Senate Bill S8329

2019-2020 Legislative Session

Relates to extending the top state income tax rate and provides for additional funding for the general support of public schools

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Archive: Last Bill Status - In Senate Committee Budget And Revenue 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
May 11, 2020	referred to budget and revenue

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2019-S8329 (ACTIVE) - Details

See Assembly Version of this Bill:: A10450
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§601 & 171-a, Tax L; amd §92-c, add §78-c, St Fin L
Versions Introduced in 2021-2022 Legislative Session:: S3215, A6648

2019-S8329 (ACTIVE) - Summary

Relates to extending the top state income tax rate for those that make $5,000,000 or more and with such additional funds provides for additional school aid for the general support of public schools and for additional operating support for SUNY and CUNY.

2019-S8329 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8329

SPONSOR: MAYER
 
TITLE OF BILL:

An act to amend the tax law, in relation to extending the top state
income tax rate; to amend the state finance law, in relation to provid-
ing additional funding for the general support of public schools; and to
amend the state finance law, in relation to creating the supplemental
public higher education fund

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes a new personal income tax bracket for filers earning over
$5,000,000 annually for a period of two years, the proceeds of which
shall be dedicated to education funding to help address revenue losses
due to the COVID-19 pandemic through a more equitable shared sacrifice
for the benefit of all.

 
SUMMARY OF PROVISIONS:

Sections 1, 2 and 3 create a new high earner income tax bracket for
filers who earn more than $5,000,000 for fiscal years 2020 and 2021,
with a flat tax rate of 10.90% for income in excess of $5,000,000.  This
applies regardless of whether the filer is married filing jointly, a
surviving spouse, a head of household, married filing separately, or
unmarried.

Section 4 provides that 85% of new revenue generated by the increased
tax rates be deposited in the state lottery fund and that 15% of new
revenue generated by the increased tax rates be deposited in a new
supplemental public higher education fund, requires the comptroller to
maintain a system of accounts tracking revenue collected, and provides
for certain other administrative actions with respect to such revenue.

Section 5 applies the high income bracket flat tax structure to the new
tax bracket created by this bill.

Section 6 mandates that 85% of the revenue generated by the increased
tax shall be appropriated for the general support of public schools.

Section 7 establishes the supplemental public higher education fund and
provides that 15% of the revenue generated by the increased tax shall be
distributed equally between SUNY and CUNY for additional operating
support, as appropriated by the legislature.

Section 8 disallows diminishment of funding set forth in the state budg-
et for the general support of public schools by reason of appropriation
of revenue generated by this tax increase.

Section 9 disallows diminishment of funding set forth in the state budg-
et for the operating support of SUNY and CUNY by reason of appropriation
of revenue generated by this tax increase.

Section 10 sets the effective date.

 
JUSTIFICATION:


The COVID-19 health emergency has cost New York State billions of
dollars in revenue, and the fiscal aftershocks will continue for years
to come. Among other critical state efforts, this unprecedented budget
climate threatens existing education funding if the state does not find
substantial new sources of support. Budget cuts such as these will hurt
those who most depend on state-funded programs, and those who depend on
them most are those New Yorkers who struggle to make ends meet.

As one additional source of revenue, this bill implements a modest,
two-year tax rate increase on those personal income taxpayers who earn
more than $5,000,000 annually, and dedicates the revenue to public
schools, SONY, and CUNY, for which cuts could have dramatic conse-
quences. The $5,000,000 threshold applies regardless of whether the tax
filer is married filing jointly, a surviving spouse, a head of house-
hold, married filing separately, or unmarried. Like the rate for the
existing highest earner tax bracket under which these high earners
currently fall, this is a flat tax rate increase on all income. The rate
increase also only applies for tax years 2020 and 2021. This structure
is targeted to affect only the wealthiest New Yorkers and to provide a
significant revenue boost for public schools, SUNY, and CUNY while the
economic threat of cuts due to COVID-19 is the greatest.

