NY State Senate Bill 2009-S2654

Archive: Last Bill Status - Stricken

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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 11, 2010	recommit, enacting clause stricken
Jan 06, 2010	referred to investigations and government operations
Feb 26, 2009	referred to investigations and government operations

co-Sponsors

2009-S2654 (ACTIVE) - Details

Law Section:: Tax Law
Laws Affected:: Amd §§601 & 614, Tax L

2009-S2654 (ACTIVE) - Summary

Reorganizes the tax code and increases the standard deductions for all resident taxpayers.

2009-S2654 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S2654

 TITLE OF BILL :

An act to amend the tax law, in relation to income tax rates and
standard deductions


 PURPOSE :

Reorganizes the tax code and increases the standard deductions for all
tax filers.

 SUMMARY OF PROVISIONS :

Amends section 601 of the tax law to add brackets and increase income
tax rates on wealthy tax filers. The number of brackets increases from
5 to 9, while rates change from 4-6.85 to 4-10.3%. The tax increases
fund a tax cut, amending section 614 of the tax law to double the
standard deduction for each type of tax filer. The bill also
authorizes New York State Tax & Finance Department to administer the
tax cuts via a debit card, which will ensure the money is spent by
recipients and stimulate the economy as a result.

 JUSTIFICATION :

2009 finds many New Yorkers encountering the most difficult economic
challenges of their lifetimes. What began as a crisis in mortgage
securities on Wall Street is now significantly impacting Main Street.
145,000 New Yorkers lost their jobs in the last year.  50,000
homeowners experienced foreclosure in 2008.

Unfortunately, the immediate future looks no better. Tens of thousands
more New Yorkers will lose their homes. Unemployment in New York City
will likely surge to over 8 percent, and will hit double digits for
minority workers.

The severe recession has also had a profound impact on state and local
budgets. Because governments are required to balance their budgets by
law, spending cuts and regressive fees have been proposed to make sure
the books are balanced. These spending cuts and fees not only downsize
or eliminate important programs in health care, education, and other
areas--they cause the economy to contract even more, creating a
vicious downward spiral that could send the economy plummeting
further.

This bill will reform the state personal income tax (PIT). The bill
will cut taxes for most tax filers making less than $250,000 a year.
For example, a married couple making 100K will receive over a tax cut
of over $1000 dollars under my proposal. With New Yorkers tightening
their belts during this fiscal downturn, it's essential we put money
back in people's pockets so they can meet their bills and buy
essential items. Tax relief will also boost consumer spending, help
small businesses, and stimulate the economy.

In addition to tax relief for middle-class New Yorkers, my proposal
will generate an additional $1 billion to reduce spending cuts to
vital programs and the need for onerous fees on everything from Ipod
downloads to movie tickets. The revenues for my proposal are generated
by increasing taxes on the most fortunate and wealthy tax filers. It
is appropriate that the wealthiest pay a bit more during this
difficult economic time, given that they experienced a tremendous gain
in wealth over the last three decades and have traditionally paid much
more of their income in state taxes.

 FISCAL IMPLICATIONS :
The proposal will produce $4 billion in income, $3 billion of which
will be used for the tax cut with $1 billion set aside to reduce
budget cuts.

 EFFECTIVE DATE :
This act shall take effect immediately.

2009-S2654 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2654

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 26, 2009
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to income tax rates and  stand-
  ard deductions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraphs 2, 3, 4, 5, 6, 7 and  8  of  subsection  (a)  of
section  601  of  the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8
and 9.
  S 2. Paragraph 1 of subsection (a) of section 601 of the tax  law,  as
amended  by  section  1 of part Y3 of chapter 62 of the laws of 2003, is
amended to read as follows:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND EIGHT:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $16,000                      4% OF THE NEW YORK TAXABLE
                                      INCOME
OVER $16,000 BUT NOT OVER $22,000     $640 PLUS 4.5% OF EXCESS OVER
                                      $16,000
OVER $22,000 BUT NOT OVER $26,000     $910 PLUS 5.25% OF EXCESS OVER
                                      $22,000
OVER $26,000 BUT NOT OVER $40,000     $1,120 PLUS 5.9% OF EXCESS OVER
                                      $26,000
OVER $40,000 BUT NOT OVER             $1,946 PLUS 6.85% OF EXCESS OVER
$250,000                              $40,000
OVER $250,000 BUT NOT OVER            $16,331 PLUS 7.25% OF EXCESS OVER
$500,000                              $250,000
OVER $500,000 BUT NOT OVER            $34,456 PLUS 7.7% OF EXCESS OVER
$1,000,000                            $500,000
OVER $1,000,000 BUT NOT OVER          $72,956 PLUS 8.97% OF EXCESS OVER
$3,000,000                            $1,000,000
OVER $3,000,000                       $252,356 PLUS 10.3% OF EXCESS OVER
                                      $3,000,000

