Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 10, 2020 |
notice of committee consideration - requested |
Jan 22, 2020 |
referred to budget and revenue |
Senate Bill S7365
2019-2020 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
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
Actions
co-Sponsors
(R, C, IP, RFM) Senate District
(R, C) 57th Senate District
(R) Senate District
(R, C, IP) Senate District
2019-S7365 (ACTIVE) - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §601, Tax L
- Versions Introduced in 2021-2022 Legislative Session:
-
S1808
2019-S7365 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7365 SPONSOR: JORDAN TITLE OF BILL: An act to amend the tax law, in relation to accelerating the change in personal income tax rates SUMMARY OF PROVISIONS: Sections 1, 2, and 3 amend the tax law to provide that reductions in income tax rates provided by a chapter of the laws of 2017 be expedited by one year for the three filing statuses: Married Filing Joint (MFJ); Head of Household (HoH) and Single/married filing separate (S). Section 4 provides for the effective date. JUSTIFICATION: In 2017, the New York State Legislature enacted landmark middle class tax cuts which, over the course of its entire implementation, will save
2019-S7365 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7365 I N S E N A T E January 22, 2020 ___________ Introduced by Sens. JORDAN, ORTT -- 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 accelerating the change in personal income tax rates THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Clauses (iv), (v), (vi), (vii) and (viii) of subparagraph (B) of paragraph 1 of subsection (a) of section 601 of the tax law, clauses (iv), (v), (vi) and (vii) as amended by section 1 of part P of chapter 59 of the laws of 2019 and clause (viii) as added by section 1 of part R of chapter 59 of the laws of 2017, are amended to read as follows: (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 $144,905 plus 8.82% of excess over $2,155,350 (v) For taxable years beginning in two thousand twenty-two the follow- ing rates shall apply:] EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14837-01-0
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