In a time of crisis, sharing sacrifice among all is a fundamental prin-
cipal of our democracy. To date, the predominant financial burden of
COVID-19 has fallen on poor and middle-class New Yorkers, hundreds of
thousands of whom have lost their jobs, their small businesses and their
savings. In such a time, New York State should ensure that sacrifice is
shared among those capable of paying, the wealthiest New Yorkers. Ineq-
uities existed prior to the advent of the coronavirus, but this terrible
disease and its collateral effects have exacerbated them. Thousands of
people have died, millions of New Yorkers have lost their jobs, hunger
is rampant in those communities which are most hard-hit, and people from
all over the country have come to New York to risk their lives to help
those here who are in need. This bill requires the very small number of
New Yorkers earning $5,000,000 a year or more to do more to help for a
limited period. Now is not the time to cut education, but to ensure that
New York's students can recover educationally and emotionally from the
toll of the pandemic.

Ultimately, this bill attempts to ensure that sacrifice in the face of
the COVID-19 pandemic is shared more equally and proportionally among
all New Yorkers, and that public schools, the great equalizer of our
democracy, are funded adequately in the face of likely budget
reductions.

 
PRIOR LEGISLATIVE HISTORY:

None

 
FISCAL IMPLICATIONS:

TBD

 
EFFECTIVE DATE:
This act shall take effect immediately and shall be deemed to have been
in full force and effect on and after January 1, 2020, and shall apply
to taxable years on and after such date.

2019-S8329 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8329
 
                             I N  S E N A T E
 
                               May 11, 2020
                                ___________
 
 Introduced  by  Sens. MAYER, STAVISKY -- read twice and ordered printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue
 
 AN ACT to amend the tax law, in relation  to  extending  the  top  state
   income  tax  rate;  to  amend  the  state  finance law, in relation to
   providing  additional  funding  for  the  general  support  of  public
   schools;  and  to amend the state finance law, in relation to creating
   the supplemental public higher education fund
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Clauses (iii) and (iv) of subparagraph (B) of paragraph 1
 of subsection (a) of section 601 of the tax law, as amended by section 1
 of part P of chapter 59 of the laws of 2019,  are  amended  to  read  as
 follows:
   (iii) For taxable years beginning in two thousand twenty the following
 rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 6.09% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,313 plus 6.41% of excess over
                                       $161,550
 Over $323,200 but not over            $19,674 plus 6.85% of excess
 $2,155,350                            $323,200 over
 Over $2,155,350 BUT NOT OVER          $145,177 plus 8.82% of excess over
 $5,000,000                            $2,155,350
 OVER $5,000,000                       $396,076 PLUS 10.9% OF EXCESS OVER
                                       $5,000,000

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD16290-05-0

 S. 8329                             2
 
   (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $17,150                      4% of the New York taxable income
 Over $17,150 but not over $23,600     $686 plus 4.5% of excess over
                                       $17,150
 Over $23,600 but not over $27,900     $976 plus 5.25% of excess over
                                       $23,600
 Over $27,900 but not over $43,000     $1,202 plus 5.9% of excess over
                                       $27,900
 Over $43,000 but not over $161,550    $2,093 plus 5.97% of excess over
                                       $43,000
 Over $161,550 but not over $323,200   $9,170 plus 6.33% of excess over
                                       $161,550
 Over $323,200 but not over            $19,403 plus 6.85% of excess
 $2,155,350                            over  $323,200
 Over $2,155,350 BUT NOT OVER          $144,905 plus 8.82% of excess over
 $5,000,000                            $2,155,350
 OVER $5,000,000                       $395,803 PLUS 10.9% OF EXCESS OVER
                                       $5,000,000
   §  2.  Clauses  (iii)  and  (iv) of subparagraph (B) of paragraph 1 of
 subsection (b) of section 601 of the tax law, as amended by section 2 of
 part P of chapter 59 of the  laws  of  2019,  are  amended  to  read  as
 follows:
   (iii) For taxable years beginning in two thousand twenty the following
 rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $32,200     $901 plus 5.9% of excess over $20,900
 Over $32,200 but not over $107,650    $1,568 plus 6.09% of excess over
                                       $32,200
 Over $107,650 but not over $269,300   $6,162 plus 6.41% of excess over
                                       $107,650
 Over $269,300 but not over            $16,524 plus 6.85% of
 $1,616,450                            excess over $269,300
 Over $1,616,450 BUT NOT OVER          $108,804 plus 8.82% of excess over
 $5,000,000                            $1,616,450
 OVER $5,000,000                       $407,233 PLUS 10.9% OF EXCESS OVER
                                       $5,000,000
   (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $12,800                      4% of the New York taxable income
 Over $12,800 but not over $17,650     $512 plus 4.5% of excess over
                                       $12,800
 Over $17,650 but not over $20,900     $730 plus 5.25% of excess over
                                       $17,650
 Over $20,900 but not over $32,200     $901 plus 5.9% of excess over
                                       $20,900
 Over $32,200 but not over $107,650    $1,568 plus 5.97% of excess over
                                       $32,200
 Over $107,650 but not over $269,300   $6,072 plus 6.33% of excess over

