Assembly Bill A6935

2015-2016 Legislative Session

Relates to the STAR exemption and adjusting personal income tax rates

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Archive: Last Bill Status - In Assembly 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 06, 2016	referred to real property taxation
Apr 10, 2015	referred to real property taxation

2015-A6935 (ACTIVE) - Details

Current Committee:: Assembly Real Property Taxation
Law Section:: Real Property Tax Law
Laws Affected:: Amd §§425 & 1306-a, RPT L; amd §601, Tax L
Versions Introduced in 2013-2014 Legislative Session:: A8756

2015-A6935 (ACTIVE) - Summary

Enacts the Affordable NY act relating to increasing the base figure for the STAR exemption and adjusting personal income tax rates to decrease taxes for lower and middle income earners.

2015-A6935 (ACTIVE) - Bill Text download pdf

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

                                  6935

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 10, 2015
                               ___________

Introduced  by M. of A. PALUMBO -- read once and referred to the Commit-
  tee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to increasing the
  base figure for the STAR exemption (Part A); and to amend the tax law,
  in relation to adjusting certain rates for the imposition of  personal
  income tax (Part B)

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

  Section 1. This act enacts into law components of legislation relating
to the "Affordable NY act". Each component is wholly contained within  a
Part  identified  as  Parts  A  through  B.  The effective date for each
particular provision contained within such Part is set forth in the last
section of such Part. Any provision in any section  contained  within  a
Part,  including the effective date of the Part, which makes a reference
to a section "of this act", when used in connection with that particular
component, shall be deemed  to  mean  and  refer  to  the  corresponding
section of the Part in which it is found. Section three of this act sets
forth the general effective date of this act.

                                 PART A

  Section  1.  Subparagraph  (vi)  of  paragraph (b) of subdivision 2 of
section 425 of the real property tax law, as added by section 1 of  part
D-1  of chapter 57 of the laws of 2007, clause (A) as further amended by
subdivision (b) of section 1 of part W of chapter  56  of  the  laws  of
2010, is amended to read as follows:
  (vi)  For  the  two  thousand  nine--two thousand ten school year [and
thereafter] THROUGH  THE  TWO  THOUSAND  FIFTEEN--TWO  THOUSAND  SIXTEEN
SCHOOL YEAR:
  (A)  The  base  figure for the enhanced STAR exemption shall equal the
prior year's base figure multiplied by the percentage  increase  in  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09913-01-5

A. 6935                             2

consumer price index for urban wage earners and clerical workers (CPI-W)
published  by  the  United  States  department of labor, bureau of labor
statistics, for the third quarter of the  calendar  year  preceding  the
applicable  school  year,  as compared to the third quarter of the prior
calendar year. If a base figure as so determined is not exactly equal to
a multiple of one hundred dollars, it shall be rounded  to  the  nearest
multiple  of  one hundred dollars. It shall be the responsibility of the
commissioner to annually determine such base figures.
  (B) The base figure for the basic STAR exemption shall be thirty thou-
sand dollars.
  S 2. Paragraph (b) of subdivision 2 of section 425 of the real proper-
ty tax law is amended by adding a new  subparagraph  (vii)  to  read  as
follows:
  (VII)  FOR  THE TWO THOUSAND FIFTEEN--TWO THOUSAND SIXTEEN SCHOOL YEAR
AND THEREAFTER:
  (A) THE BASE FIGURE FOR THE ENHANCED STAR EXEMPTION  SHALL  EQUAL  THE
PRIOR  YEAR'S  BASE  FIGURE MULTIPLIED BY THE PERCENTAGE INCREASE IN THE
CONSUMER PRICE INDEX FOR URBAN WAGE EARNERS AND CLERICAL WORKERS (CPI-W)
PUBLISHED BY THE UNITED STATES DEPARTMENT  OF  LABOR,  BUREAU  OF  LABOR
STATISTICS,  FOR  THE  THIRD  QUARTER OF THE CALENDAR YEAR PRECEDING THE
APPLICABLE SCHOOL YEAR, AS COMPARED TO THE THIRD QUARTER  OF  THE  PRIOR
CALENDAR  YEAR,  MULTIPLIED BY TWO. IF A BASE FIGURE AS SO DETERMINED IS
NOT EXACTLY EQUAL TO A MULTIPLE OF ONE  HUNDRED  DOLLARS,  IT  SHALL  BE
ROUNDED  TO THE NEAREST MULTIPLE OF ONE HUNDRED DOLLARS. IT SHALL BE THE
RESPONSIBILITY OF THE  COMMISSIONER  TO  ANNUALLY  DETERMINE  SUCH  BASE
FIGURES.
  (B)  THE BASE FIGURE FOR THE BASIC STAR EXEMPTION SHALL BE SIXTY THOU-
SAND DOLLARS.
  S 3. Subparagraph (i) of paragraph (a) of  subdivision  2  of  section
1306-a  of  the real property tax law, as amended by section 6 of part N
of chapter 58 of the laws of 2011, is amended to read as follows:
  (i) The tax savings for each parcel receiving the exemption authorized
by section four hundred twenty-five of this chapter shall be computed by
subtracting the amount actually  levied  against  the  parcel  from  the
amount  that  would have been levied if not for the exemption[, provided
however, that beginning with the two thousand eleven-two thousand twelve
school year, the tax savings applicable to any "portion" (which as  used
herein shall mean that part of an assessing unit located within a school
district) shall not exceed the tax savings applicable to that portion in
the  prior  school  year multiplied by one hundred two percent, with the
result rounded to the nearest dollar]. The tax savings  attributable  to
the  basic  and  enhanced  exemptions shall be calculated separately. It
shall be the responsibility of the commissioner to calculate tax savings
limitations for purposes of this subdivision.
  S 4. This act shall take effect immediately.

