Bill Text: NY S03246 | 2019-2020 | General Assembly | Introduced


Bill Title: Authorizes the city of New York to impose a personal income surcharge on high income residents to fund transit improvements and reduced fares for low income residents.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-02-05 - REFERRED TO TRANSPORTATION [S03246 Detail]

Download: New_York-2019-S03246-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          3246
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 5, 2019
                                       ___________
        Introduced  by Sen. GIANARIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Transportation
        AN ACT to amend the public authorities law, the tax law and the adminis-
          trative code of the city of New York, in relation to  authorizing  and
          imposing a tax surcharge on the personal income of certain high-income
          residents  of  such  city  in  order  to  fund  transit infrastructure
          improvements and reduced fares for low-income residents of such city
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  1205 of the public authorities law is amended by
     2  adding a new subdivision 9 to read as follows:
     3    9. Notwithstanding any other provision of law, the authority  and  any
     4  of its subsidiary corporations shall establish and implement a half-fare
     5  rate program for low-income residents of the city who are eighteen years
     6  of  age  or older and younger than sixty-five years of age. For purposes
     7  of this subdivision, the term "low-income" shall mean an  annual  income
     8  that  is  below  the  federal  poverty  line as determined by the United
     9  States department of health and human services pursuant to subdivision 2
    10  of section 9902 of title 42 of the United States code.    The  half-fare
    11  rate  program  established  and implemented pursuant to this subdivision
    12  shall include subway and bus service, exclusive of express  bus  service
    13  during peak hours. Such half-rate program shall not be made available to
    14  such low-income residents of the city eighteen years of age or older and
    15  younger  than sixty-five years of age who are eligible for the half-fare
    16  rate programs available to seniors and people with disabilities pursuant
    17  to subdivision two or eight of this section. Upon the written request of
    18  the mayor and in accordance with such  request,  the  authority  or  its
    19  subsidiary  corporations  shall delegate authority to the city to assist
    20  with the administration of such half-fare rate  program,  including  the
    21  eligibility of applicants.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02941-01-9

        S. 3246                             2
     1    §  2.  The  public  authorities law is amended by adding a new section
     2  1270-j to read as follows:
     3    §  1270-j. New York city dedicated personal income tax surcharge fund.
     4  1. The authority shall establish a fund to be known  as  the  "New  York
     5  city  dedicated  personal income tax surcharge fund" which shall be kept
     6  separate from and shall not be commingled with any other moneys  of  the
     7  authority.  The fund shall consist of a "transit infrastructure improve-
     8  ment account" and a "low-income resident reduced fare account."
     9    2. There shall be deposited into the New York city dedicated  personal
    10  income  tax  surcharge  fund  the moneys transferred to the metropolitan
    11  transportation authority from the New  York  city  transitional  finance
    12  authority  pursuant to subsection (e) of section thirteen hundred four-E
    13  of the tax law, and any other provision of law directing  or  permitting
    14  the  deposit  of  moneys  in  such  fund, to be used exclusively for the
    15  financing of transit infrastructure improvements and reduced  fares  for
    16  low-income residents of the city of New York.
