NY State Senate Bill S4511A

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

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed/Vetoed by Governor

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view actions (4)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to budget and revenue
Apr 30, 2019	print number 4511a
Apr 30, 2019	amend (t) and recommit to budget and revenue
Mar 13, 2019	referred to budget and revenue

Bill Amendments

Original

A (Active)

Original

A (Active)

S4511 - Details

See Assembly Version of this Bill:: A8532
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§601, 614 & 171-a, Tax L
Versions Introduced in 2021-2022 Legislative Session:: A3150

S4511 - Summary

Relates to the personal income tax rates for New York residents with New York taxable income over $1,000,000 and directs revenue generated from such tax to be deposited to the credit of the New York City Housing Authority and to the division of housing and community renewal.

S4511 - Sponsor Memo

 
BILL NUMBER: S4511

SPONSOR: SALAZAR
 
TITLE OF BILL:  An act to amend the tax law, in relation to personal
income tax rates and in relation to directing revenue generated from
certain taxes to be deposited to the credit of the New York city housing
authority

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill amends tax  law to increase tax rate on New York State resi-
dents with taxable incomes of one million dollars and use the revenue
created by that tax to fund capital improvements to the New York City
Housing Authority (NYCHA).

 
SUMMARY OF SPECIFIC PROVISIONS:

Section One: Subparagraph B of paragraph 1 of subsection A of section
601 of the tax law is amended by adding a new clause (ix) that will put
in place a new tax structure on incomes of New Yorkers making a million
dollars or more per year. Beginning in taxable year 2020 and beyond,

ranges of incomes starting at $1 million and up to over $100 million per
year are taxed at different rates accordingly.

Section Two: Subparagraph B of paragraph 1 of subsection B of section
601 of the tax law is amended by adding a new clause (ix) that will put
in place a new tax structure on incomes of New Yorkers making a million
dollars or more per year. Beginning in taxable year 2020 and beyond,
ranges of incomes starting at $1 million and up to over $100 million per
year are taxed at different rates accordingly.

Section Three: Subparagraph B of paragraph 1 of subsection B of section
601 of the tax law is amended by adding a new clause (ix) that will put
in place a new tax structure on incomes of New Yorkers making a million
dollars or more per year. Beginning in taxable year 2020 and beyond,
ranges of incomes starting at $1 million and up to over $100 million per
year are taxed at different rates accordingly.

Section Four: Section 601 of the tax law is amended by adding a new
subsection (d-2) to read as follows: Alternative tax table benefit
recapture. For taxable years beginning after 2019 for a taxpayer who's
New York taxable income is over $1,000,000, there is hereby imposed a
supplemental tax in addition to the tax imposed under subsections (a),
(b) and (c) and (d). 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 benefits described in subpara-
graphs (A), (B), (C), and (D). The preceding sections defines tax table
benefits to be collected via tax based taxable tiers on level of income
over $1 million and ranging to over $100 million.

Section Five: Subsection (f) of section 614 of the tax law as amended by
section 11 of part FF of chapter 59 of the laws of 2013 is amended to
put in place adjusted standard deductions and adjusted for cost of
living.

Section Six: Section 171-a of the tax law, as separately amended by
chapters 481 and 484 of the laws of 1981 is amended by adding a new
subdivision that creates the groundwork for the taxes collected per the
sections of the legislation to be deposited as a credit for the New York
City Housing Authority. An administrative cost for handling this tax
collection will be put in place by the Commissioner of the Department of
Taxation and Finance. The Comptroller of New York State shall control
the revenue generated by new tax table for reimbursements. Both the
Commissioner and the Comptroller shall maintain a system of accounts
showing the revenue collected for each of the sections outlined in this
legislation.

Section Seven: This act shall take effect immediately and shall apply to
taxable years beginning on or after January 1, 2020.

 
JUSTIFICATION:

Almost 600,000 New York City residents depend on the New York City Hous-
ing Authority's (NYCHA) housing facilities for a place to call home.
Thousands of housing units, which serve as apartments for the elderly,
individuals, families and children, are under the care and control of
NYCHA. Over the decades of managing these properties, disrepair and
dangerous conditions have been allowed to persist and spread thru out
the housing system. Winter days without hot water or heat, leaking
toilets, leaking.water pipes, broken boilers, mold in hallways and
living areas, lead paint poisoning thousands of children, broftrreieva-
tors in senior housing facilities, leaking roofs and other major infras-
tructure problems in hundreds of building and impacting thousands of
apartments is now the norm.