                                 PART B

  Section 1. Paragraph 1 of subsection (a) of section  601  of  the  tax
law,  as  amended  by  section 1 of part FF of chapter 59 of the laws of
2013, is amended to read as follows:
  (1) (A) For taxable years beginning  after  two  thousand  eleven  and
before two thousand [eighteen] SIXTEEN:

A. 6935                             3

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 $150,000    $1,946 plus 6.45% of excess over
                                      $40,000
Over $150,000 but not over $300,000   $9,041 plus 6.65% of excess over
                                      $150,000
Over $300,000 but not over $2,000,000 $19,016 plus 6.85% of excess over
                                      $300,000
Over $2,000,000                       $135,466 plus 8.82% of excess over
                                      $2,000,000

  (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%] 2% of taxable income
Over $16,000 but not over $22,000     [$640] $320 plus [4.5%]
                                      2.5% of excess over
                                      $16,000
Over $22,000 but not over $26,000     [$910] $470 plus [5.25%]
                                      3.25% of excess over
                                      $22,000
Over $26,000 but not over $40,000     [$1,120] $600 plus [5.90%]
                                      3.90% of excess over
                                      $26,000
Over $40,000 BUT NOT OVER $150,000    [$1,946]
                                      $1,146 plus [6.85%] 4.45%
                                      of excess over
                                      $40,000
OVER $150,000 BUT NOT OVER $300,000   $6,041 PLUS 4.65% OF EXCESS OVER
                                      $150,000
OVER $300,000                         $13,016 PLUS 6.85% OF EXCESS OVER
                                      $300,000

  (C)  FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND FIFTEEN AND BEFORE
TWO THOUSAND EIGHTEEN, 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  THIR-
TEEN THROUGH TWO THOUSAND FIFTEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $16,000                      2% OF TAXABLE INCOME
OVER $16,000 BUT NOT OVER $22,000     $320 PLUS 2.5% OF EXCESS OVER
                                      $16,000
OVER $22,000 BUT NOT OVER $26,000     $470 PLUS 3.25% OF EXCESS OVER
                                      $22,000
OVER $26,000 BUT NOT OVER $40,000     $600 PLUS 3.90% OF EXCESS OVER

A. 6935                             4

                                      $26,000
OVER $40,000 BUT NOT OVER $150,000    $1,146 PLUS 4.45% OF EXCESS OVER
                                      $40,000
OVER $150,000 BUT NOT OVER $300,000   $6,041 PLUS 4.65% OF EXCESS OVER
                                      $150,000
OVER $300,000 TO $2 MILLION           $13,016 PLUS 6.85% OF EXCESS OVER
                                      $300,000
OVER $2 MILLION                       $129,466 PLUS 8.82% OF EXCESS OVER
                                      $2 MILLION

  S  2.  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:
  (1)  (A)  For  taxable  years  beginning after two thousand eleven and
before two thousand [eighteen] SIXTEEN:

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 $100,000    $1,460 plus 6.45% of excess over
                                      $30,000
Over $100,000 but not over $250,000   $5,975 plus 6.65% of excess over
                                      $100,000
Over $250,000 but not over $1,500,000 $15,950 plus 6.85% of excess over
                                      $250,000
Over $1,500,000                       $101,575 plus 8.82% of excess over
                                      $1,500,000

  (B) For taxable years beginning  after  two  thousand  seventeen,  the
following brackets and [dollars] 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 $12,000                      [4%] 2% of taxable income
Over $12,000 but not over $16,500     [$480] $240 plus [4.5%]
                                      2.5% of excess over $12,000
Over $16,500 but not over $19,500     [$683] $353 plus [5.25%]
                                      3.25% of excess over $16,500
Over $19,500 but not over $30,000     [$840] $451 plus
                                      [5.90%] 3.90% of excess over $19,500
Over $30,000 BUT NOT                  [$1,460] $861 plus
OVER $100,000                         [6.85%] 4.45% of excess
                                      over $30,000
OVER $100,000 BUT NOT OVER            $3,976 PLUS 4.65% OF EXCESS OVER
$250,000                              $100,000
OVER $250,000                         $10,951 PLUS 6.85% OF EXCESS OVER
                                      $250,000