    17    3.  Moneys in the transit infrastructure improvement account (a) shall
    18  be used to fund capital projects that satisfy  the  following  criteria:
    19  (i) defined as state of good repair, normal replacement, or an Americans
    20  with  Disabilities  Act  related  system  improvement within the capital
    21  program of the authority; and (ii) included  in  any  of  the  following
    22  categories  within  the  capital program of the authority: New York city
    23  transit authority buses, subway cars, track, line equipment, line struc-
    24  tures, signals and communications,  traction  power,  shops  and  yards,
    25  depots,  service  vehicles,  passenger  station  projects,  as needed to
    26  comply with the Americans with Disabilities Act, Staten  Island  railway
    27  and  authority  bus  company projects; and (b) may be (i) pledged by the
    28  authority as security for the payment of principal and interest on bonds
    29  issued after July  first,  two  thousand  nineteen  to  finance  capital
    30  projects  that  meet  the  criteria  identified in paragraph (a) of this
    31  subdivision, including bonds issued to refund such bonds and  (ii)  used
    32  for payment of principal and interest on such bonds, funding of reserves
    33  required  in  connection  with  such  bonds, and the payment of costs of
    34  issuance related to such bonds. To the  extent  moneys  in  the  transit
    35  infrastructure improvement account have been pledged by the authority to
    36  secure  the  payment  of  principal  and  interest  on  bonds  as herein
    37  provided, moneys deposited into the New  York  city  dedicated  personal
    38  income  tax  surcharge  fund  shall  first be deposited into the transit
    39  infrastructure account to the extent necessary to make payments pursuant
    40  to paragraph (b) of this subdivision. After making such payments, moneys
    41  deposited in the transit infrastructure  improvement  account  shall  be
    42  used to fund projects that meet the criteria identified in paragraph (a)
    43  of this subdivision.
    44    4.  The  state  does  hereby  pledge and agree with the holders of any
    45  issue of bonds secured by pledge described in paragraph (b) of  subdivi-
    46  sion  three  of  this section that the state will not limit or alter the
    47  rights hereby vested in the  metropolitan  transportation  authority  to
    48  fulfill  the  terms  of any agreements made with bondholders pursuant to
    49  this title, or in any way impair the rights and remedies of such holders
    50  or the security for such bonds until  such  bonds  are  fully  paid  and
    51  discharged.  Nothing  contained  in  this  section  shall  be  deemed to
    52  restrict the right of the state to amend, modify,  repeal  or  otherwise
    53  alter statutes imposing or relating to the taxes payable to the New York
    54  city transitional finance authority pursuant to section thirteen hundred
    55  thirteen  of the tax law, but such taxes shall in all events continue to
    56  be so payable so long as any such taxes are  imposed.  Nothing  in  this

        S. 3246                             3
     1  section  shall  be  deemed  to obligate the state to make any additional
     2  payments or impose any taxes to satisfy the debt service obligations  of
     3  the metropolitan transportation authority.
     4    5.  Moneys  in  the  low-income resident reduced fare account shall be
     5  used to fund the half-fare rate program for low-income residents of  the
     6  city  of New York pursuant to subdivision nine of section twelve hundred
     7  five of this article and may be used for payment of the reasonable oper-
     8  ating costs incurred by the New York  city  transit  authority  for  the
     9  administration of the half-fare rate program, provided that no more than
    10  one percent of the moneys deposited into the low-income resident reduced
    11  fare  account  pursuant to subdivision six of this section shall be used
    12  for such costs.
    13    6. The moneys deposited into the fund from the New York  city  transi-
    14  tional  finance  authority  shall be equally divided between the transit
    15  infrastructure improvement account and the low-income  resident  reduced
    16  fare account.
    17    7.  Twice  each calendar year, the mayor of the city of New York shall
    18  conduct a review of the amount of moneys deposited in each  of  the  two
    19  accounts. To the extent such review indicates that:
    20    a.  the  moneys  in the transit infrastructure improvement account are
    21  sufficient to satisfy the requirements of any debt service  incurred  in
    22  such  calendar year as a result of obligations issued and secured pursu-
    23  ant to paragraph b of subdivision three of this section, and the  moneys
    24  in  the  low-income  resident  reduced  fare account are insufficient to
    25  satisfy the total needs of the low-income resident reduced fare  program
    26  established  pursuant to subdivision nine of section twelve hundred five
    27  of this article, the mayor of the city of  New  York,  or  such  mayor's
    28  designee, may direct the metropolitan transportation authority to trans-
    29  fer  a  specified  amount  of  moneys  from  the  transit infrastructure
    30  improvement account to the low-income resident reduced fare account; and
    31    b. the moneys in the low-income  resident  reduced  fare  account  are
    32  sufficient  to  satisfy the needs of the half-fare rate program for low-
    33  income residents of the city of New York established pursuant to  subdi-
    34  vision  nine  of  section  twelve  hundred five of this article, in such
    35  calendar year, the mayor of the city of New York, or such mayor's desig-
    36  nee, may direct the metropolitan transportation authority to transfer  a
    37  specified  amount  of  moneys  from the low-income resident reduced fare
    38  account to the transit infrastructure improvement account.
