Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 27, 2012 |
referred to rules |
Senate Bill S7845
2011-2012 Legislative Session
Sponsored By
(R, C) 60th Senate District
Archive: Last Bill Status - In Senate Committee Rules 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-S7845 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง601, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S103
2015-2016: S89
2011-S7845 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7845 TITLE OF BILL: An act to amend the tax law, in relation to reducing personal income tax rates PURPOSE: This bill would make the lower tax rates put into effect in 2011 perma- nent. SUMMARY OF PROVISIONS: Section one makes the lower tax rates put into effect in 2011 for joint filers making less than $300,000 permanent. Section two makes the lower tax rates put into effect in 2011 for heads of household filers making less than $250,000 permanent. Section three makes the lower tax rates put into effect in 2011 for single filers making less than $200,000 permanent. Section four states that is act shall take effect immediate- ly. EXISTING LAW: The lower tax rates on middle class families put into effect in 2011 are scheduled to expire in 2015. JUSTIFICATION: With the tax reforms of 2011, middle class families in New York now pay the lowest tax rates they have in nearly 60 years. Thanks to these
2011-S7845 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7845 I N S E N A T E August 27, 2012 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to reducing personal income tax rates THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (B) of paragraph 1 of subsection (a) of section 601 of the tax law, as added by section 1 of part A of chapter 56 of the laws of 2011, is amended to read as follows: (B) For taxable years beginning after two thousand fourteen, the following brackets and dollar amounts shall apply, as adjusted by the cost of living adjustment prescribed in section six hundred one-a of this part for tax years two thousand thirteen and two thousand fourteen: If the New York taxable income is: The tax is: Not over $16,000 4% of 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 5.90% of excess over $26,000 Over $40,000 BUT NOT OVER $1,946 plus [6.85%] $150,000 6.45% of excess over $40,000 OVER $150,000 BUT NOT OVER $9,041 PLUS 6.65% OF $300,000 EXCESS OVER $150,000 OVER $300,000 $19,016 PLUS 6.85% OF EXCESS OVER $300,000 S 2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601 of the tax law, as added by section 3 of part A of chapter 56 of the laws of 2011, is amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16455-01-2
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