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Senate Bill S6532

2023-2024 Legislative Session

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

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

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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 Other Legislative Sessions:
2021-2022: S9518
2025-2026: S1556

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 Section 601-a of the tax law is REPEALED and a new section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.

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