Senate Bill S6532

2023-2024 Legislative Session

Relates to indexing personal income taxes to the cost of living adjustment; repealer

download bill text pdf

Sponsored By

Current 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2023-S6532 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Rpld & add §601-a, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S9518

2023-S6532 (ACTIVE) - Summary

Indexes personal income taxes to the cost of living adjustment beginning in 2024.

2023-S6532 (ACTIVE) - Sponsor Memo

2023-S6532 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6532
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 25, 2023
                                ___________
 
 Introduced  by  Sen. PALUMBO -- 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 indexing taxes to inflation;
   and to repeal certain provisions of such law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 601-a of the tax law is REPEALED and a new section
 601-a is added to read as follows:
   § 601-A. COST OF LIVING ADJUSTMENT. (A)  FOR  TAX  YEAR  TWO  THOUSAND
 TWENTY-FOUR  AND  THEREAFTER,  THE COMMISSIONER, NO LATER THAN SEPTEMBER
 FIRST PRECEDING THE END OF THE PREVIOUS TAX  YEAR,  SHALL  MULTIPLY  THE
 AMOUNTS SPECIFIED IN SUBSECTION (B) OF THIS SECTION BY ONE PLUS THE COST
 OF LIVING ADJUSTMENT DESCRIBED IN SUBSECTION (C) OF THIS SECTION.
   (B)  THE  FOLLOWING  AMOUNTS  SHALL  BE  INDEXED BY THE COST OF LIVING
 ADJUSTMENT:
   (1) THE DOLLAR AMOUNTS IN THE TAX TABLES SET FORTH IN PARAGRAPH ONE OF
 SUBSECTION (A), PARAGRAPH ONE OF SUBSECTION (B)  AND  PARAGRAPH  ONE  OF
 SUBSECTION (C) OF SECTION SIX HUNDRED ONE OF THIS PART.
   (2)  THE DOLLAR AMOUNT IN THE NUMERATOR OF THE FRACTIONS IN SUBSECTION
 (D) OF SECTION SIX HUNDRED ONE OF THIS PART THAT IS NOT  FIFTY  THOUSAND
 DOLLARS.
   (3)  THE  NEW  YORK  STANDARD  DEDUCTION  OF  A RESIDENT INDIVIDUAL IN
 SECTION SIX HUNDRED FOURTEEN OF THIS ARTICLE.
   (C) THE COST OF LIVING ADJUSTMENT SHALL  BE  CALCULATED  IN  THE  SAME
 MANNER  AS DETERMINED BY THE SECRETARY OF THE UNITED STATES TREASURY FOR
 PURPOSES OF SECTION 1(F) OF THE UNITED STATES INTERNAL REVENUE  CODE  OF
 1954, AS AMENDED. FOR PURPOSES OF THIS SECTION, THE CONSUMER PRICE INDEX
 MEANS THE CHAINED CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS (C-CPI-U)
 PUBLISHED  BY  THE  UNITED  STATES  DEPARTMENT OF LABOR, BUREAU OF LABOR
 STATISTICS.
   (D) IF THE PRODUCT OF THE AMOUNTS IN SUBSECTION (B) AND SUBSECTION (C)
 OF THIS SECTION IS NOT A MULTIPLE OF FIFTY DOLLARS, SUCH INCREASE  SHALL
 BE ROUNDED TO THE NEXT LOWEST MULTIPLE OF FIFTY DOLLARS.
   § 2. This act shall take effect immediately.
 
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.