These conditions threaten the safety and health of the almost 600,000
NYCHA tenants. In order to remedy these conditions, NYCHA management has
indicated that it will need some $32 billion in capital funding.  This
astronomical amount of funding is unattainable for a public, nonprofit
like NYCHA.

In order to help NYCHA with the financial ability to address the chronic
infrastructure repairs needed to ensure the safety of its tenants; this
proposed legislation will put into place a new state tax structure on
personal incomes for annual incomes over $1,000,000 and with incremental
increases for a range of incomes for millionaires up to $100 million.

A top rate of 8.82 percent would begin for $1 million in annual income.
For those making over $5 million per year the rate would increase to
9.32 percent. The rate would increase to 9.83 percent for those making
over $10 million per year and reach a top rate of 10.32 percent for all
tax filers with incomes over $100 million per year.

This proposed tax structure on millionaires will generate over $2
billion dollars annually. This new revenue will be dedicated for NYCHA
capital improvements to help address the chronic health and safety prob-
lems faced by its tenants.

This legislation authorizes the Commissioner of the New York State
Department of Taxation and Finance to work jointly with the New York
State Comptroller in order to facilitate the collection and disbursement
of this new tax to address the legislative intent of this legislation.

While the $2 billion in new annual revenue is only a small part of the
$32 billion needed to repair all of the damages NYCHA now faces, it
represents a large and consistent infusion of desperately needed funding

that will begin to improve the lives of the hundreds of thousands of
NYCHA tenants.

 
PRIOR LEGISLATIVE HISTORY:

New Legislation

 
FISCAL IMPLICATION:

None to the state.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after January 1, 2020.

S4511 - Bill Text download pdf


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

                                  4511

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 13, 2019
                               ___________

Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
  printed to be committed to the Committee on Budget and Revenue

AN ACT to amend the tax law, in relation to personal  income  tax  rates
  and  in  relation to directing revenue generated from certain taxes to
  be deposited to the credit of the New York city housing authority

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

  Section  1.  Subparagraph  (B)  of  paragraph  1  of subsection (a) of
section 601 of the tax law is amended by adding a  new  clause  (ix)  to
read as follows:
  (IX)  FOR  TAXABLE  YEARS  BEGINNING  AFTER TWO THOUSAND NINETEEN, THE
FOLLOWING RATES SHALL APPLY:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $66,578 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000 BUT NOT OVER          $419,378 PLUS 9.32% OF EXCESS OVER
$10,000,000                           $5,000,000
OVER $10,000,000 BUT NOT OVER         $885,378 PLUS 9.82% OF EXCESS OVER
$100,000,000                          $10,000,000
OVER $100,000,000                     $9,723,378 PLUS 10.32% OF EXCESS
                                       OVER $100,000,000
  § 2. Subparagraph (B) of paragraph 1 of subsection (b) of section  601
of  the  tax  law  is  amended  by  adding  a new clause (ix) to read as
follows:
  (IX) FOR TAXABLE YEARS BEGINNING  AFTER  TWO  THOUSAND  NINETEEN,  THE
FOLLOWING RATES SHALL APPLY:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $67,017 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $1,000,000

