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

                                  5192

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2015
                               ___________

Introduced by M. of A. KOLB, OAKS, GOODELL, RAIA, MONTESANO, RA, SALADI-
  NO,  CURRAN,  STEC, MALLIOTAKIS, BARCLAY, LUPINACCI -- Multi-Sponsored
  by -- M. of A. DiPIETRO -- read once and referred to the Committee  on
  Ways and Means

AN  ACT  to  amend  the  tax law, in relation to the personal income tax
  rates; and to repeal certain provisions of the tax law, relating ther-
  eto

  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 amended by section 1 of part FF of  chap-
ter 59 of the laws of 2013, is amended to read as follows:
  (B)  For  taxable  years  beginning  after two thousand seventeen, 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  through  two  thousand
seventeen:

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 EXCESS OVER
$300,000                              $150,000
OVER $300,000                         $19,016 PLUS 6.85% OF EXCESS OVER

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03607-01-5
              

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                                      $300,000

  S  2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
of the tax law, as amended by section 2 of part FF of chapter 59 of  the
laws of 2013, is amended to read as follows:
  (B)  For  taxable  years  beginning  after two thousand seventeen, 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  through  two  thousand
seventeen:

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 EXCESS
$250,000                              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 amended by section 3 of part FF of chapter 59 of  the
laws of 2013, is amended to read as follows:
  (B)  For  taxable  years  beginning  after two thousand seventeen, 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  through  two  thousand
seventeen:

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.  Subsection  (a)  of section 601-a of the tax law, as amended by
section 10 of part FF of chapter 59 of the laws of 2013, is  amended  to
read as follows:
  (a)  For  tax  year two thousand thirteen, the commissioner, not later
than September first, two thousand twelve, shall  multiply  the  amounts
specified  in  subsection  (b) of this section for tax year two thousand

A. 5192                             3

twelve by one plus the cost of living adjustment described in subsection
(c) of this section. For tax year two thousand fourteen, the commission-
er, not later than September first, two thousand thirteen, shall  multi-
ply the amounts specified in subsection (b) of this section for tax year
two  thousand  thirteen  by  one plus the cost of living adjustment. For
each succeeding tax year after  tax  year  two  thousand  fourteen  [and
before tax year two thousand eighteen], the commissioner, not later than
September  first  of such tax year, shall multiply the amounts specified
in subsection (b) of this section for such tax year by one plus the cost
of living adjustment described in subsection (c)  of  this  section  for
such tax year.
  S 5. Subsection (f) of section 614 of the tax law is REPEALED.
  S 6. Subsection (d-2) of section 601 of the tax law is REPEALED.
  S  7.  This  act shall take effect immediately provided, however, that
section six of this act shall take effect January 1, 2018.