NY State Assembly Bill 2015-A9728

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
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Delivered to Governor
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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 05, 2016	referred to ways and means

2015-A9728 (ACTIVE) - Details

Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §601, Tax L

2015-A9728 (ACTIVE) - Summary

Relates to income tax reductions.

2015-A9728 (ACTIVE) - Bill Text download pdf

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

                                  9728

                          I N  A S S E M B L Y

                              April 5, 2016
                               ___________

Introduced by M. of A. TENNEY -- read once and referred to the Committee
  on Ways and Means

AN ACT to amend the tax law, in relation to income tax reduction

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

  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 NINETEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $16,000                      1% OF TAXABLE INCOME
OVER $16,000 BUT NOT OVER $22,000     $160 PLUS 1.5% OF EXCESS OVER
                                      $16,000
OVER $22,000 BUT NOT OVER $26,000     $250 PLUS 2.25% OF EXCESS OVER
                                      $22,000
OVER $26,000 BUT NOT OVER $40,000     $340 PLUS 2.90% OF EXCESS OVER
                                      $26,000
OVER $40,000 BUT NOT OVER $150,000    $746 PLUS 3.45% OF EXCESS OVER
                                      $40,000
OVER $150,000 BUT NOT OVER $300,000   $4,541 PLUS 3.65% OF EXCESS OVER
                                      $150,000
OVER $300,000 BUT NOT OVER $2,000,000 $10,016 PLUS 3.85% OF EXCESS
                                      OVER $300,000
OVER $2,000,000                       $75,466 PLUS 5.82% OF EXCESS
                                      OVER $2,000,000

  (B) FOR TAXABLE YEAR TWO THOUSAND NINETEEN:

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

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

                                                           LBD14842-02-6

A. 9728                             2

                                      $22,000
OVER $26,000 BUT NOT OVER $40,000     $600 PLUS 3.90% OF EXCESS OVER
                                      $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 BUT NOT OVER $2,000,000 $13,016 PLUS 4.85% OF EXCESS
                                      OVER $300,000
OVER $2,000,000                       $95,466 PLUS 6.82% OF EXCESS
                                      OVER $2,000,000

  (C) FOR TAXABLE YEAR TWO THOUSAND EIGHTEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $16,000                      3% OF TAXABLE INCOME
OVER $16,000 BUT NOT OVER $22,000     $480 PLUS 3.5% OF EXCESS OVER
                                      $16,000
OVER $22,000 BUT NOT OVER $26,000     $690 PLUS 4.25% OF EXCESS OVER
                                      $22,000
OVER $26,000 BUT NOT OVER $40,000     $860 PLUS 4.90% OF EXCESS OVER
                                      $26,000
OVER $40,000 BUT NOT OVER $150,000    $1,546 PLUS 5.45% OF EXCESS OVER
                                      $40,000
OVER $150,000 BUT NOT OVER $300,000   $7,541 PLUS 5.65% OF EXCESS OVER
                                      $150,000
OVER $300,000 BUT NOT OVER $2,000,000 $16,016 PLUS 5.85% OF EXCESS
                                      OVER $300,000
OVER $2,000,000                       $115,466 PLUS 7.82% OF EXCESS
                                      OVER $2,000,000

  (D)  For  taxable years beginning after two thousand eleven and before
two thousand eighteen:

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:

A. 9728                             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                          $1,946 plus 6.85% of excess over
                                      $40,000]

  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 NINETEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $12,000                       1% OF TAXABLE INCOME
OVER $12,000 BUT NOT OVER $16,500     $120 PLUS 1.5% OF EXCESS OVER
                                      $12,000
OVER $16,500 BUT NOT OVER $19,500     $188 PLUS 2.25% OF EXCESS OVER
                                      $16,500
OVER $19,500 BUT NOT OVER $30,000     $255 PLUS 2.90% OF EXCESS OVER
                                      $19,500
OVER $30,000 BUT NOT OVER $100,000    $560 PLUS 3.45% OF EXCESS OVER
                                      $30,000
OVER $100,000 BUT NOT OVER $250,000   $2,975 PLUS 3.65% OF EXCESS OVER
                                      $100,000
OVER $250,000 BUT NOT OVER $1,500,000 $8,450 PLUS 3.85% OF EXCESS OVER
                                      $250,000
OVER $1,500,000                       $56,575 PLUS 5.82% OF EXCESS
                                      OVER $1,500,000

  (B) FOR TAXABLE YEAR TWO THOUSAND NINETEEN:

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     $450 PLUS 3.90% OF EXCESS OVER
                                      $19,500
OVER $30,000 BUT NOT OVER $100,000    $860 PLUS 4.45% OF EXCESS OVER
                                      $30,000
OVER $100,000 BUT NOT OVER $250,000   $3,975 PLUS 4.65% OF EXCESS OVER
                                      $100,000
OVER $250,000 BUT NOT OVER $1,500,000 $10,950 PLUS 4.85% OF EXCESS
                                      OVER $250,000
OVER $1,500,000                       $71,575 PLUS 6.82% OF EXCESS
                                      OVER $1,500,000

  (C) FOR TAXABLE YEAR TWO THOUSAND EIGHTEEN:

A. 9728                             4

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $12,000                      3% OF TAXABLE INCOME
OVER $12,000 BUT NOT OVER $16,500     $360 PLUS 3.5% OF EXCESS OVER
                                      $12,000
OVER $16,500 BUT NOT OVER $19,500     $518 PLUS 4.25% OF EXCESS OVER
                                      $16,500
OVER $19,500 BUT NOT OVER $30,000     $645 PLUS 4.90% OF EXCESS OVER
                                      $19,500
OVER $30,000 BUT NOT OVER $100,000    $1,160 PLUS 5.45% OF EXCESS OVER
                                      $30,000
OVER $100,000 BUT NOT OVER $250,000   $4,975 PLUS 5.65% OF EXCESS OVER
                                      $100,000
OVER $250,000 BUT NOT OVER $1,500,000 $13,450 PLUS 5.85% OF EXCESS
                                      OVER $250,000
OVER $1,500,000                       $86,575 PLUS 7.82% OF EXCESS
                                      OVER $1,500,000

  (D)  For  taxable years beginning after two thousand eleven and before
two thousand eighteen:

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 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                          $1,460 plus 6.85% of excess over
                                      $30,000]

A. 9728                             5

  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 NINETEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $8,000                       1% OF TAXABLE INCOME
OVER $8,000 BUT NOT OVER $11,000      $80 PLUS 1.5% OF EXCESS OVER
                                      $8,000
OVER $11,000 BUT NOT OVER $13,000     $125 PLUS 2.25% OF EXCESS OVER
                                      $11,000
OVER $13,000 BUT NOT OVER $20,000     $170 PLUS 2.90% OF EXCESS OVER
                                      $13,000
OVER $20,000 BUT NOT OVER $75,000     $373 PLUS 3.45% OF EXCESS OVER
                                      $20,000
OVER $75,000 BUT NOT OVER $200,000    $2,271 PLUS 3.65% OF EXCESS OVER
                                      $75,000
OVER $200,000 BUT NOT OVER $1,000,000 $6,833 PLUS 3.85% OF EXCESS OVER
                                      $200,000
OVER $1,000,000                       $37,633 PLUS 5.82% OF EXCESS
                                      OVER $1,000,000

  (B) FOR TAXABLE YEAR TWO THOUSAND NINETEEN:

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 BUT NOT OVER $1,000,000 $8,833 PLUS 4.85% OF EXCESS OVER
                                      $200,000
OVER $1,000,000                       $47,633 PLUS 6.82% OF EXCESS
                                      OVER $1,000,000

  (C) FOR TAXABLE YEAR TWO THOUSAND EIGHTEEN:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $8,000                       3% OF TAXABLE INCOME
OVER $8,000 BUT NOT OVER $11,000      $240 PLUS 3.5% OF EXCESS OVER
                                      $8,000
OVER $11,000 BUT NOT OVER $13,000     $345 PLUS 4.25% OF EXCESS OVER
                                      $11,000
OVER $13,000 BUT NOT OVER $20,000     $430 PLUS 4.90% OF EXCESS OVER
                                      $13,000
OVER $20,000 BUT NOT OVER $75,000     $773 PLUS 5.45% OF EXCESS OVER
                                      $20,000
OVER $75,000 BUT NOT OVER $200,000    $3,771 PLUS 5.65% OF EXCESS OVER
                                      $75,000
OVER $200,000 BUT NOT OVER $1,000,000 $10,833 PLUS 5.85% OF EXCESS

A. 9728                             6

                                      OVER $200,000
OVER $1,000,000                       $57,633 PLUS 7.82% OF EXCESS
                                      OVER $1,000,000

  (D) For taxable years beginning after two thousand eleven and
before two thousand eighteen:

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 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                          $973 plus 6.85% of excess over
                                      $20,000]

  S 4. This act shall take effect immediately.

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Assembly Bill A9728

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Archive: Last Bill Status - In Assembly Committee

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2015-A9728 (ACTIVE) - Summary

2015-A9728 (ACTIVE) - Bill Text download pdf

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Sponsored By

TENNEY

Archive: Last Bill Status - In Assembly Committee

Actions

2015-A9728 (ACTIVE) - Details

2015-A9728 (ACTIVE) - Summary

2015-A9728 (ACTIVE) - Bill Text download pdf

Comments