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

                                                           LBD09982-02-9

S. 4511                             2

OVER $5,000,000 BUT NOT OVER          $419,817 PLUS 9.32% OF EXCESS OVER
$10,000,000                           $5,000,000
OVER $10,000,000 BUT NOT OVER         $885,817 PLUS 9.82% OF EXCESS OVER
$100,000,000                          $10,000,000
OVER $100,000,000                     $9,723,817 PLUS 10.32% OF EXCESS
                                      OVER $100,000,000
  §  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
of the tax law is amended by  adding  a  new  clause  (ix)  to  read  as
follows:
  (IX)  FOR  TAXABLE  YEARS  BEGINNING  AFTER TWO THOUSAND NINETEEN, THE
FOLLOWING RATES SHALL APPLY:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $67,391 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000 BUT NOT OVER          $420,191 PLUS 9.32% OF EXCESS OVER
$10,000,000                           $5,000,000
OVER $10,000,000                      $886,191 PLUS 9.82% OF EXCESS OVER
                                      $10,000,000
OVER $100,000,000                     $9,724,191 PLUS 10.32% OF EXCESS
                                      OVER $100,000,000
  § 4. 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
BEGINNING AFTER TWO THOUSAND NINETEEN FOR  A  TAXPAYER  WHOSE  NEW  YORK
TAXABLE  INCOME  IS  OVER  $1,000,000, THERE IS HEREBY IMPOSED A SUPPLE-
MENTAL TAX IN ADDITION TO THE TAX IMPOSED UNDER SUBSECTIONS (A), (B) AND
(C) 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 BENEFITS DESCRIBED IN SUBPARAGRAPHS (A), (B), (C)
AND (D) OF THIS PARAGRAPH MULTIPLIED BY THEIR  RESPECTIVE  FRACTIONS  IN
SUCH SUBPARAGRAPHS.
  (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION  NOT  SUBJECT  TO
THE  8.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (A)  OF
THIS  SECTION  LESS  THE SUM OF 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 ONE MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (A) OF THIS SECTION NOT SUBJECT TO
THE 9.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (A) OF

S. 4511                             3

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
AND SUCH TAX TABLE BENEFIT IN SUBPARAGRAPH (A) OF  THIS  PARAGRAPH.  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  SUBPARA-
GRAPH  SHALL  NOT  APPLY  TO  TAXPAYERS  WHO ARE NOT SUBJECT TO THE 9.32
PERCENT TAX RATE.
  (C) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (A) OF THIS SECTION NOT SUBJECT TO
THE 9.82 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
CLAUSE  (II) OF PARAGRAPH (B) OF 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  AND  SUCH
TAX  TABLE  BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS PARAGRAPH. 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  TEN  MILLION  DOLLARS  AND  THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.  PROVIDED, HOWEVER, THIS SUBPARA-
GRAPH  SHALL  NOT  APPLY  TO  TAXPAYERS  WHO ARE NOT SUBJECT TO THE 9.82
PERCENT TAX RATE.
  (D) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (A) OF THIS SECTION NOT SUBJECT TO
THE 10.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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
AND SUCH TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND  (C)  OF  THIS
PARAGRAPH.  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 ONE HUNDRED
MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (E) 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 BENEFITS DESCRIBED IN SUBPARA-
GRAPHS (A), (B), (C) AND (D)  OF  THIS  PARAGRAPH  MULTIPLIED  BY  THEIR
RESPECTIVE FRACTIONS IN SUCH SUBPARAGRAPHS.
  (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION  NOT  SUBJECT  TO
THE  8.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF 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 FRAC-

S. 4511                             4

TION  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 ONE MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (B)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION  NOT  SUBJECT  TO
THE  9.32  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF 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 AND SUCH
TAX TABLE BENEFIT IN SUBPARAGRAPH (A) OF THIS  PARAGRAPH.  THE  FRACTION
FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESS-
ER  OF  FIFTY  THOUSAND DOLLARS OR THE EXCESS OF NEW YORK ADJUSTED GROSS
INCOME FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE  DENOMINA-
TOR  IS  FIFTY  THOUSAND  DOLLARS.  PROVIDED, HOWEVER, THIS SUBPARAGRAPH
SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 9.32 PERCENT TAX
RATE.
  (C) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (B) OF THIS SECTION NOT SUBJECT TO
THE 9.82 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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  AND  SUCH
TAX  TABLE  BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS PARAGRAPH. 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  TEN  MILLION  DOLLARS  AND  THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (D)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION  NOT  SUBJECT  TO
THE  10.32  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF 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 AND SUCH
TAX TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS  PARAGRAPH.
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  ONE  HUNDRED  MILLION
DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (E)  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