 S. 8329                             3
 
                                       $107,650
 Over $269,300 but not over             $16,304 plus 6.85% of
 $1,616,450                            excess over $269,300
 Over $1,616,450 BUT NOT OVER          $108,584 plus 8.82% of excess over
 $5,000,000                            $1,616,450
 OVER $5,000,000                       $407,013 PLUS 10.9% OF EXCESS OVER
                                       $5,000,000
   §  3.  Clauses  (iii)  and  (iv) of subparagraph (B) of paragraph 1 of
 subsection (c) of section 601 of the tax law, as amended by section 3 of
 part P of chapter 59 of the  laws  of  2019,  are  amended  to  read  as
 follows:
   (iii) For taxable years beginning in two thousand twenty the following
 rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 6.09% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,650 plus 6.41% of excess over
                                       $80,650
 Over $215,400 but not over            $13,288 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550 BUT NOT OVER          $72,345 plus 8.82% of excess over
 $5,000,000                            $1,077,550
 OVER $5,000,000                       $418,305 PLUS 10.9% OF EXCESS OVER
                                       $5,000,000
   (iv)  For  taxable  years  beginning  in  two  thousand twenty-one the
 following rates shall apply:
 If the New York taxable income is:    The tax is:
 Not over $8,500                       4% of the New York taxable income
 Over $8,500 but not over $11,700      $340 plus 4.5% of excess over
                                       $8,500
 Over $11,700 but not over $13,900     $484 plus 5.25% of excess over
                                       $11,700
 Over $13,900 but not over $21,400     $600 plus 5.9% of excess over
                                       $13,900
 Over $21,400 but not over $80,650     $1,042 plus 5.97% of excess over
                                       $21,400
 Over $80,650 but not over $215,400    $4,579 plus 6.33% of excess over
                                       $80,650
 Over $215,400 but not over            $13,109 plus 6.85% of excess
 $1,077,550                            over $215,400
 Over $1,077,550 BUT NOT OVER          $72,166 plus 8.82% of excess over
 $5,000,000                             $1,077,550
 OVER $5,000,000                       $418,126 PLUS 10.9% OF EXCESS OVER
                                       $5,000,000
   § 4. Section 171-a of the tax law is amended by adding a new  subdivi-
 sion 3 to read as follows:
   3.  NOTWITHSTANDING  SUBDIVISION  ONE  OF  THIS  SECTION  OR ANY OTHER
 PROVISION OF LAW TO THE CONTRARY, EIGHTY-FIVE  PERCENT  OF  ANY  REVENUE
 DERIVED  FROM  AN  INCREASE  IN  THE  TAXES  IMPOSED ON INCOME OVER FIVE

