|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to cities|
|Jan 09, 2013||referred to cities|
senate Bill S1799
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1799 - Details
S1799 - Summary
Establishes a tax table benefit recapture for joint returns over $250,000, individual returns over $150,000 and head of household returns over $180,000; makes changes to the New York city personal income tax rates.
S1799 - Sponsor Memo
BILL NUMBER:S1799 TITLE OF BILL: An act to amend the administrative code of the city of New York and the tax law, in relation to establishing a tax table benefit recapture; and in relation to New York city personal income tax rates PURPOSE: To provide a tax benefit to lower income and middle class residents of the city of New York. SUMMARY OF PROVISIONS: Section 1- Amends section 11-1701 of the Administrative Code of the city of New York by adding a subdivision that implements a new supplemental tax. The sum of the tax shall be calculated by the tax table benefit multiplied by a fraction which is dependent upon income and filing status. Only the following types of filers who make income above the specified amounts below would be taxed. -Families with a taxable income of 250,000 or more, would receive a tax table benefit of $333 dollars. They would be taxed at rate determined by their tax table benefit multiplied by a numerator of the lesser of $50,000 dollars or the taxable income of the filer that exceeds $250,000 dollars and a denominator of $50,000 dollars. -Resident unmarried individuals and resident married individuals
S1799 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1799 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the administrative code of the city of New York and the tax law, in relation to establishing a tax table benefit recapture; and in relation to New York city personal income tax rates THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 11-1701 of the administrative code of the city of New York is amended by adding a new subdivision (i) to read as follows: (I) TAX TABLE BENEFIT RECAPTURE. FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND FOURTEEN, THERE IS HEREBY IMPOSED A SUPPLEMENTAL TAX, IN ADDI- TION TO THE TAX IMPOSED UNDER THE OPENING PARAGRAPH OF THIS SECTION, FOR THE PURPOSE OF RECAPTURING THE BENEFIT OF THE TAX TABLES CONTAINED IN SUBDIVISION (A) OF THIS SECTION. THE SUPPLEMENTAL TAX SHALL BE AN AMOUNT EQUAL TO THE SUM OF THE TAX TABLE BENEFITS IN PARAGRAPHS ONE, TWO AND THREE OF THIS SUBDIVISION MULTIPLIED BY THEIR RESPECTIVE FRACTIONS IN SUCH PARAGRAPHS. (1) RESIDENT MARRIED INDIVIDUALS FILING JOINT RETURNS AND SURVIVING SPOUSES. SUBPARAGRAPHS (A) AND (B) OF THIS PARAGRAPH APPLY ONLY TO FILERS WHOSE TAXABLE INCOME EXCEEDS $250,000. (A) THE TAX TABLE BENEFIT IS $333. (B) 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 TWO HUNDRED FIFTY THOUSAND DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS. (2) RESIDENT UNMARRIED INDIVIDUALS AND RESIDENT MARRIED INDIVIDUALS FILING SEPARATE RETURNS. SUBPARAGRAPHS (A) AND (B) OF THIS PARAGRAPH APPLY ONLY TO FILERS WHOSE TAXABLE INCOME EXCEEDS $150,000. (A) THE TAX TABLE BENEFIT IS $185. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02970-01-3
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