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09537-03-9

S. 2654                             2

  (2) For taxable years beginning after two thousand five AND BEFORE TWO
THOUSAND NINE:

If the New York taxable income is:    The tax is:
Not over $16,000                      4% of the New York taxable
                                      income
Over $16,000 but not over $22,000     $640 plus 4.5% of excess over
                                      $16,000
Over $22,000 but not over $26,000     $910 plus 5.25% of excess over
                                      $22,000
Over $26,000 but not over $40,000     $1,120 plus 5.9% of excess over
                                      $26,000
Over $40,000                          $1,946 plus 6.85% of excess over
                                      $40,000
  S  3.  Paragraphs  2, 3, 4, 5, 6, 7 and 8 of subsection (b) of section
601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8 and 9.
  S 4. Paragraph 1 of subsection (b) of section 601 of the tax  law,  as
amended  by  section  1 of part Y3 of chapter 62 of the laws of 2003, is
amended to read as follows:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND EIGHT:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $11,000                      4% OF THE NEW YORK TAXABLE
                                      INCOME
OVER $11,000 BUT NOT OVER $15,000     $440 PLUS 4.5% OF EXCESS OVER
                                      $11,000
OVER $15,000 BUT NOT OVER $17,000     $620 PLUS 5.25% OF EXCESS OVER
                                      $15,000
OVER $17,000 BUT NOT OVER $30,000     $725 PLUS 5.9% OF EXCESS OVER
                                      $17,000
OVER $30,000 BUT NOT OVER $250,000    $1,492 PLUS 6.85% OF EXCESS OVER
                                      $30,000
OVER $250,000 BUT NOT OVER $500,000   $16,562 PLUS 7.25% OF EXCESS OVER
                                      $250,000
OVER $500,000 BUT NOT OVER $1,000,000 $34,687 PLUS 7.7% OF EXCESS OVER
                                      $1,000,000
OVER $1,000,000 BUT NOT OVER          $73,187 PLUS 8.97% OF EXCESS OVER
$3,000,000                            $1,000,000
OVER $3,000,000                       $252,587 PLUS 10.30% OF EXCESS OVER
                                      $3,000,000

  (2) For taxable years beginning after two thousand five AND BEFORE TWO
THOUSAND NINE:

If the New York taxable income is:    The tax is:
Not over $11,000                      4% of the New York taxable
                                      income
Over $11,000 but not over $15,000     $440 plus 4.5% of excess over
                                      $11,000
Over $15,000 but not over $17,000     $620 plus 5.25% of excess over
                                      $15,000
Over $17,000 but not over $30,000     $725 plus 5.9% of excess over
                                      $17,000
Over $30,000                          $1,492 plus 6.85% of excess over
                                      $30,000

S. 2654                             3

  S 5. Paragraphs 2, 3, 4, 5, 6, 7 and 8 of subsection  (c)  of  section
601 of the tax law are renumbered paragraphs 3, 4, 5, 6, 7, 8 and 9.
  S  6.  Paragraph 1 of subsection (c) of section 601 of the tax law, as
amended by section 1 of part Y3 of chapter 62 of the laws  of  2003,  is
amended to read as follows:
  (1) FOR TAXABLE YEARS BEGINNING AFTER TWO THOUSAND EIGHT:

