMER  PRICE  INDEXES  DETERMINED  BY THE UNITED STATES DEPARTMENT OF
LABOR FOR THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO  THE  START
OF  THE  PRIOR FISCAL YEAR, DIVIDED BY: (II) THE AVERAGE OF THE NATIONAL
CONSUMER PRICE INDEXES DETERMINED BY THE  UNITED  STATES  DEPARTMENT  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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