Bill Text: NY A05850 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to conducting studies on personal income tax brackets and the corporate franchise tax.

Spectrum: Partisan Bill (Republican 9-0)

Status: (Introduced - Dead) 2020-07-17 - held for consideration in ways and means [A05850 Detail]

Download: New_York-2019-A05850-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5850
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 20, 2019
                                       ___________
        Introduced  by  M.  of  A.  BARCLAY, GIGLIO, TAGUE, BRABENEC, MORINELLO,
          MANKTELOW, HAWLEY, BYRNE -- Multi-Sponsored by -- M. of  A.  SALKA  --
          read once and referred to the Committee on Ways and Means
        AN  ACT  creating a tax simplification and fairness study to look at the
          personal income tax brackets and the corporate franchise tax
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  commissioner of taxation and finance shall conduct a
     2  study to examine  the  corresponding  income  tax  brackets  and  dollar
     3  amounts  that  could  be  enacted  if  a  proportionate reduction in the
     4  personal income tax bracket and dollar amounts as  provided  in  section
     5  601  of  the  tax  law for taxable years beginning after 2011 and before
     6  2022 and for taxable years beginning after 2021, if all of the  personal
     7  income  tax  credits  provided in section 606 of the tax law were elimi-
     8  nated and personal income tax receipts were  forecasted  to  be  revenue
     9  neutral based on current law.
    10    § 2. The commissioner of taxation and finance shall conduct a study to
    11  examine  the  corresponding reduction in the imposition of the corporate
    12  franchise tax that could be enacted if a proportionate reduction in  the
    13  imposition  of  the  corporate franchise tax as provided by sections 209
    14  and 210 of the tax law, if all the credits provided in section 210-B  of
    15  the  tax  law  were  eliminated and the corporate franchise tax receipts
    16  were forecasted to be revenue neutral based on current law.
    17    § 3. The commissioner of taxation and  finance  shall  report  on  the
    18  results of the studies in section one and section two within one hundred
    19  eighty days after this act shall have become a law.
    20    § 4. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09385-01-9