NY State Assembly Bill 2017-A7267

Archive: Last Bill Status - In Assembly 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 14, 2018	held for consideration in ways and means
Jan 03, 2018	referred to ways and means
Apr 17, 2017	referred to ways and means

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multi-Sponsors

2017-A7267 (ACTIVE) - Details

Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §601, Tax L

2017-A7267 (ACTIVE) - Summary

Relates to calculation of the personal income tax.

2017-A7267 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7267
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 17, 2017
                                ___________
 
 Introduced by M. of A. KOLB, BUTLER, PALMESANO, MONTESANO, RAIA, CROUCH,
   BLANKENBUSH, OAKS, McLAUGHLIN, DiPIETRO, STEC -- Multi-Sponsored by --
   M.  of A.  HAWLEY, LOPEZ -- read once and referred to the Committee on
   Ways and Means
 
 AN ACT to amend the tax law, in relation to calculation of the  personal
   income tax

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 1 of subsection (a) of section  601  of  the  tax
 law,  as  amended  by  section 1 of part FF of chapter 59 of the laws of
 2013, subparagraph (B) as added by section 1 of Part TT of chapter 60 of
 the laws of 2016, is amended to read as follows:
   (1) (A) For taxable years beginning after  two  thousand  [eleven  and
 before two thousand eighteen] EIGHTEEN:
 
 If the New York taxable income is:    The tax is:
 Not over [$16,000] $40,000            [4%] 0% 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 6.45% of excess over
                                       $40,000
 Over $150,000 but not over $300,000   $9,041 plus 6.65% of excess over
                                       $150,000
 Over $300,000 [but not over]          $19,016 plus 6.85% of excess over
 [$2,000,000]                          $300,000
 [Over $2,000,000                      $135,466 plus 8.82% of excess over

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

                                                            LBD08116-02-7

 A. 7267                             2

                                       $2,000,000]
 
   (B)(i)  For  tax  years  beginning  after  two thousand seventeen, the
 brackets and dollars amounts in subparagraph (A) of this  paragraph,  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,  shall  apply.  In  addition, the tax rates in
 subparagraph (A) of this paragraph  shall  apply,  except  as  noted  in
 clause (ii) of this subparagraph, and except that the rate applicable to
 New  York  taxable incomes in excess of $300,000 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,
 shall  be  the  highest  tax  rate  specified  in the provisions of this
 subparagraph as enacted by chapter fifty-nine of the laws of  two  thou-
 sand  thirteen  prior  to its repeal by [a] chapter SIXTY of the laws of
 two thousand sixteen that  added  this  subparagraph.  For  purposes  of
 clause  (ii)  of  this  subparagraph, the brackets specified shall be 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. After making the cost of living  adjustments  to
 the  dollar  amounts  in  subparagraph (A) of this paragraph, the dollar
 amounts in the tax calculations for the income  brackets  for  New  York
 taxable  income  over [$26,000] $40,000 shall be adjusted to reflect the
 rate reductions in clause (ii) of this subparagraph.
   (ii) (I) For tax year two thousand eighteen, the following  tax  rates
 shall  apply:  [If  New York taxable income is over $26,000 but not over
 $40,000, the tax rate shall be 5.90%.] If New  York  taxable  income  is
 over  $40,000 but not over $150,000, the tax rate shall be 6.33%. If New
 York taxable income is over $150,000 but not over $300,000, the tax rate
 shall be 6.57%.
   (II) For tax year two thousand nineteen, the following tax rates shall
 apply: [If New York taxable income is over $26,000 but not over $40,000,
 the tax rate shall be 5.90%.] If New York taxable income is over $40,000
 but not over $150,000, the tax rate shall be 6.21%. If New York  taxable
 income  is  over  $150,000  but not over $300,000, the tax rate shall be
 6.49%.
   (III) For tax year two thousand twenty, the following tax rates  shall
 apply: [If New York taxable income is over $26,000 but not over $40,000,
 the tax rate shall be 5.90%.] If New York taxable income is over $40,000
 but  not over $150,000, the tax rate shall be 6.09%. If New York taxable
 income is over $150,000 but not over $300,000, the  tax  rate  shall  be
 6.41%.
   (IV)  For  tax  year  two thousand twenty-one, the following tax rates
 shall apply: [If New York taxable income is over $26,000  but  not  over
 $40,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
 over $40,000 but not over $150,000, the tax rate shall be 5.97%. If  New
 York taxable income is over $150,000 but not over $300,000, the tax rate
 shall be 6.33%.
   (V)  For  tax  year  two  thousand twenty-two, the following tax rates
 shall apply: If New York taxable income is over  [$26,000]  $40,000  but
 not  over  $150,000,  the  tax  rate shall be 5.85%. If New York taxable
 income is over $150,000 but not over $300,000, the  tax  rate  shall  be
 6.25%.
   (VI)  For  tax year two thousand twenty-three, the following tax rates
 shall apply: If New York taxable income is over  [$26,000]  $40,000  but
 not  over  $150,000,  the  tax  rate shall be 5.73%. If New York taxable

