Senate Bill S4511A

2019-2020 Legislative Session

Relates to the personal income tax rates for New York residents with New York taxable income over $1,000,000

download bill text pdf

Sponsored By

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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Bill Amendments

2019-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

2019-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.

2019-S4511 - Sponsor Memo

2019-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.
              

co-Sponsors

2019-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

2019-S4511A (ACTIVE) - 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.

2019-S4511A (ACTIVE) - Sponsor Memo

2019-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
              

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