S. 4511                             5

DESCRIBED IN SUBPARAGRAPHS (A), (B),  (C)  AND  (D)  OF  THIS  PARAGRAPH
MULTIPLIED BY THEIR RESPECTIVE FRACTIONS IN SUCH SUBPARAGRAPHS.
  (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION  NOT  SUBJECT  TO
THE  8.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (C)  OF
THIS SECTION LESS THE SUM OF TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND
(B)  OF  PARAGRAPH THREE OF SUBSECTION (D-1) OF THIS SECTION.  THE FRAC-
TION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY  THOU-
SAND  DOLLARS  OR  THE  EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE
TAXABLE YEAR OVER ONE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS.
  (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (C) OF THIS SECTION NOT SUBJECT TO
THE 9.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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 AND  SUCH
TAX  TABLE  BENEFIT  IN SUBPARAGRAPH (A) OF THIS PARAGRAPH. THE FRACTION
FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESS-
ER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW  YORK  ADJUSTED  GROSS
INCOME  FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINA-
TOR IS FIFTY THOUSAND  DOLLARS.  PROVIDED,  HOWEVER,  THIS  SUBPARAGRAPH
SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 9.32 PERCENT TAX
RATE.
  (C)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION  NOT  SUBJECT  TO
THE  9.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF 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 AND SUCH
TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS  PARAGRAPH.  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 TEN MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (D) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (C) OF THIS SECTION NOT SUBJECT TO
THE 10.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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 AND  SUCH
TAX  TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS PARAGRAPH.
THE FRACTION FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR

S. 4511                             6

IS THE LESSER OF FIFTY THOUSAND  DOLLARS  OR  THE  EXCESS  OF  NEW  YORK
ADJUSTED  GROSS  INCOME  FOR  THE  TAXABLE YEAR OVER ONE HUNDRED MILLION
DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (E)  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.
  § 5. Subsection (f) of section 614 of  the  tax  law,  as  amended  by
section  11  of part FF of chapter 59 of the laws of 2013, is amended to
read as follows:
  (f) Adjusted standard deduction. For taxable years beginning after two
thousand [seventeen] NINETEEN, the standard deductions set forth in this
section shall be the amounts set forth in this section 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] AND THEREAFTER.
  §  6.  Section 171-a of the tax law, as separately amended by chapters
481 and 484 of the laws of 1981, is amended by adding a new  subdivision
3 to read as follows:
  3.  NOTWITHSTANDING  SUBDIVISION  ONE  OF  THIS  SECTION  OR ANY OTHER
PROVISION OF LAW TO THE CONTRARY, THE TAXES IMPOSED PURSUANT  TO  CLAUSE
(IX) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (A), CLAUSE (IX)
OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (B), AND CLAUSE (IX)
OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (C)  OF  SECTION  SIX
HUNDRED  ONE  OF  THIS  CHAPTER, REDUCED BY AN AMOUNT FOR ADMINISTRATIVE
COSTS, SHALL BE DEPOSITED TO THE CREDIT OF THE  NEW  YORK  CITY  HOUSING
AUTHORITY,  AS  SUCH  TAXES  ARE RECEIVED. THE AMOUNT FOR ADMINISTRATIVE
COSTS SHALL BE DETERMINED BY THE COMMISSIONER  TO  REPRESENT  REASONABLE
COSTS  OF  THE  DEPARTMENT  OF  TAXATION  AND  FINANCE IN ADMINISTERING,
COLLECTING, DETERMINING AND DISTRIBUTING SUCH TAXES. OF THE TOTAL REVEN-
UE COLLECTED OR RECEIVED UNDER SUCH SECTIONS OF THIS CHAPTER, THE  COMP-
TROLLER  SHALL  RETAIN  IN HIS HANDS SUCH AMOUNT AS THE COMMISSIONER MAY
DETERMINE TO BE NECESSARY  FOR  REFUNDS  OR  REIMBURSEMENTS  UNDER  SUCH
CLAUSES  OF  SUCH  SECTION OF THIS CHAPTER OUT OF WHICH AMOUNT THE COMP-
TROLLER 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.
  § 7. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2020.

Co-Sponsors

S4511A (ACTIVE) - Details

See Assembly Version of this Bill:: A8532
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§601, 614 & 171-a, Tax L
Versions Introduced in 2021-2022 Legislative Session:: A3150

S4511A (ACTIVE) - Summary

S4511A (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S4511A

SPONSOR: SALAZAR
 
TITLE OF BILL:  An act to amend the tax law, in relation to personal
income tax rates and in relation to directing revenue generated from
certain taxes to be deposited to the credit of the New York city housing
authority and the division of housing and community renewal

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill amends tax law to increase tax rate on New York State resi-
dents with taxable incomes of one million dollars and use the revenue
created by that tax to fund capital improvements to the New York City
Housing Authority (NYCHA).