    39    § 3. Subdivision 5 of section 2799-hh of the public  authorities  law,
    40  as  added  by  chapter  16  of  the  laws of 1997, is amended to read as
    41  follows:
    42    5. Tax revenues received by the authority pursuant to section thirteen
    43  hundred thirteen of the tax law, together with any alternative  revenues
    44  received  by  the  authority, shall be applied in the following order of
    45  priority: first pursuant to the authority's contracts with  bondholders,
    46  then  to  pay  the authority's operating expenses not otherwise provided
    47  for, then to a dedicated personal income tax surcharge fund pursuant  to
    48  subsection  (d) of section thirteen hundred four-E of the tax law in the
    49  amount provided for in such section, and then pursuant to  the  authori-
    50  ty's  agreements  with  the  city,  which  agreements  shall require the
    51  authority to transfer the balance of such taxes  not  required  to  meet
    52  contractual  or  other  obligations  of  the  authority  to  the city as
    53  frequently as practicable.
    54    § 4. The tax law is amended by adding a new section 1304-E to read  as
    55  follows:

        S. 3246                             4
     1    §  1304-E.  Tax  surcharge for transit infrastructure improvements and
     2  reduced fares for low-income residents of the city of New York.  (a)  In
     3  addition  to  the taxes authorized by subsection (a) of section thirteen
     4  hundred one of this article, any city  imposing  such  taxes  is  hereby
     5  authorized  and  empowered to adopt and amend local laws imposing in any
     6  such city for each taxable year beginning after two thousand eighteen, a
     7  tax surcharge on the city taxable income of certain city resident  indi-
     8  viduals, estates and trusts.
     9    (b)  A tax surcharge imposed pursuant to the authority of this section
    10  shall be determined as follows:
    11    (1) Resident married individuals filing  joint  returns  and  resident
    12  surviving  spouses.  The  tax  surcharge  under this section on the city
    13  taxable income of certain city resident married individuals who  make  a
    14  single  return  jointly  with  his or her spouse under subsection (b) of
    15  section thirteen hundred six of this article and  on  the  city  taxable
    16  income of certain city resident surviving spouses shall be determined in
    17  accordance with the following table:
    18    For taxable years beginning after two thousand eighteen:
    19    If the city taxable income is:        The tax surcharge is:
    20    Over $1,000,000                       .534% of excess over $1,000,000
    21    (2) Resident heads of households. The tax surcharge under this section
    22  on  the city taxable income of certain city resident heads of households
    23  shall be determined in accordance with the following table:
    24    For taxable years beginning after two thousand eighteen:
    25    If the city taxable income is:           The tax surcharge is:
    26    Over $750,000                            .534% of excess over $750,000
    27    (3)  Resident  unmarried  individuals,  resident  married  individuals
    28  filing  separate  returns  and  resident  estates  and  trusts.  The tax
    29  surcharge under this section on the city taxable income of certain  city
    30  resident  individuals  who are not city resident married individuals who
    31  make a single return jointly with his or her spouse under subsection (b)
    32  of section thirteen hundred six of this article or city  resident  heads
    33  of  households or city resident surviving spouses, and on the city taxa-
    34  ble income of certain city resident estates and trusts shall  be  deter-
    35  mined in accordance with the following table:
    36    For taxable years beginning after two thousand eighteen:
    37    If the city taxable income is:           The tax surcharge is:
    38    Over $500,000                            .534% of excess over $500,000
    39    (c)  A tax surcharge imposed pursuant to the authority of this section
    40  shall be administered and collected in the  same  manner  as  the  taxes
    41  imposed  pursuant  to  the  authority  of  this  article, and all of the
    42  provisions of this article,  including  section  thirteen  hundred  ten,
    43  shall  apply  to  the tax surcharge imposed pursuant to the authority of
    44  this section.