IF THE NEW YORK TAXABLE INCOME IS:    THE TAX IS:
NOT OVER $8,000                       4% OF THE NEW YORK TAXABLE
                                      INCOME
OVER $8,000 BUT NOT OVER $11,000      $320 PLUS 4.5% OF EXCESS OVER
                                      $8,000
OVER $11,000 BUT NOT OVER $13,000     $455 PLUS 5.25% OF EXCESS OVER
                                      $11,000
OVER $13,000 BUT NOT OVER $20,000     $560 PLUS 5.9% OF EXCESS OVER
                                      $13,000
OVER $20,000 BUT NOT OVER $250,000    $973 PLUS 6.85% OF EXCESS OVER
                                      $20,000
OVER $250,000 BUT NOT OVER $500,000   $16,728 PLUS 7.25% OF EXCESS OVER
                                      $250,000
OVER $500,000 BUT NOT OVER $1,000,000 $34,853 PLUS 7.7% OF EXCESS OVER
                                      $500,000
OVER $1,000,000 BUT NOT OVER          $73,353 PLUS 8.97% OF EXCESS OVER
$3,000,000                            $1,000,000
OVER $3,000,000                       $252,753 PLUS 10.30% OF EXCESS OVER
                                      $3,000,000
  (2) For taxable years beginning after two thousand five AND BEFORE TWO
THOUSAND NINE:

If the New York taxable income is:    The tax is:
Not over $8,000                       4% of the New York taxable
                                      income
Over $8,000 but not over $11,000      $320 plus 4.5% of excess over
                                      $8,000
Over $11,000 but not over $13,000     $455 plus 5.25% of excess over
                                      $11,000
Over $13,000 but not over $20,000     $560 plus 5.9% of excess over
                                      $13,000
Over $20,000                          $973 plus 6.85% of excess over
                                      $20,000

  S  7.  Paragraph 1 of subsection (d) of section 601 of the tax law, as
amended by section 1 of part R of chapter 63 of the  laws  of  2003,  is
amended to read as follows:
  (1)  Resident  married  individuals  filing  joint  returns,  resident
surviving spouses, resident  heads  of  households,  resident  unmarried
individuals,  resident  married  individuals filing separate returns and
resident estates and trusts. (A) The tax table benefit is the difference
between (i) the amount of taxable income set forth in the tax  table  in
subsection  (a),  (b) or (c), of this section, as the case may be, or in
section six hundred ninety-nine, as the case may be, not subject to  the
6.85  percent  rate  of tax for the taxable year multiplied by such rate
and (ii) the dollar denominated tax for such amount  of  taxable  income
set  forth in the tax table applicable to the taxable year in subsection
(a), (b) or (c) of this section, as the case  may  be,  or  section  six
hundred ninety-nine, as the case may be.

