S T A T E O F N E W Y O R K
________________________________________________________________________
7614
2015-2016 Regular Sessions
I N A S S E M B L Y
May 20, 2015
___________
Introduced by M. of A. OAKS -- read once and referred to the Committee
on Ways and Means
AN ACT creating a tax simplification and fairness study to look at the
personal income tax brackets and the corporate franchise tax
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The commissioner of taxation and finance shall conduct a
study to examine the corresponding income tax brackets and dollar
amounts that could be enacted if a proportionate reduction in the
personal income tax bracket and dollar amounts as provided in section
601 of the tax law for taxable years beginning after 2011 and before
2018 and for taxable years beginning after 2017, if all of the personal
income tax credits provided in section 606 of the tax law were elimi-
nated and personal income tax receipts were forecasted to be revenue
neutral based on current law.
S 2. The commissioner of taxation and finance shall conduct a study to
examine the corresponding reduction in the imposition of the corporate
franchise tax that could be enacted if a proportionate reduction in the
imposition of the corporate franchise tax as provided by sections 209
and 210 of the tax law, if all the credits provided in section 210-B of
the tax law were eliminated and the corporate franchise tax receipts
were forecasted to be revenue neutral based on current law.
S 3. The commissioner of taxation and finance shall report on the
results of the studies in section one and section two within one hundred
eighty days after this act shall have become a law.
S 4. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10159-02-5