    45    (d) Subject to the priority of payments identified in section  twenty-
    46  seven hundred ninety-nine-hh of the public authorities law, the New York
    47  city  transitional  finance authority shall transfer to the metropolitan
    48  transportation authority the amount estimated by the mayor of  the  city
    49  of  New York to be the amount received by the New York city transitional
    50  finance authority from the tax surcharge imposed pursuant to the author-
    51  ity of this section, up to the total amount  available  after  deducting
    52  from revenues received by the New York city transitional finance author-
    53  ity  pursuant  to  this  section  and subsection (c) of section thirteen
    54  hundred thirteen of this article amounts to be paid pursuant to the  New
    55  York  city  transitional  finance authority's contracts with bondholders
    56  and  the  New  York  city  transitional  finance  authority's  operating

        S. 3246                             5
     1  expenses  not otherwise provided for. After the mayor of the city of New
     2  York has received data from the department allowing such mayor to deter-
     3  mine the actual amount of revenues received by the New York city transi-
     4  tional  finance  authority  that  are  attributable to the tax surcharge
     5  imposed pursuant to the authority of  this  section,  such  mayor  shall
     6  inform  the  New York city transitional finance authority of such actual
     7  amount, minus any actual operating costs assumed by the city of New York
     8  attributable to the half-fare rate program pursuant to subdivision  nine
     9  of  section  twelve  hundred five of the public authorities law, and the
    10  New York city transitional  finance  authority  shall  adjust  the  next
    11  payment to be made to the metropolitan transportation authority pursuant
    12  to  this  section  to  reflect any difference between such actual amount
    13  minus such operating costs and the estimate previously provided by  such
    14  mayor.
    15    (e)  Any  revenues  transferred  to  the  metropolitan  transportation
    16  authority pursuant to subsection (d) of this section shall be paid  into
    17  a  dedicated  personal  income tax surcharge fund to be used exclusively
    18  for the financing of transit  infrastructure  improvements  and  reduced
    19  fares  for  low-income  residents  of the city of New York in accordance
    20  with the provisions of section twelve hundred seventy-j  of  the  public
    21  authorities  law.  Such  revenues  shall  only  supplement and shall not
    22  supplant any federal, state, or local funds expended by the metropolitan
    23  transportation authority for New York city transit authority, the metro-
    24  politan transportation authority bus  company  or  Staten  Island  rapid
    25  transit  operating  authority projects, and shall not affect any payment
    26  by the city of New York pursuant to agreements relating to the metropol-
    27  itan transportation authority bus company and Staten Island rapid trans-
    28  it operating authority.
    29    § 5. Paragraphs 1 and 2 of subsection (e) of section 1310 of  the  tax
    30  law, as added by chapter 481 of the laws of 1997, are amended to read as
    31  follows:
    32    (1)  Notwithstanding  any  other provision of law to the contrary, any
    33  city imposing  a  tax  under  this  article  is  hereby  authorized  and
    34  empowered  to  adopt and amend local laws for any taxable year beginning
    35  after nineteen hundred ninety-seven, as specified in  such  local  laws,
    36  providing  for  a credit as provided in paragraph two of this subsection
    37  against the taxes imposed pursuant to the authority granted  by  section
    38  thirteen  hundred  one of this article on the city taxable income deter-
    39  mined pursuant to  sections  thirteen  hundred  four,  thirteen  hundred
    40  four-A  [and],  thirteen  hundred  four-B and thirteen hundred four-E of
    41  this article and on the ordinary income portion of a lump  sum  distrib-
    42  ution  determined  pursuant  to  section  thirteen hundred one-B of this
    43  article, to any city resident individual, estate  or  trust  whose  city
    44  adjusted gross income includes income, gain, loss or deductions from one
    45  or  more unincorporated businesses conducted by such city resident indi-
    46  vidual, estate or trust on which a tax is imposed  by  chapter  five  of
    47  title  eleven  of  the administrative code of the city of New York, or a
    48  distributive share of income, gain, loss and deductions of,  or  guaran-
    49  teed  payments  from, one or more partnerships on which a tax is imposed
    50  by such chapter. Any such local laws may contain  provisions  to  ensure
    51  that  such credit shall not reduce the tax paid by a city resident below
    52  that which would be paid by such city resident  if  such  city  resident
    53  were a city nonresident.