 A. 7267                             3
 
 income is over $150,000 but not over $300,000, the  tax  rate  shall  be
 6.17%.
   (VII)  For  tax year two thousand twenty-four, the following tax rates
 shall apply: If New York taxable income is over  [$26,000]  $40,000  but
 not  over  $150,000,  the  tax  rate shall be 5.61%. If New York taxable
 income is over $150,000 but not over $300,000, the  tax  rate  shall  be
 6.09%.
   (VIII) For tax years after two thousand twenty-four, the following tax
 rates  shall apply: If New York taxable income is over [$26,000] $40,000
 but not over $150,000, the tax rate shall be 5.50%. If New York  taxable
 income  is  over  $150,000  but not over $300,000, the tax rate shall be
 6.00%.
   § 2. 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,
 subparagraph (B) as added by section 2 of Part TT of chapter 60  of  the
 laws of 2016, is amended to read as follows:
   (1)  (A)  For  taxable  years beginning after two thousand [eleven and
 before two thousand eighteen] EIGHTEEN:
 
 If the New York taxable income is:    The tax is:
 
 Not over [$12,000] $30,000            [4%] 0% 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 6.45% of excess over
                                       $30,000
 Over $100,000 but not over $250,000   $5,975 plus 6.65% of excess over
                                       $100,000
 Over $250,000 [but not over]          $15,950 plus 6.85% of excess over
 [$1,5000,000]                         $250,000
 [Over $1,500,000                      $101,575 plus 8.82% of excess over
                                       $1,500,000]
 
   (B) (i) For tax years beginning  after  two  thousand  seventeen,  the
 brackets  and  dollars amounts in subparagraph (A) of this paragraph, 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, shall apply.  In  addition,  the  tax  rates  in
 subparagraph  (A)  of  this  paragraph  shall  apply, except as noted in
 clause (ii) of this subparagraph, and except that the rate applicable to
 New York taxable incomes in excess of $250,000 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
 shall  be  the  highest  tax  rate  specified  in the provisions of this
 subparagraph as enacted by chapter fifty-nine of the laws of  two  thou-
 sand  thirteen  prior  to its repeal by [a] chapter SIXTY of the laws of
 two thousand sixteen that  added  this  subparagraph.  For  purposes  of
 clause  (ii)  of  this  subparagraph, the brackets specified shall be 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. After making the cost of living  adjustments  to