S. 2654                             4

  (B)  The  fraction is computed as follows: the numerator is the lesser
of fifty thousand dollars or the  excess  of  New  York  adjusted  gross
income  for the taxable year over one hundred FIFTY thousand dollars and
the denominator is fifty thousand dollars.
  S 8. Subsection (d) of section 601 of the tax law is amended by adding
three new paragraphs 4, 5, and 6 to read as follows:
  (4)  RESIDENT  MARRIED  INDIVIDUALS  FILING  JOINT  RETURNS,  RESIDENT
SURVIVING SPOUSES, RESIDENT  HEADS  OF  HOUSEHOLDS,  RESIDENT  UNMARRIED
INDIVIDUALS,  RESIDENT  MARRIED  INDIVIDUALS FILING SEPARATE RETURNS AND
RESIDENT ESTATES AND TRUSTS.  (A) THE TAX TABLE BENEFIT IS  THE  DIFFER-
ENCE BETWEEN (I) THE AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE
IN  SUBSECTION  (A), (B) OR (C) OF THIS SECTION, AS THE CASE MAY BE, NOT
SUBJECT TO THE 7.25 PERCENT RATE OF TAX FOR THE TAXABLE YEAR  MULTIPLIED
BY  SUCH  RATE  AND  (II)  THE DOLLAR DENOMINATED TAX FOR SUCH AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE TO THE TAXABLE YEAR
IN SUBSECTION (A), (B) OR (C) OF THIS SECTION, AS THE CASE MAY BE,  LESS
THE TAX TABLE BENEFIT IN PARAGRAPH ONE OF THIS SUBSECTION.
  (B)  THE  FRACTION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER
OF FIFTY THOUSAND DOLLARS OR THE  EXCESS  OF  NEW  YORK  ADJUSTED  GROSS
INCOME  FOR THE TAXABLE YEAR OVER TWO HUNDRED FIFTY THOUSAND DOLLARS AND
THE DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (C) THIS PARAGRAPH SHALL APPLY TO TAXABLE YEARS  BEGINNING  AFTER  TWO
THOUSAND EIGHT.
  (5)  RESIDENT  MARRIED  INDIVIDUALS  FILING  JOINT  RETURNS,  RESIDENT
SURVIVING SPOUSES, RESIDENT  HEADS  OF  HOUSEHOLDS,  RESIDENT  UNMARRIED
INDIVIDUALS,  RESIDENT  MARRIED  INDIVIDUALS FILING SEPARATE RETURNS AND
RESIDENT ESTATES AND TRUSTS.  (A) THE TAX TABLE BENEFIT IS  THE  DIFFER-
ENCE BETWEEN (I) THE AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE
IN  SUBSECTION  (A), (B) OR (C) OF THIS SECTION, AS THE CASE MAY BE, NOT
SUBJECT TO THE 7.7 PERCENT RATE OF TAX FOR THE TAXABLE  YEAR  MULTIPLIED
BY  SUCH  RATE  AND  (II)  THE DOLLAR DENOMINATED TAX FOR SUCH AMOUNT OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE TO THE TAXABLE YEAR
IN SUBSECTION (A), (B) OR (C) OF THIS SECTION, AS THE CASE MAY BE,  LESS
THE  SUM  OF  THE  TAX TABLE BENEFITS IN PARAGRAPHS ONE AND FOUR OF THIS
SUBSECTION.
  (B) THE FRACTION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS  THE  LESSER
OF  FIFTY  THOUSAND  DOLLARS  OR  THE  EXCESS OF NEW YORK ADJUSTED GROSS
INCOME FOR THE TAXABLE YEAR OVER FIVE HUNDRED THOUSAND DOLLARS  AND  THE
DENOMINATOR IS FIFTY THOUSAND DOLLARS.
  (C)  THIS  PARAGRAPH  SHALL APPLY TO TAXABLE YEARS BEGINNING AFTER TWO
THOUSAND EIGHT.
  (6)  RESIDENT  MARRIED  INDIVIDUALS  FILING  JOINT  RETURNS,  RESIDENT
SURVIVING  SPOUSES,  RESIDENT  HEADS  OF  HOUSEHOLDS, RESIDENT UNMARRIED
INDIVIDUALS, RESIDENT MARRIED INDIVIDUALS FILING  SEPARATE  RETURNS  AND
RESIDENT  ESTATES  AND TRUSTS.  (A) THE TAX TABLE BENEFIT IS THE DIFFER-
ENCE BETWEEN (I) THE AMOUNT OF TAXABLE INCOME SET FORTH IN THE TAX TABLE
IN SUBSECTION (A), (B) OR (C) OF THIS SECTION, AS THE CASE MAY  BE,  NOT
SUBJECT  TO THE 8.97 PERCENT RATE OF TAX FOR THE TAXABLE YEAR MULTIPLIED
BY SUCH RATE AND (II) THE DOLLAR DENOMINATED  TAX  FOR  SUCH  AMOUNT  OF
TAXABLE INCOME SET FORTH IN THE TAX TABLE APPLICABLE TO THE TAXABLE YEAR
IN  SUBSECTION (A), (B) OR (C) OF THIS SECTION, AS THE CASE MAY BE, LESS
THE SUM OF THE TAX TABLE BENEFITS IN PARAGRAPHS ONE, FOUR, AND  FIVE  OF
THIS SUBSECTION.
  (B)  THE  FRACTION IS COMPUTED AS FOLLOWS: THE NUMERATOR IS THE LESSER
OF FIFTY THOUSAND DOLLARS OF THE  EXCESS  OF  NEW  YORK  ADJUSTED  GROSS