 
SUMMARY OF SPECIFIC PROVISIONS:

Section One: Subparagraph B of paragraph 1 of subsection A of section
601 of the tax law is amended by adding a new clause (ix) that will put
in place a new tax structure on incomes of New Yorkers making a million
dollars or more per year. Beginning in taxable year 2020 and beyond,

ranges of incomes starting at $1 million and up to over $100 million per
year are taxed at different rates accordingly.

Section Two: Subparagraph B of paragraph 1 of subsection B of section
601 of the tax law is amended by adding a new clause (ix) that will put
in place a new tax structure on incomes of New Yorkers making a million
dollars or more per year. Beginning in taxable year 2020 and beyond,
ranges of incomes starting at $1 million and up to over $100 million per
year are taxed at different rates accordingly.

Section Three: Subparagraph B of paragraph 1 of subsection B of section
601 of the tax law is amended by adding a new clause (ix) that will put
in place a new tax structure on incomes of New Yorkers making a million
dollars or more per year. Beginning in taxable year 2020 and beyond,
ranges of incomes starting at $1 million and up to over $100 million per
year are taxed at different rates accordingly.

Section Four: Section 601 of the tax law is amended by adding a new
subsection (d-2) to read as follows: Alternative tax table benefit
recapture. For taxable years beginning after 2019 for a taxpayer who's
New York taxable income is over $1,000,000, there is hereby imposed a
supplemental tax in addition to the tax imposed under subsections (a),
(b) and (c) and (d). 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 benefits described in subpara-
graphs (A), (B), (C), and (D). The preceding sections defines tax table
benefits to be collected via tax based taxable tiers on level of income
over $1 million and ranging to over $100 million.

Section Five: Subsection (f) of section 614 of the tax law as amended by
section 11 of part FF of chapter 59 of the laws of 2013 is amended to
put in place adjusted standard deductions and adjusted for cost of
living.

Section Six: Section 171-a of the tax law, as separately amended by
chapters 481 and 484 of the laws of 1981 is amended by adding a new
subdivision that creates the groundwork for the taxes collected per the
sections of the legislation to be deposited as an 80% credit for the New
York City Housing Authority and 20% credit to the division of housing
and community renewal for the purposes of construction, improvement, and
preservation of public housing authorities outside New York City. An
administrative cost for handling this tax collection will be put in
place by the Commissioner of the Department of Taxation and Finance. The
Comptroller of New York State shall control the revenue generated by new
tax table for reimbursements. Both the Commissioner and the Comptroller
shall maintain a system of accounts showing the revenue collected for
each of the sections outlined in this legislation.

Section Seven: This act shall take effect immediately and shall apply to
taxable years beginning on or after January 1, 2020.

 
JUSTIFICATION:

Almost 600,000 New York City residents depend on the New York City Hous-
ing Authority's (NYCHA) housing facilities for a place to call home.
Thousands of housing units, which serve as apartments for the elderly,
individuals, families and children, are under the care and control of
NYCHA. Over the decades of managing these properties, disrepair and
dangerous conditions have been allowed to persist and spread thru out
the housing system. Winter days without hot water or heat, leaking
toilets, leaking water pipes, broken boilers, mold in hallways and
living areas, lead paint poisoning thousands of children, broken eleva-
tors in senior housing facilities, leaking roofs and other major infras-
tructure problems in hundreds of building and impacting thousands of
apartments is now the norm.

These conditions threaten the safety and health of the almost 600,000
NYCHA tenants. In order to remedy these conditions, NYCHA management has
indicated that it will need some $32 billion in capital funding. This
astronomical amount of funding is unattainable for a public, nonprofit
like NYCHA.

In order to help NYCHA with the financial ability to address the chronic
infrastructure repairs needed to ensure the safety of its tenants; this
proposed legislation will put into place a new state tax structure on
personal incomes for annual incomes over $1,000,000 and with incremental
increases for a range of incomes for millionaires up to $100 million.

A top rate of 8.82 percent would begin for $1 million in annual income.
For those making over $5 million per year the rate would increase to
9.32 percent. The rate would increase to 9.83 percent for those making
over $10 million per year and reach a top rate of 10.3 2 percent for all
tax filers with incomes over $100 million per year.

This proposed tax structure on millionaires will generate over $2
billion dollars annually. This new revenue will be dedicated for NYCHA
capital improvements to help address the chronic health and safety prob-
lems faced by its tenants.