 A. 7267                             4
 
 the  dollar  amounts  in  subparagraph (A) of this paragraph, the dollar
 amounts in the tax calculations for the income  brackets  for  New  York
 taxable  income  over [$19,500] $30,000 shall be adjusted to reflect the
 rate reductions in clause (ii) of this subparagraph.
   (ii)  (I)  For tax year two thousand eighteen, the following tax rates
 shall apply: [If New York taxable income is over $19,500  but  not  over
 $30,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
 over $30,000 but not over $100,000, the tax rate shall be 6.33%. If  New
 York taxable income is over $100,000 but not over $250,000, the tax rate
 shall be 6.57%.
   (II) For tax year two thousand nineteen, the following tax rates shall
 apply: [If New York taxable income is over $19,500 but not over $30,000,
 the tax rate shall be 5.90%.] If New York taxable income is over $30,000
 but  not over $100,000, the tax rate shall be 6.21%. If New York taxable
 income is over $100,000 but not over $250,000, the  tax  rate  shall  be
 6.49%.
   (III)  For tax year two thousand twenty, the following tax rates shall
 apply: [If New York taxable income is over $19,500 but not over $30,000,
 the tax rate shall be 5.90%.] If New York taxable income is over $30,000
 but not over $100,000, the tax rate shall be 6.09%. If New York  taxable
 income  is  over  $100,000  but not over $250,000, the tax rate shall be
 6.41%.
   (IV) For tax year two thousand twenty-one,  the  following  tax  rates
 shall  apply:  [If  New York taxable income is over $19,500 but not over
 $30,000, the tax rate shall be 5.90%.] If New  York  taxable  income  is
 over  $30,000 but not over $100,000, the tax rate shall be 5.97%. If New
 York taxable income is over $100,000 but not over $250,000, the tax rate
 shall be 6.33%.
   (V) For tax year two thousand  twenty-two,  the  following  tax  rates
 shall  apply:  If  New York taxable income is over [$19,500] $30,000 but
 not over $100,000, the tax rate shall be  5.85%.  If  New  York  taxable
 income  is  over  $100,000  but not over $250,000, the tax rate shall be
 6.25%.
   (VI) For tax year two thousand twenty-three, the following  tax  rates
 shall  apply:  If  New York taxable income is over [$19,500] $30,000 but
 not over $100,000, the tax rate shall be  5.73%.  If  New  York  taxable
 income  is  over  $100,000  but not over $250,000, the tax rate shall be
 6.17%.
   (VII) For tax year two thousand twenty-four, the following  tax  rates
 shall  apply:  If  New York taxable income is over [$19,500] $30,000 but
 not over $100,000, the tax rate shall be  5.61%.  If  New  York  taxable
 income  is  over  $100,000  but not over $250,000, the tax rate shall be
 6.09%.
   (VIII) For tax years after two thousand twenty-four, the following tax
 rates shall apply: If New York taxable income is over [$19,500]  $30,000
 but  not over $100,000, the tax rate shall be 5.50%. If New York taxable
 income is over $100,000 but not over $250,000, the  tax  rate  shall  be
 6.00%.
   §  3.  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,
 subparagraph  (B)  as added by section 3 of Part TT of chapter 60 of the
 laws of 2016, is amended to read as follows:
   (1) (A) For taxable years beginning after  two  thousand  [eleven  and
 before two thousand eighteen] EIGHTEEN:

 A. 7267                             5
 
 If the New York taxable income is:    The tax is:
 Not over [$8,000] $20,000             [4%] 0% 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 6.45% 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 [but not over]          $12,833 plus 6.85% of excess over
 [$1,000,000]                          $200,000
 [Over $1,000,000                      $67,633 plus 8.82% of excess over
                                       $1,000,000]

