Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to investigations and government operations |
Senate Bill S6122
2011-2012 Legislative Session
Sponsored By
(R, C) 60th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
2011-S6122 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add ยง608, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S152
2015-2016: S83
2017-2018: S3170
2019-2020: S863
2011-S6122 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6122 TITLE OF BILL: An act to amend the tax law, in relation to placing a limit upon the personal income tax by the state of New York PURPOSE: This bill imposes a cap on the levy collected by the personal income tax by New York State. In the event the cap is exceeded, rebate checks will be mailed to all New York taxpayers. This bill seeks to prevents any future tax levy increases over a certain allowable growth factor while making New York's income tax system more progressive over time. SUMMARY OF PROVISIONS: Section 1 establishes a cap on the levy of the personal income tax and establishes a rebate check program if receipts exceed this levy cap. JUSTIFICATION: In New York income taxes account for more revenue than any other type of tax. At the same time, the income tax is one of the most burdensome taxes. It takes money directly out of consumers paychecks, disincentivizing work and reducing consumption. The average New Yorker pays far too much in income taxes. It is no accident that New York State has lagged in job creation and been a leader in out of state migration, while zero income tax states like
2011-S6122 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6122 I N S E N A T E (PREFILED) January 4, 2012 ___________ Introduced by Sen. GALLIVAN -- 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 placing a limit upon the personal income tax by the state of New York THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 608 to read as follows: S 608. LIMIT UPON THE PERSONAL INCOME TAX LEVY BY THE STATE OF NEW YORK. 1. UNLESS OTHERWISE PROVIDED BY LAW, THE AMOUNT OF PERSONAL INCOME TAXES THAT MAY BE LEVIED BY OR ON BEHALF OF THE STATE OF NEW YORK SHALL NOT EXCEED THE TAX LEVY LIMIT ESTABLISHED PURSUANT TO THIS SECTION. 2. WHEN USED IN THIS SECTION: (A) "ALLOWABLE LEVY GROWTH FACTOR" FOR ALL FISCAL YEARS THAT BEGIN AFTER TWO THOUSAND TWELVE SHALL BE THE HIGHER OF: (I) ONE AND TWO ONE-HUNDREDTHS; OR (II) THE SUM OF NINETY-NINE ONE-HUNDREDTHS PLUS THE INFLATION FACTOR. (B) "AVAILABLE CARRYOVER" MEANS THE AMOUNT BY WHICH THE TAX LEVY FOR THE PRIOR FISCAL YEAR WAS BELOW THE TAX LEVY LIMIT FOR SUCH FISCAL YEAR, IF ANY, BUT NO MORE THAN AN AMOUNT THAT EQUALS ONE AND ONE-HALF PERCENT OF THE TAX LEVY LIMIT FOR SUCH FISCAL YEAR. (C) "COMING FISCAL YEAR" MEANS THE FISCAL YEAR OF THE STATE GOVERNMENT FOR WHICH A TAX LEVY LIMIT SHALL BE DETERMINED PURSUANT TO THIS SECTION. (D) "INFLATION FACTOR" MEANS THE QUOTIENT OF: (I) THE AVERAGE OF THE NATIONAL CONSUMER PRICE INDEXES DETERMINED BY THE UNITED STATES DEPART- MENT OF LABOR FOR THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO THE START OF THE COMING FISCAL YEAR MINUS THE AVERAGE OF THE NATIONAL CONSUMER PRICE INDEXES DETERMINED BY THE UNITED STATES DEPARTMENT OF LABOR FOR THE TWELVE-MONTH PERIOD ENDING SIX MONTHS PRIOR TO THE START OF THE PRIOR FISCAL YEAR, DIVIDED BY: (II) THE AVERAGE OF THE NATIONAL CONSUMER PRICE INDEXES DETERMINED BY THE UNITED STATES DEPARTMENT OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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