This legislation authorizes the Commissioner of the New York State
Department of Taxation and Finance to work jointly with the New York
State Comptroller in order to facilitate the collection and disbursement
of this new tax to address the legislative intent of this legislation.

While the $2 billion in new annual revenue is only a small part of the
$32 billion needed to repair all of the damages NYCHA now faces, it
represents a large and consistent infusion of desperately needed funding
that will begin to improve the lives of the hundreds of thousands of
NYCHA tenants.

 
PRIOR LEGISLATIVE HISTORY:

New Legislation

 
FISCAL IMPLICATION:

None to the state.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after January 1, 2020.

S4511A (ACTIVE) - Bill Text download pdf


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

                                 4511--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 13, 2019
                               ___________

Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Budget  and  Revenue  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the tax law, in relation to personal  income  tax  rates
  and  in  relation to directing revenue generated from certain taxes to
  be deposited to the credit of the New York city housing authority  and
  the division of housing and community renewal

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

  Section 1. Subparagraph (B)  of  paragraph  1  of  subsection  (a)  of
section  601  of  the  tax law is amended by adding a new clause (ix) to
read as follows:
  (IX) FOR TAXABLE YEARS BEGINNING  AFTER  TWO  THOUSAND  NINETEEN,  THE
FOLLOWING RATES SHALL APPLY:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $66,578 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000 BUT NOT OVER          $419,378 PLUS 9.32% OF EXCESS OVER
$10,000,000                           $5,000,000
OVER $10,000,000 BUT NOT OVER         $885,378 PLUS 9.82% OF EXCESS OVER
$100,000,000                          $10,000,000
OVER $100,000,000                     $9,723,378 PLUS 10.32% OF EXCESS
                                       OVER $100,000,000
  §  2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
of the tax law is amended by  adding  a  new  clause  (ix)  to  read  as
follows:
  (IX)  FOR  TAXABLE  YEARS  BEGINNING  AFTER TWO THOUSAND NINETEEN, THE
FOLLOWING RATES SHALL APPLY:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09982-03-9

S. 4511--A                          2

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $67,017 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000 BUT NOT OVER          $419,817 PLUS 9.32% OF EXCESS OVER
$10,000,000                           $5,000,000
OVER $10,000,000 BUT NOT OVER         $885,817 PLUS 9.82% OF EXCESS OVER
$100,000,000                          $10,000,000
OVER $100,000,000                     $9,723,817 PLUS 10.32% OF EXCESS
                                      OVER $100,000,000
  §  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
of the tax law is amended by  adding  a  new  clause  (ix)  to  read  as
follows:
  (IX)  FOR  TAXABLE  YEARS  BEGINNING  AFTER TWO THOUSAND NINETEEN, THE
FOLLOWING RATES SHALL APPLY:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
OVER $1,000,000 BUT NOT OVER          $67,391 PLUS 8.82% OF EXCESS OVER
$5,000,000                            $1,000,000
OVER $5,000,000 BUT NOT OVER          $420,191 PLUS 9.32% OF EXCESS OVER
$10,000,000                           $5,000,000
OVER $10,000,000                      $886,191 PLUS 9.82% OF EXCESS OVER
                                      $10,000,000
OVER $100,000,000                     $9,724,191 PLUS 10.32% OF EXCESS
                                      OVER $100,000,000
  § 4. 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
BEGINNING AFTER TWO THOUSAND NINETEEN FOR  A  TAXPAYER  WHOSE  NEW  YORK
TAXABLE  INCOME  IS  OVER  $1,000,000, THERE IS HEREBY IMPOSED A SUPPLE-
MENTAL TAX IN ADDITION TO THE TAX IMPOSED UNDER SUBSECTIONS (A), (B) AND
(C) 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 BENEFITS DESCRIBED IN SUBPARAGRAPHS (A), (B), (C)
AND (D) OF THIS PARAGRAPH MULTIPLIED BY THEIR  RESPECTIVE  FRACTIONS  IN
SUCH SUBPARAGRAPHS.
  (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION  NOT  SUBJECT  TO
THE  8.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (A)  OF
THIS  SECTION  LESS  THE SUM OF 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 ONE MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (A) OF THIS SECTION NOT SUBJECT TO
THE 9.32 PERCENT RATE OF TAX FOR THE TAXABLE  YEAR  MULTIPLIED  BY  SUCH