 S. 8329                             4
 
 MILLION DOLLARS PURSUANT TO SECTION SIX  HUNDRED  ONE  OF  THIS  CHAPTER
 ATTRIBUTABLE  TO  THE  DIFFERENCE  IN THE RATE OF SUCH TAXES FOR TAXABLE
 YEAR TWO THOUSAND TWENTY AND THE RATE OF SUCH TAXES FOR TAXABLE YEAR TWO
 THOUSAND NINETEEN AND THE DIFFERENCE IN THE RATE OF SUCH TAXES FOR TAXA-
 BLE  YEAR TWO THOUSAND TWENTY-ONE AND THE RATE OF SUCH TAXES FOR TAXABLE
 YEAR TWO THOUSAND NINETEEN SHALL BE DEPOSITED IN THE STATE LOTTERY FUND,
 CREATED PURSUANT TO SECTION NINETY-TWO-C OF THE STATE  FINANCE  LAW,  AS
 SUCH  TAXES ARE RECEIVED.  THE REMAINING FIFTEEN PERCENT OF SUCH DERIVED
 REVENUE SHALL BE DEPOSITED IN THE SUPPLEMENTAL PUBLIC  HIGHER  EDUCATION
 FUND,  CREATED  PURSUANT TO SECTION SEVENTY-EIGHT-C OF THE STATE FINANCE
 LAW.  THE AMOUNT FOR ADMINISTRATIVE COSTS SHALL  BE  DETERMINED  BY  THE
 COMMISSIONER TO REPRESENT REASONABLE COSTS OF THE DEPARTMENT IN ADMINIS-
 TERING,  COLLECTING,  DETERMINING  AND  DISTRIBUTING  SUCH TAXES. OF THE
 TOTAL REVENUE COLLECTED OR RECEIVED UNDER SUCH SECTIONS OF THIS CHAPTER,
 THE COMPTROLLER SHALL RETAIN IN HIS OR HER  HANDS  SUCH  AMOUNT  AS  THE
 COMMISSIONER MAY DETERMINE TO BE NECESSARY FOR REFUNDS OR REIMBURSEMENTS
 UNDER  SUCH SECTIONS OF THIS CHAPTER OUT OF WHICH AMOUNT THE COMPTROLLER
 SHALL PAY ANY REFUNDS OR REIMBURSEMENTS  TO  WHICH  TAXPAYERS  SHALL  BE
 ENTITLED  UNDER  PROVISIONS  OF  SUCH SECTIONS. THE COMMISSIONER AND THE
 COMPTROLLER SHALL MAINTAIN A SYSTEM OF ACCOUNTS SHOWING  THE  AMOUNT  OF
 REVENUE  COLLECTED  OR  RECEIVED  FROM EACH OF THE TAXES IMPOSED BY SUCH
 SECTIONS.
   § 5.  Section 601 of the tax law is amended by adding a new subsection
 (d-2) to read as follows:
   (D-2) ALTERNATIVE TAX TABLE BENEFIT RECAPTURE. FOR TAXABLE  YEARS  TWO
 THOUSAND  TWENTY  AND  TWO  THOUSAND TWENTY-ONE FOR A TAXPAYER WHOSE NEW
 YORK TAXABLE INCOME IS  OVER  $5,000,000,  THERE  IS  HEREBY  IMPOSED  A
 SUPPLEMENTAL  TAX  IN ADDITION TO THE TAX IMPOSED UNDER SUBSECTIONS (A),
 (B), (C) AND (D-1) OF THIS SECTION FOR THE PURPOSE  OF  RECAPTURING  THE
 BENEFIT  OF  THE  TAX TABLES CONTAINED IN SUCH SUBSECTIONS. DURING THESE
 TAXABLE YEARS, ANY REFERENCE IN THIS CHAPTER TO SUBSECTION (D)  OF  THIS
 SECTION SHALL BE READ AS A REFERENCE TO THIS SUBSECTION.
   (1) FOR RESIDENT MARRIED INDIVIDUALS FILING JOINT RETURNS AND RESIDENT
 SURVIVING  SPOUSES, THE SUPPLEMENTAL TAX SHALL BE AN AMOUNT EQUAL TO THE
 SUM OF THE TAX TABLE BENEFIT  IN  SUBPARAGRAPH  (A)  OF  THIS  PARAGRAPH
 MULTIPLIED BY THE RESPECTIVE FRACTION IN SUCH SUBPARAGRAPH.
   (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
 (A) OF THIS SECTION NOT SUBJECT TO THE 10.9 PERCENT RATE OF TAX FOR  THE
 TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
 FOR  SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
 TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (A) OF  THIS  SECTION
 LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C)
 OF  PARAGRAPH ONE OF SUBSECTION (D-1) OF THIS SECTION.  THE FRACTION FOR
 THIS SUBPARAGRAPH 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 FIVE MILLION DOLLARS AND THE DENOMINATOR IS
 FIFTY THOUSAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH  SHALL  NOT
 APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 10.9 PERCENT TAX RATE.
   (B)  PROVIDED,  HOWEVER, THE TOTAL TAX PRIOR TO THE APPLICATION OF ANY
 TAX CREDITS SHALL NOT EXCEED THE HIGHEST RATE OF TAX SET  FORTH  IN  THE
 TAX  TABLES  IN SUBSECTION (A) OF THIS SECTION MULTIPLIED BY THE TAXPAY-
 ER'S TAXABLE INCOME.
   (2) FOR RESIDENT HEADS OF HOUSEHOLDS, THE SUPPLEMENTAL TAX SHALL BE AN
 AMOUNT EQUAL TO THE SUM OF THE TAX TABLE BENEFIT DESCRIBED  IN  SUBPARA-

