Assembly Bill A5850

2019-2020 Legislative Session

Relates to conducting studies on personal income tax brackets and the corporate franchise tax

download bill text pdf

Sponsored By

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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2019-A5850 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Taxation
Versions Introduced in Other Legislative Sessions:
2015-2016: A7614
2017-2018: A6013
2021-2022: A7142
2023-2024: A4791

2019-A5850 (ACTIVE) - Summary

Relates to conducting studies on personal income tax brackets and the corporate franchise tax.

2019-A5850 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5850
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 20, 2019
                                ___________
 
 Introduced  by  M.  of  A.  BARCLAY, GIGLIO, TAGUE, BRABENEC, MORINELLO,
   MANKTELOW, HAWLEY, BYRNE -- Multi-Sponsored by -- M. of  A.  SALKA  --
   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
 2022 and for taxable years beginning after 2021, 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.
   § 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.
   § 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.
   § 4. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09385-01-9

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