S. 4511--A                          3

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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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
AND  SUCH  TAX  TABLE BENEFIT IN SUBPARAGRAPH (A) OF THIS PARAGRAPH. 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 SUBPARA-
GRAPH SHALL NOT APPLY TO TAXPAYERS WHO  ARE  NOT  SUBJECT  TO  THE  9.32
PERCENT TAX RATE.
  (C)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION  NOT  SUBJECT  TO
THE  9.82  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
CLAUSE (II) OF PARAGRAPH (B) OF 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 AND SUCH
TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS  PARAGRAPH.  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 TEN MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.  PROVIDED, HOWEVER, THIS SUBPARA-
GRAPH SHALL NOT APPLY TO TAXPAYERS WHO  ARE  NOT  SUBJECT  TO  THE  9.82
PERCENT TAX RATE.
  (D)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (A) OF THIS SECTION  NOT  SUBJECT  TO
THE  10.32  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF 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
AND  SUCH  TAX  TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS
PARAGRAPH. 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  ONE  HUNDRED
MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (E)  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 BENEFITS DESCRIBED IN  SUBPARA-
GRAPHS  (A),  (B),  (C)  AND  (D)  OF THIS PARAGRAPH MULTIPLIED BY THEIR
RESPECTIVE FRACTIONS IN SUCH SUBPARAGRAPHS.
  (A) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (B) OF THIS SECTION NOT SUBJECT TO
THE 8.82 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

S. 4511--A                          4

CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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 FRAC-
TION  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 ONE MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (B) OF THIS SECTION NOT SUBJECT TO
THE 9.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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  AND  SUCH
TAX  TABLE  BENEFIT  IN SUBPARAGRAPH (A) OF THIS PARAGRAPH. THE FRACTION
FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESS-
ER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW  YORK  ADJUSTED  GROSS
INCOME  FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINA-
TOR IS FIFTY THOUSAND  DOLLARS.  PROVIDED,  HOWEVER,  THIS  SUBPARAGRAPH
SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 9.32 PERCENT TAX
RATE.
  (C)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (B) OF THIS SECTION  NOT  SUBJECT  TO
THE  9.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF 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 AND SUCH
TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS  PARAGRAPH.  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 TEN MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (D) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (B) OF THIS SECTION NOT SUBJECT TO
THE 10.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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  AND  SUCH
TAX  TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS PARAGRAPH.
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 ONE HUNDRED MILLION
DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (E) 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.

S. 4511--A                          5

  (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  SUBPARAGRAPHS  (A),  (B),  (C)  AND (D) OF THIS PARAGRAPH
MULTIPLIED BY THEIR RESPECTIVE FRACTIONS IN SUCH SUBPARAGRAPHS.
  (A)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION  NOT  SUBJECT  TO
THE  8.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF  SUBSECTION  (C)  OF
THIS SECTION LESS THE SUM OF TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND
(B)  OF  PARAGRAPH THREE OF SUBSECTION (D-1) OF THIS SECTION.  THE FRAC-
TION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER OF FIFTY  THOU-
SAND  DOLLARS  OR  THE  EXCESS OF NEW YORK ADJUSTED GROSS INCOME FOR THE
TAXABLE YEAR OVER ONE MILLION DOLLARS AND THE DENOMINATOR IS FIFTY THOU-
SAND DOLLARS.
  (B) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (C) OF THIS SECTION NOT SUBJECT TO
THE 9.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF 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 AND  SUCH
TAX  TABLE  BENEFIT  IN SUBPARAGRAPH (A) OF THIS PARAGRAPH. THE FRACTION
FOR THIS SUBPARAGRAPH IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESS-
ER OF FIFTY THOUSAND DOLLARS OR THE EXCESS OF NEW  YORK  ADJUSTED  GROSS
INCOME  FOR THE TAXABLE YEAR OVER FIVE MILLION DOLLARS AND THE DENOMINA-
TOR IS FIFTY THOUSAND  DOLLARS.  PROVIDED,  HOWEVER,  THIS  SUBPARAGRAPH
SHALL NOT APPLY TO TAXPAYERS WHO ARE NOT SUBJECT TO THE 9.32 PERCENT TAX
RATE.
  (C)  THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B) OF PARAGRAPH ONE OF SUBSECTION (C) OF THIS SECTION  NOT  SUBJECT  TO
THE  9.82  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
CLAUSE (II) OF SUBPARAGRAPH (B) OF 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 AND SUCH
TAX TABLE BENEFITS IN SUBPARAGRAPHS (A) AND (B) OF THIS  PARAGRAPH.  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 TEN MILLION DOLLARS AND THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (D) THE TAX TABLE BENEFIT IS THE DIFFERENCE BETWEEN (I) THE AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE IN CLAUSE (II) OF SUBPARAGRAPH
(B)  OF  PARAGRAPH  ONE OF SUBSECTION (C) OF THIS SECTION NOT SUBJECT TO
THE 10.32 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
CLAUSE  (II)  OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (C) OF
THIS SECTION LESS THE SUM OF THE TAX TABLE BENEFITS IN SUBPARAGRAPHS (A)

