Senate Bill S89

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

                                   89

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

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 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 amended by section 1 of part FF of  chap-
ter 59 of the laws of 2013, is amended to read as follows:
  (B)  For  taxable  years  beginning  after two thousand seventeen, 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  through  two  thousand
seventeen:

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 $150,000    $1,946 plus [6.85%]
                                      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

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

                                                           LBD00666-01-5

S. 89                               2

  S  2. Subparagraph (B) of paragraph 1 of subsection (b) of section 601
of the tax law, as amended by section 2 of part FF of chapter 59 of  the
laws of 2013, is amended to read as follows:
  (B)  For  taxable  years  beginning  after two thousand seventeen, the
following brackets and dollars 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  through  two  thousand
seventeen:

If the New York taxable income is:    The tax is:
Not over $12,000                      4% of taxable income
Over $12,000 but not over $16,500     $480 plus 4.5% of excess over
                                      $12,000
Over $16,500 but not over $19,500     $683 plus 5.25% of excess over
                                      $16,500
Over $19,500 but not over $30,000     $840 plus 5.90% of excess over
                                      $19,500
Over $30,000 BUT NOT OVER $100,000    $1,460 plus [6.85%]
                                      6.45% of excess over $30,000
OVER $100,000 BUT NOT OVER            $5,975 PLUS 6.65% OF
$250,000                              EXCESS OVER $100,000
OVER $250,000                         $15,950 PLUS 6.85% OF
                                      EXCESS OVER $250,000

  S  3. Subparagraph (B) of paragraph 1 of subsection (c) of section 601
of the tax law, as amended by section 3 of part FF of chapter 59 of  the
laws of 2013, is amended to read as follows:
  (B)  For  taxable  years  beginning  after two thousand seventeen, the
following brackets and dollars 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  through  two  thousand
seventeen:

If the New York taxable income is:    The tax is:
Not over $8,000                       4% of 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 5.90% of excess over
                                      $13,000
Over $20,000 BUT NOT OVER $75,000     $973 plus [6.85%]
                                      6.45% of excess over $20,000
OVER $75,000 BUT NOT OVER $200,000    $4,521 PLUS 6.65% OF EXCESS
                                      OVER $75,000
OVER $200,000                         $12,833 PLUS 6.85% OF EXCESS
                                      OVER $200,000

  S 4. This act shall take effect immediately.