S. 2654                             5

INCOME FOR THE TAXABLE YEAR OVER ONE MILLION DOLLARS AND THE DENOMINATOR
IS FIFTY THOUSAND DOLLARS.
  (C)  THIS  PARAGRAPH  SHALL APPLY TO TAXABLE YEARS BEGINNING AFTER TWO
THOUSAND EIGHT.
  S 9. Section 614 of the tax law, as amended by chapter 170 of the laws
of 1994, subsections (b) and (d) as amended by section 1 of  part  C  of
chapter 62 of the laws of 2006, is amended to read as follows:
  S  614.  New  York  standard  deduction  of a resident individual. (a)
Unmarried individual. For TAXABLE YEARS  BEGINNING  AFTER  TWO  THOUSAND
EIGHT,  THE  NEW YORK STANDARD DEDUCTION OF A RESIDENT INDIVIDUAL WHO IS
NOT MARRIED NOR THE HEAD OF A HOUSEHOLD NOR A SURVIVING  SPOUSE  NOR  AN
INDIVIDUAL WHOSE FEDERAL EXEMPTION AMOUNT IS ZERO SHALL BE FIFTEEN THOU-
SAND  DOLLARS;  FOR taxable years beginning after nineteen hundred nine-
ty-six AND BEFORE TWO THOUSAND NINE, the New York standard deduction  of
a resident individual who is not married nor the head of a household nor
a  surviving  spouse nor an individual whose federal exemption amount is
zero shall be seven thousand five hundred  dollars;  for  taxable  years
beginning  in nineteen hundred ninety-six, such standard deduction shall
be seven thousand four hundred dollars; for taxable years  beginning  in
nineteen hundred ninety-five, such standard deduction shall be six thou-
sand six hundred dollars; and for taxable years beginning after nineteen
hundred eighty-nine and before nineteen hundred ninety-five, such stand-
ard deduction shall be six thousand dollars.
  (b)  Husband and wife filing jointly and surviving spouse. For TAXABLE
YEARS  BEGINNING  AFTER  TWO  THOUSAND  EIGHT,  THE  NEW  YORK  STANDARD
DEDUCTION  OF A HUSBAND AND WIFE WHOSE NEW YORK TAXABLE INCOME IS DETER-
MINED JOINTLY OR A SURVIVING SPOUSE SHALL BE  THIRTY  THOUSAND  DOLLARS;
FOR taxable years beginning after two thousand five AND BEFORE TWO THOU-
SAND  NINE,  the New York standard deduction of a husband and wife whose
New York taxable income is determined  jointly  or  a  surviving  spouse
shall be fifteen thousand dollars; for taxable years beginning after two
thousand  two and before two thousand six, such standard deduction shall
be fourteen thousand six hundred dollars; for taxable years beginning in
two thousand two, such standard deduction shall be fourteen thousand two
hundred dollars; for taxable years beginning in two thousand  one,  such
standard  deduction shall be thirteen thousand four hundred dollars; for
taxable years beginning after nineteen hundred ninety-six and before two
thousand  one,  such  standard  deduction  shall  be  thirteen  thousand
dollars;  for  taxable  years  beginning in nineteen hundred ninety-six,
such standard deduction shall be twelve  thousand  three  hundred  fifty
dollars;  for  taxable  years beginning in nineteen hundred ninety-five,
such standard deduction shall be ten thousand eight hundred dollars; and
for taxable years  beginning  after  nineteen  hundred  eighty-nine  and
before  nineteen  hundred  ninety-five, such standard deduction shall be
nine thousand five hundred dollars.
  (c) Head of household. For TAXABLE YEARS BEGINNING AFTER TWO  THOUSAND
EIGHT, THE NEW YORK STANDARD DEDUCTION OF AN INDIVIDUAL WHO IS A HEAD OF
HOUSEHOLD SHALL BE TWENTY-ONE THOUSAND DOLLARS; FOR taxable years begin-
ning after nineteen hundred ninety-six AND BEFORE TWO THOUSAND NINE, the
New  York standard deduction of an individual who is a head of household
shall be ten thousand five hundred dollars; for taxable years  beginning
in  nineteen  hundred  ninety-six,  such standard deduction shall be ten
thousand dollars; for taxable years beginning in nineteen hundred  nine-
ty-five,  such  standard  deduction  shall be eight thousand one hundred
fifty dollars; and for taxable years beginning  after  nineteen  hundred

