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

Current 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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Actions

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

S4511 - Details

See Assembly Version of this Bill:
A8532
Law Section:
Tax Law
Laws Affected:
Amd §§601, 614 & 171-a, Tax L

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

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.

S4511A (ACTIVE) - Details

See Assembly Version of this Bill:
A8532
Law Section:
Tax Law
Laws Affected:
Amd §§601, 614 & 171-a, Tax L

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.

S4511A (ACTIVE) - Sponsor Memo

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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