S. 4511--A                          6

AND (B) OF PARAGRAPH THREE OF SUBSECTION (D-1) OF THIS SECTION AND  SUCH
TAX  TABLE BENEFITS IN SUBPARAGRAPHS (A), (B) AND (C) OF THIS PARAGRAPH.
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  ONE  HUNDRED  MILLION
DOLLARS AND THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (E)  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.
  § 5. Subsection (f) of section 614 of  the  tax  law,  as  amended  by
section  11  of part FF of chapter 59 of the laws of 2013, is amended to
read as follows:
  (f) Adjusted standard deduction. For taxable years beginning after two
thousand [seventeen] NINETEEN, the standard deductions set forth in this
section shall be the amounts set forth in this section 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] AND THEREAFTER.
  §  6.  Section 171-a of the tax law, as separately amended by chapters
481 and 484 of the laws of 1981, is amended by adding a new  subdivision
3 to read as follows:
  3.  NOTWITHSTANDING  SUBDIVISION  ONE  OF  THIS  SECTION  OR ANY OTHER
PROVISION OF LAW TO THE CONTRARY, THE TAXES IMPOSED PURSUANT  TO  CLAUSE
(IX) OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (A), CLAUSE (IX)
OF  SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (B), AND CLAUSE (IX)
OF SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SUBSECTION (C)  OF  SECTION  SIX
HUNDRED  ONE  OF  THIS  CHAPTER, REDUCED BY AN AMOUNT FOR ADMINISTRATIVE
COSTS, SHALL BE DEPOSITED, AS SUCH TAXES ARE RECEIVED, AS  FOLLOWS:  (A)
EIGHTY  PERCENT  OF  THE REVENUE SHALL BE DEPOSITED TO THE CREDIT OF THE
NEW YORK CITY HOUSING AUTHORITY; AND (B) TWENTY PERCENT OF  THE  REVENUE
SHALL BE DEPOSITED TO THE CREDIT OF THE DIVISION OF HOUSING AND COMMUNI-
TY  RENEWAL FOR THE PURPOSES OF CONSTRUCTION, IMPROVEMENT, AND PRESERVA-
TION OF PUBLIC HOUSING AUTHORITIES OUTSIDE THE CITY  OF  NEW  YORK.  THE
AMOUNT  FOR ADMINISTRATIVE COSTS SHALL BE DETERMINED BY THE COMMISSIONER
TO REPRESENT REASONABLE COSTS OF THE DEPARTMENT OF TAXATION AND  FINANCE
IN  ADMINISTERING,  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 HANDS SUCH AMOUNT AS THE
COMMISSIONER MAY DETERMINE TO BE NECESSARY FOR REFUNDS OR REIMBURSEMENTS
UNDER SUCH CLAUSES OF SUCH SECTION OF THIS CHAPTER OUT OF  WHICH  AMOUNT
THE COMPTROLLER SHALL PAY ANY REFUNDS OR REIMBURSEMENTS TO WHICH TAXPAY-
ERS  SHALL  BE  ENTITLED UNDER PROVISIONS OF SUCH SECTIONS.  THE COMMIS-
SIONER 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.
  § 7. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2020.

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The New York State Senate

senate Bill S4511A

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

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senate Bill S4511A

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Sponsored By

Julia Salazar

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

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S4511 - Details

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S4511 - Bill Text download pdf

Co-Sponsors

Alessandra Biaggi

Zellnor Myrie

S4511A (ACTIVE) - Details

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S4511A (ACTIVE) - Sponsor Memo

S4511A (ACTIVE) - Bill Text download pdf

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