 S. 8329                             5

 GRAPH  (A)  OF  THIS  PARAGRAPH MULTIPLIED BY THE RESPECTIVE FRACTION IN
 SUCH SUBPARAGRAPH.
   (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
 (B) OF THIS SECTION NOT SUBJECT TO THE 10.9 PERCENT RATE OF TAX FOR  THE
 TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
 FOR  SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE
 TO THE TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (B) OF  THIS  SECTION
 LESS  THE  SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF
 PARAGRAPH TWO OF SUBSECTION (D-1) OF THIS SECTION. THE FRACTION FOR THIS
 SUBPARAGRAPH 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 FIVE MILLION DOLLARS AND  THE  DENOMINATOR  IS
 FIFTY  THOUSAND  DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH SHALL NOT
 APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 10.9 PERCENT TAX RATE.
   (B) PROVIDED, HOWEVER, THE TOTAL TAX PRIOR TO THE APPLICATION  OF  ANY
 TAX  CREDITS  SHALL  NOT EXCEED THE HIGHEST RATE OF TAX SET FORTH IN THE
 TAX TABLES IN SUBSECTION (B) OF THIS SECTION MULTIPLIED BY  THE  TAXPAY-
 ER'S TAXABLE INCOME.
   (3)  FOR  RESIDENT UNMARRIED INDIVIDUALS, RESIDENT MARRIED INDIVIDUALS
 FILING SEPARATE RETURNS AND RESIDENT ESTATES  AND  TRUSTS,  THE  SUPPLE-
 MENTAL TAX SHALL BE AN AMOUNT EQUAL TO THE SUM OF THE TAX TABLE BENEFITS
 DESCRIBED  IN  SUBPARAGRAPH  (A)  OF  THIS  PARAGRAPH  MULTIPLIED BY THE
 RESPECTIVE FRACTIONS IN SUCH SUBPARAGRAPH.
   (A) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
 TAXABLE INCOME SET FORTH IN THE TAX TABLE IN PARAGRAPH ONE OF SUBSECTION
 (C)  OF THIS SECTION NOT SUBJECT TO THE 10.9 PERCENT RATE OF TAX FOR THE
 TAXABLE YEAR MULTIPLIED BY SUCH RATE AND (II) THE DOLLAR DENOMINATED TAX
 FOR SUCH AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE  APPLICABLE
 TO  THE  TAXABLE YEAR IN PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION
 LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND  (B)  OF
 PARAGRAPH  THREE  OF  SUBSECTION (D-1) OF THIS SECTION. THE FRACTION FOR
 THIS SUBPARAGRAPH 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 FIVE MILLION DOLLARS AND THE DENOMINATOR IS
 FIFTY THOUSAND DOLLARS. PROVIDED, HOWEVER, THIS SUBPARAGRAPH  SHALL  NOT
 APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 10.9 PERCENT TAX RATE.
   (B)  PROVIDED,  HOWEVER, THE TOTAL TAX PRIOR TO THE APPLICATION OF ANY
 TAX CREDITS SHALL NOT EXCEED THE HIGHEST RATE OF TAX SET  FORTH  IN  THE
 TAX  TABLES  IN SUBSECTION (C) OF THIS SECTION MULTIPLIED BY THE TAXPAY-
 ER'S TAXABLE INCOME.
   § 6.  Section 92-c of the state finance law is amended by adding a new
 subdivision 3-a to read as follows:
   3-A. MONEYS IN SUCH FUND  DEPOSITED  PURSUANT  TO  THE  PROVISIONS  OF
 SUBDIVISION  THREE  OF  SECTION ONE HUNDRED SEVENTY-ONE-A OF THE TAX LAW
 SHALL BE APPROPRIATED OR TRANSFERRED ONLY FOR  THE  GENERAL  SUPPORT  OF
 PUBLIC SCHOOLS.
   §  7. The state finance law is amended by adding a new section 78-c to
 read as follows:
   § 78-C. SUPPLEMENTAL PUBLIC HIGHER EDUCATION FUND. 1. THERE IS  HEREBY
 ESTABLISHED  IN  THE  JOINT  CUSTODY  OF  THE  STATE COMPTROLLER AND THE
 COMMISSIONER OF TAXATION AND FINANCE A FUND TO BE KNOWN AS THE  "SUPPLE-
 MENTAL PUBLIC HIGHER EDUCATION FUND".
   2.  SUCH FUND SHALL CONSIST OF THE REVENUES RECEIVED BY THE DEPARTMENT
 OF TAXATION AND FINANCE, PURSUANT TO THE PROVISIONS OF SUBDIVISION THREE
 OF SECTION ONE HUNDRED SEVENTY-ONE-A OF  THE  TAX  LAW,  AND  ALL  OTHER

