Assembly Bill A675

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    675
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by  M.  of  A.  RODRIGUEZ  --  read once and referred to the
   Committee on Ways and Means
 
 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  EIGHTEEN, 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.
   (B) THE FRACTION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS  THE  LESSER
 OF  FIFTY  THOUSAND  DOLLARS  OR  THE  EXCESS OF NEW YORK ADJUSTED GROSS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04720-01-7

 A. 675                              2
 
 INCOME FOR THE TAXABLE YEAR OVER ONE HUNDRED FIFTY THOUSAND DOLLARS  AND
 THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   (3)  RESIDENT  HEAD  OF  HOUSEHOLD.  SUBPARAGRAPHS (A) AND (B) OF THIS
 PARAGRAPH APPLY ONLY TO FILERS WHOSE TAXABLE INCOME EXCEEDS $180,000.
   (A) THE TAX TABLE BENEFIT IS $222.
   (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 ONE HUNDRED EIGHTY THOUSAND DOLLARS AND
 THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
   § 2.  Paragraph 1 of subdivision (a) of section 11-1701 of the  admin-
 istrative  code  of  the  city  of  New  York is amended by adding a new
 subparagraph (C) to read as follows:
   (C) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN:
 
 IF THE CITY TAXABLE INCOME IS:        THE TAX IS:
 NOT OVER $21,600                      2.168% OF THE CITY TAXABLE INCOME
 OVER $21,600 BUT NOT                  $468 PLUS 2.635% OF EXCESS
 OVER $45,000                          OVER $21,600
 OVER $45,000 BUT NOT                  $1,085 PLUS 2.993% OF EXCESS
 OVER $90,000                          OVER $45,000
 OVER $90,000 BUT NOT                  $2,432 PLUS 3.15% OF EXCESS
 OVER $150,000                         OVER $90,000
 OVER $150,000 BUT NOT                 $4,322 PLUS 3.2% OF EXCESS
 OVER $500,000                         OVER $150,000
 OVER $500,000 BUT NOT                 $15,522 PLUS 3.4% OF EXCESS
 OVER $1,000,000                       OVER $500,000
 OVER $1,000,000 BUT NOT               $32,522 PLUS 3.7% OF EXCESS
 OVER $2,000,000                       OVER $1,000,000
 OVER $2,000,000                       $69,522 PLUS 3.8% OF EXCESS
                                       OVER $2,000,000
 
   § 3. Paragraph 2 of subdivision (a) of section 11-1701 of the adminis-
 trative code of the city of New York is amended by adding a new subpara-
 graph (C) to read as follows:
   (C) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN:
 
 IF THE CITY TAXABLE INCOME IS:        THE TAX IS:
 NOT OVER $14,400                      2.168% OF THE CITY TAXABLE INCOME
 OVER $14,400 BUT NOT                  $312 PLUS 2.635% OF EXCESS
 OVER $30,000                          OVER $14,400
 OVER $30,000 BUT NOT                  $723 PLUS 2.993% OF EXCESS
 OVER $60,000                          OVER $30,000
 OVER $60,000 BUT NOT                  $1,621 PLUS 3.15% OF EXCESS
 OVER $100,000                         OVER $60,000
 OVER $100,000 BUT NOT                 $2,881 PLUS 3.2% OF EXCESS
 OVER $500,000                         OVER $100,000
 OVER $500,000 BUT NOT                 $15,681 PLUS 3.4% OF EXCESS
 OVER $1,000,000                       OVER $500,000
 OVER $1,000,000 BUT NOT               $32,681 PLUS 3.7% OF EXCESS
 OVER $2,000,000                       OVER $1,000,000
 OVER $2,000,000                       $69,681 PLUS 3.8% OF EXCESS
                                       OVER $2,000,000
 
   § 4. Paragraph 3 of subdivision (a) of section 11-1701 of the adminis-
 trative code of the city of New York is amended by adding a new subpara-
 graph (C) to read as follows:

 A. 675                              3
 
   (C) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN:
 
 IF THE CITY TAXABLE INCOME IS:        THE TAX IS:
 NOT OVER $12,000                      2.168% OF THE CITY TAXABLE INCOME
 OVER $12,000 BUT NOT                  $260 PLUS 2.635% OF EXCESS
 OVER $25,000                          OVER $12,000
 OVER $25,000 BUT NOT                  $603 PLUS 2.993% OF EXCESS
 OVER $50,000                          OVER $25,000
 OVER $50,000 BUT NOT                  $1,351 PLUS 3.15% OF EXCESS
 OVER $83,000                          OVER $50,000
 OVER $83,000 BUT NOT                  $2,400 PLUS 3.2% OF EXCESS
 OVER $500,000                         OVER $83,000
 OVER $500,000 BUT NOT                 $15,734 PLUS 3.4% OF EXCESS
 OVER $1,000,000                       OVER $500,000
 OVER $1,000,000 BUT NOT               $32,734 PLUS 3.7% OF EXCESS
 OVER $2,000,000                       OVER $1,000,000
 OVER $2,000,000                       $69,734 PLUS 3.8% OF EXCESS
                                       OVER $2,000,000
 