A. 6935                             5

  (C) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND FIFTEEN AND  BEFORE
TWO  THOUSAND  EIGHTEEN, 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 THIR-
TEEN THROUGH TWO THOUSAND FIFTEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $12,000                      2% OF TAXABLE INCOME
OVER $12,000 BUT NOT OVER $16,500     $240 PLUS 2.5% OF EXCESS OVER
                                      $12,000
OVER $16,500 BUT NOT OVER $19,500     $353 PLUS 3.25% OF EXCESS OVER
                                      $16,500
OVER $19,500 BUT NOT OVER $30,000     $451 PLUS 3.90% OF EXCESS OVER
                                      $19,500
OVER $30,000 BUT NOT OVER $100,000    $861 PLUS 4.45% OF EXCESS OVER
                                      $30,000
OVER $100,000 BUT NOT OVER $250,000   $3,976 PLUS 4.65% OF EXCESS OVER
                                      $100,000
OVER $250,000 BUT NOT OVER $1.5       $10,951 PLUS 6.85% OF EXCESS OVER
MILLION                               $250,000
OVER $1.5 MILLION                     $96,576 PLUS 8.82% OF EXCESS OVER
                                      $1.5 MILLION

  S  3.  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:
  (1)  (A)  For  taxable  years  beginning after two thousand eleven and
before two thousand [eighteen] SIXTEEN:

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 6.45% 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 but not over $1,000,000 $12,833 plus 6.85% of excess over
                                      $200,000
Over $1,000,000                       $67,633 plus 8.82% of excess over
                                      $1,000,000

  (B) For taxable years beginning  after  two  thousand  seventeen,  the
following brackets and [dollars] 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 $8,000                       [4%] 2% of taxable income
Over $8,000 but not over $11,000      [$320] $160 plus
                                      [4.5%] 2.5%

A. 6935                             6

                                      of excess over $8,000
Over $11,000 but not over $13,000     [$455] $235 plus
                                      [5.25%] 3.25%
                                      of excess over $11,000
Over $13,000 but not over $20,000     [$560] $300 plus
                                      [5.90%] 3.90%
                                      of excess over $13,000
Over $20,000 BUT NOT OVER             [$973] $573 plus
$75,000                               [6.85%] 4.45%
                                      of excess over $20,000
OVER $75,000 BUT NOT                  $3,021 PLUS 4.65% OF EXCESS OVER
OVER $200,000                         $75,000
OVER $200,000                         $8,834 PLUS 6.85% OF EXCESS OVER
                                      $200,000

  (C)  FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND FIFTEEN AND BEFORE
TWO THOUSAND EIGHTEEN, 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  THIR-
TEEN THROUGH TWO THOUSAND FIFTEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $8,000                       2% OF TAXABLE INCOME
OVER $8,000 BUT NOT OVER $11,000      $160 PLUS 2.5% OF EXCESS OVER
                                      $8,000
OVER $11,000 BUT NOT OVER $13,000     $235 PLUS 3.25% OF EXCESS OVER
                                      $11,000
OVER $13,000 BUT NOT OVER $20,000     $300 PLUS 3.90% OF EXCESS OVER
                                      $13,000
OVER $20,000 BUT NOT OVER $75,000     $573 PLUS 4.45% OF EXCESS OVER
                                      $20,000
OVER $75,000 BUT NOT OVER $200,000    $3,021 PLUS 4.65% OF EXCESS OVER
                                      $75,000
OVER $200,000 TO $1 MILLION           $8,834 PLUS 6.85% OF EXCESS OVER
                                      $200,000
OVER $1 MILLION                       $63,634 PLUS 8.82% OF EXCESS OVER
                                      $1 MILLION
  S 4. This act shall take effect immediately.
  S 2. Severability clause. If any clause, sentence, paragraph, subdivi-
sion, section or part of this act shall be adjudged by a court of compo-
nent  jurisdiction to be invalid, such judgment shall not affect, impair
or invalidate the remainder thereof, but shall be confined in its opera-
tion to the clause, sentence, paragraph, subdivision,  section  or  part
thereof  directly  involved  in  the  controversy in which such judgment
shall have been rendered. It is hereby declared to be in the  intent  of
the  legislature  that  this  act  would  have been enacted even if such
invalid provisions had not been included herein.
  S 3. This act shall take effect immediately  provided,  however,  that
the  applicable effective date of Parts A through B of this act shall be
as specifically set forth in the last section of such Parts.

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Assembly Bill A6935

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Archive: Last Bill Status - In Assembly Committee

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2015-A6935 (ACTIVE) - Summary

2015-A6935 (ACTIVE) - Bill Text download pdf

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Sponsored By

PALUMBO

Archive: Last Bill Status - In Assembly Committee

Actions

2015-A6935 (ACTIVE) - Details

2015-A6935 (ACTIVE) - Summary

2015-A6935 (ACTIVE) - Bill Text download pdf

Comments