S. 2654                             6

eighty-nine  and  before  nineteen  hundred  ninety-five,  such standard
deduction shall be seven thousand dollars.
  (d) Married individuals filing separately. For TAXABLE YEARS BEGINNING
AFTER  TWO  THOUSAND EIGHT, THE NEW YORK STANDARD DEDUCTION OF A MARRIED
INDIVIDUAL FILING A SEPARATE RETURN SHALL BE FIFTEEN  THOUSAND  DOLLARS;
FOR taxable years beginning after two thousand five AND BEFORE TWO THOU-
SAND  NINE,  the  New  York  standard  deduction of a married individual
filing a separate return shall be seven thousand five  hundred  dollars;
for taxable years beginning after nineteen hundred ninety-six and before
two  thousand  six,  such  standard deduction shall be six thousand five
hundred dollars; for taxable years beginning in nineteen  hundred  nine-
ty-six, such standard deduction shall be six thousand one hundred seven-
ty-five  dollars;  for taxable years beginning in nineteen hundred nine-
ty-five, such standard deduction shall be  five  thousand  four  hundred
dollars;  and for taxable years beginning after nineteen hundred eighty-
nine and before nineteen hundred ninety-five,  such  standard  deduction
shall be four thousand seven hundred fifty dollars.
  (e)  Standard  deduction  of a dependent individual. For TAXABLE YEARS
BEGINNING AFTER TWO THOUSAND EIGHT, THE NEW YORK STANDARD DEDUCTION OF A
RESIDENT INDIVIDUAL WHOSE FEDERAL EXEMPTION AMOUNT IS ZERO SHALL BE  SIX
THOUSAND  DOLLARS;  FOR  taxable  years beginning after nineteen hundred
ninety-six AND BEFORE TWO THOUSAND NINE, the New York standard deduction
of a resident individual whose federal exemption amount is zero shall be
three thousand dollars; for taxable years beginning in nineteen  hundred
ninety-six,  such  standard deduction shall be two thousand nine hundred
dollars; and for taxable years beginning after nineteen hundred  eighty-
nine  and  before  nineteen  hundred ninety-six, such standard deduction
shall be two thousand eight hundred dollars.
  S 10. 1. The department of taxation and finance  shall  calculate  the
anticipated  amount  of  refund, if any, that may be due to any taxpayer
for the first taxable year that commences after December 31, 2008.  This
calculation  shall  be performed only for those taxpayers who elected to
take the standard deduction in 2008, or for any taxpayer whose  itemized
deductions  in  2008, when totaled, are less than the standard deduction
amount allowed for taxable year 2009 pursuant  to  section  six  hundred
fourteen of the tax law, as amended by section nine of this act.
  2.  When  making the calculation required pursuant to subdivision 1 of
this section, the department of  taxation  and  finance  shall  use  the
taxpayer's  financial  information  from  the  taxable  year immediately
preceding January 1, 2009.
  3. If the department determines that a taxpayer may be entitled to  an
income  tax  refund,  the  department  shall send the taxpayer an amount
equal to  that  anticipated  refund.  The  department  shall  make  such
payments  in  the  form  of an electronic benefit transfer card or debit
card. Any refund provided to a taxpayer shall be valid until and includ-
ing December 31, 2009. Any money not used by a taxpayer prior to January
1, 2010 shall revert to and become the property of the state.
  4. The department of taxation and finance shall have  sole  discretion
to  establish  the  policies and procedures relating to the distribution
and use of moneys pursuant to this act, provided that such policies  and
procedures are consistent with the provisions of this section.  Further-
more,  any  policy or procedure must ensure that all moneys are distrib-
uted to taxpayers prior to July 1, 2009.
  S 11. This act shall take effect immediately.

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Senate Bill S2654

Sponsored By

Archive: Last Bill Status - Stricken

co-Sponsors

2009-S2654 (ACTIVE) - Details

2009-S2654 (ACTIVE) - Summary

2009-S2654 (ACTIVE) - Sponsor Memo

2009-S2654 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S2654

Share this bill

Sponsored By

Jeffrey D. Klein

Archive: Last Bill Status - Stricken

co-Sponsors

Velmanette Montgomery

2009-S2654 (ACTIVE) - Details

2009-S2654 (ACTIVE) - Summary

2009-S2654 (ACTIVE) - Sponsor Memo

2009-S2654 (ACTIVE) - Bill Text download pdf

Comments