 S. 8329                             6
 
 MONEYS  APPROPRIATED,  CREDITED,  OR  TRANSFERRED THERETO FROM ANY OTHER
 FUND OR SOURCE PURSUANT TO LAW. NOTHING IN THIS  SECTION  SHALL  PREVENT
 THE  STATE  FROM  SOLICITING AND RECEIVING GRANTS, GIFTS OR BEQUESTS FOR
 THE  PURPOSES OF THE FUND AS DEFINED IN THIS SECTION AND DEPOSITING THEM
 INTO THE FUND ACCORDING TO LAW.
   3. MONEYS OF THE FUND  SHALL  BE  DISTRIBUTED  EQUALLY  TO  THE  STATE
 UNIVERSITY  OF  NEW  YORK  AND THE CITY UNIVERSITY OF NEW YORK FOR ADDI-
 TIONAL OPERATING SUPPORT, AS APPROPRIATED BY THE LEGISLATURE.
   § 8. Notwithstanding any law, rule or regulation to the contrary,  any
 moneys  collected  pursuant to subdivision 3 of section 171-a of the tax
 law and appropriated for the general support of public schools shall not
 diminish the amount of school aid  appropriated  for  any  given  school
 year.    Such  collected  moneys  shall  be  additional funding. For the
 purposes of this section, "amount of school aid" shall mean  the  amount
 appropriated pursuant to the state budget for the previous school year.
   §  9. Notwithstanding any law, rule or regulation to the contrary, any
 moneys collected pursuant to subdivision 3 of section 171-a of  the  tax
 law  and  appropriated  for  additional  operating  support of the state
 university of New York and the city university of  New  York  shall  not
 diminish the amount of operating support for the state university of New
 York  and  the  city  university  of New York appropriated for any given
 academic year.  Such collected moneys shall be additional  funding.  For
 the  purposes of this section, "operating support" shall mean the amount
 appropriated pursuant to the state  budget  for  the  previous  academic
 year.
   §  10.  This  act shall take effect immediately and shall be deemed to
 have been in full force and effect on and  after  January  1,  2020  and
 shall apply to taxable years on and after such date.

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Senate Bill S8329

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

Actions

co-Sponsors

2019-S8329 (ACTIVE) - Details

2019-S8329 (ACTIVE) - Summary

2019-S8329 (ACTIVE) - Sponsor Memo

2019-S8329 (ACTIVE) - Bill Text download pdf

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