   (B)(i)  For  tax  years  beginning  after  two thousand seventeen, the
 brackets and dollars amount in subparagraph (A) of  this  paragraph,  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,  shall  apply.  In  addition, the tax rates in
 subparagraph (A) of this paragraph  shall  apply,  except  as  noted  in
 clause (ii) of this subparagraph, and except that the rate applicable to
 New York taxable income in excess of $200,000 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 shall
 be the highest tax rate specified in the provisions of this subparagraph
 as enacted by chapter fifty-nine of the laws of  two  thousand  thirteen
 prior  to  its  repeal  by [a] chapter SIXTY of the laws of two thousand
 sixteen that added this subparagraph. For purposes  of  clause  (ii)  of
 this  subparagraph,  the  brackets specified shall be 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.  After making the cost of living adjustments  to  the  dollar
 amounts in subparagraph (A) of this paragraph, the dollar amounts in the
 tax  calculations  for  the  income brackets for New York taxable income
 over [$13,000] $20,000 shall be adjusted to reflect the rate  reductions
 in clause (ii) of this subparagraph.
   (ii)(I)  For  tax  year two thousand eighteen, the following tax rates
 shall apply: [If New York taxable income is over $13,000  but  not  over
 $20,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
 over $20,000 but not over $75,000, the tax rate shall be 6.33%.  If  New
 York  taxable income is over $75,000 but not over $200,000, the tax rate
 shall be 6.57%.
   (II) For tax year two thousand nineteen, the following tax rates shall
 apply: [If New York taxable income is over $13,000 but not over $20,000,
 the tax rate shall be 5.90%.] If New York taxable income is over $20,000
 but not over $75,000, the tax rate shall be 6.21%. If New  York  taxable
 income  is  over  $75,000  but  not over $200,000, the tax rate shall be
 6.49%.
   (III) For tax year two thousand twenty, the following tax rates  shall
 apply: [If New York taxable income is over $13,000 but not over $20,000,
 the tax rate shall be 5.90%.] If New York taxable income is over $20,000
 but  not  over $75,000, the tax rate shall be 6.09%. If New York taxable

 A. 7267                             6
 
 income is over $75,000 but not over $200,000,  the  tax  rate  shall  be
 6.41%.
   (IV)  For  tax  year  two thousand twenty-one, the following tax rates
 shall apply: [If New York taxable income is over $13,000  but  not  over
 $20,000,  the  tax  rate  shall be 5.90%.] If New York taxable income is
 over $20,000 but not over $75,000, the tax rate shall be 5.97%.  If  New
 York  taxable income is over $75,000 but not over $200,000, the tax rate
 shall be 6.33%.
   (V) For tax year two thousand  twenty-two,  the  following  tax  rates
 shall  apply:  If  New York taxable income is over [$13,000] $20,000 but
 not over $75,000, the tax rate shall  be  5.85%.  If  New  York  taxable
 income  is  over  $75,000  but  not over $200,000, the tax rate shall be
 6.25%.
   (VI) For tax year two thousand twenty-three, the following  tax  rates
 shall  apply:  If  New York taxable income is over [$13,000] $20,000 but
 not over $75,000, the tax rate shall  be  5.73%.  If  New  York  taxable
 income  is  over  $75,000  but  not over $200,000, the tax rate shall be
 6.17%.
   (VII) For tax year two thousand twenty-four, the following  tax  rates
 shall  apply:  If  New York taxable income is over [$13,000] $20,000 but
 not over $75,000, the tax rate shall  be  5.61%.  If  New  York  taxable
 income  is  over  $75,000  but  not over $200,000, the tax rate shall be
 6.09%.
   (VIII) For tax years after two thousand twenty-four, the following tax
 rates shall apply: If New York taxable income is over [$13,000]  $20,000
 but  not  over $75,000, the tax rate shall be 5.50%. If New York taxable
 income is over $75,000 but not over $200,000,  the  tax  rate  shall  be
 6.00%.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2018.

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Assembly Bill A7267

Sponsored By

Archive: Last Bill Status - In Assembly Committee

co-Sponsors

multi-Sponsors

2017-A7267 (ACTIVE) - Details

2017-A7267 (ACTIVE) - Summary

2017-A7267 (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A7267

Share this bill

Sponsored By

KOLB

Archive: Last Bill Status - In Assembly Committee

co-Sponsors

Marc Butler

Philip Palmesano

Michael Montesano

Andrew Raia

multi-Sponsors

Stephen Hawley

2017-A7267 (ACTIVE) - Details

2017-A7267 (ACTIVE) - Summary

2017-A7267 (ACTIVE) - Bill Text download pdf

Comments