   §  5.  Paragraph 1 of subsection (a) of section 1304 of the tax law is
 amended by adding a new subparagraph (C) to read as follows:
   (C) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN:
 
 IF THE CITY TAXABLE INCOME IS:        THE TAX IS:
 NOT OVER $21,600                      2.168% OF THE CITY TAXABLE INCOME
 OVER $21,600 BUT NOT                  $468 PLUS 2.635% OF EXCESS
 OVER $45,000                          OVER $21,600
 OVER $45,000 BUT NOT                  $1,085 PLUS 2.993% OF EXCESS
 OVER $90,000                          OVER $45,000
 OVER $90,000 BUT NOT                  $2,432 PLUS 3.15% OF EXCESS
 OVER $150,000                         OVER $90,000
 OVER $150,000 BUT NOT                 $4,322 PLUS 3.2% OF EXCESS
 OVER $500,000                         OVER $150,000
 OVER $500,000 BUT NOT                 $15,522 PLUS 3.4% OF EXCESS
 OVER $1,000,000                       OVER $500,000
 OVER $1,000,000 BUT NOT               $32,522 PLUS 3.7% OF EXCESS
 OVER $2,000,000                       OVER $1,000,000
 OVER $2,000,000                       $69,522 PLUS 3.8% OF EXCESS
                                       OVER $2,000,000

   § 6. Paragraph 2 of subsection (a) of section 1304 of the tax  law  is
 amended by adding a new subparagraph (C) to read as follows:
 
   (C) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN:
 IF THE CITY TAXABLE INCOME IS:         THE TAX IS:
 NOT OVER $14,400                       2.168% OF THE CITY TAXABLE INCOME
 OVER $14,400 BUT NOT                   $312 PLUS 2.635% OF EXCESS
 OVER $30,000                           OVER $14,400
 OVER $30,000 BUT NOT                   $723 PLUS 3.15% OF EXCESS
 OVER $60,000                           OVER $30,000
 OVER $60,000 BUT NOT                   $1,621 PLUS 3.15% OF EXCESS
 OVER $100,000                          OVER $60,000
 OVER $100,000 BUT NOT                  $2,881 PLUS 3.2% OF EXCESS
 OVER $500,000                          OVER $100,000
 OVER $500,000 BUT NOT                  $15,681 PLUS 3.4% OF EXCESS
 OVER $1,000,000                        OVER $500,000

 A. 675                              4
 
 OVER $1,000,000 BUT NOT                $32,681 PLUS 3.7% OF EXCESS
 OVER $2,000,000                        OVER $1,000,000
 OVER $2,000,000                        $69,681 PLUS 3.8% OF EXCESS
                                        OVER $2,000,000

   §  7.  Paragraph 3 of subsection (a) of section 1304 of the tax law is
 amended by adding a new subparagraph (C) to read as follows:
 
   (C) FOR TAXABLE YEARS BEGINNING IN TWO THOUSAND EIGHTEEN:
 IF THE CITY TAXABLE INCOME IS:         THE TAX IS:
 NOT OVER $12,000                       2.168% OF THE CITY TAXABLE INCOME
 OVER $12,000 BUT NOT                   $260 PLUS 2.635% OF EXCESS
 OVER $25,000                           OVER $12,000
 OVER $25,000 BUT NOT                   $603 PLUS 2.993% OF EXCESS
 OVER $50,000                           OVER $25,000
 OVER $50,000 BUT NOT                   $1,351 PLUS 3.15% OF EXCESS
 OVER $83,000                           OVER $50,000
 OVER $83,000 BUT NOT                   $2,400 PLUS 3.2% OF EXCESS
 OVER $500,000                          OVER $83,000
 OVER $500,000 BUT NOT                  $15,734 PLUS 3.4% OF EXCESS
 OVER $1,000,000                        OVER $500,000
 OVER $1,000,000 BUT NOT                $32,734 PLUS 3.7% OF EXCESS
 OVER $2,000,000                        OVER $1,000,000
 OVER $2,000,000                        $69,734 PLUS 3.8% OF EXCESS
                                        OVER $2,000,000
 
   § 8. The commissioner of taxation and  finance  shall  take  steps  to
 publicize  the necessary adjustments to estimated tax and, to the extent
 reasonably possible, to inform the taxpayer of the tax liability changes
 made by this act.
   § 9. This act shall take effect immediately.