    54    (2)  (A)  Subject  to  the limitation set forth in subparagraph (B) of
    55  this paragraph, the credit allowed to a  taxpayer  for  a  taxable  year
    56  shall be equal to all or a portion of the amount determined in paragraph

        S. 3246                             6
     1  three  of  this subsection, provided, however, such portion shall not be
     2  less than:
     3    (i)  If the city taxable income is forty-two thousand dollars or less,
     4  sixty-five percent of the amount determined in paragraph three  of  this
     5  subsection.
     6    (ii)  If  the  city  taxable income is greater than forty-two thousand
     7  dollars but not greater than one hundred forty-two thousand  dollars,  a
     8  percentage   of  the  amount  determined  in  paragraph  three  of  this
     9  subsection to be determined by subtracting from sixty-five percent,  one
    10  tenth  of  a  percentage point (.001) for every increment of two hundred
    11  dollars, or fractional part thereof, of city taxable income in excess of
    12  forty-two thousand dollars.
    13    (iii) If the city taxable income is greater than one hundred forty-two
    14  thousand dollars, fifteen percent of the amount determined in  paragraph
    15  three of this subsection.
    16    (B)  Notwithstanding  anything  to the contrary in subparagraph (A) of
    17  this paragraph, the credit allowed to a  taxpayer  for  a  taxable  year
    18  under  this  subsection shall not exceed the sum of the taxes that would
    19  otherwise be imposed on such taxpayer for such taxable year pursuant  to
    20  the authority granted by section thirteen hundred one of this article on
    21  the city taxable income determined pursuant to sections thirteen hundred
    22  four,  thirteen  hundred four-A [and], thirteen hundred four-B and thir-
    23  teen hundred four-E of this article and on the ordinary  income  portion
    24  of  a  lump  sum  distribution  determined  pursuant to section thirteen
    25  hundred one-B of this article, reduced by the credits  allowed  to  such
    26  taxpayer pursuant to subsections (a), (c) and (d) of this section.
    27    §  6.  The  opening paragraph of subsection (c) of section 1313 of the
    28  tax law, as amended by section 8 of part C of chapter 58 of the laws  of
    29  2005, is amended to read as follows:
    30    Subject to the provisions of subsection (g) of this section, the comp-
    31  troller, after reserving such refund fund and such costs shall, commenc-
    32  ing  on  or  before the fifteenth day of each month, pay to the New York
    33  city transitional finance authority on a  daily  basis  the  balance  of
    34  taxes  imposed pursuant to the authority of this article or former arti-
    35  cle two-E of the general city law to be applied by the authority, in the
    36  following order of priority: first pursuant to the authority's contracts
    37  with bondholders, then to pay the  authority's  operating  expenses  not
    38  otherwise  provided  for,  then  to  a  dedicated  personal  income  tax
    39  surcharge fund pursuant to subsection (d) of  section  thirteen  hundred
    40  four-E  of  this article and then pursuant to the authority's agreements
    41  with the city, which agreements shall require the authority to  transfer
    42  the  balance  of  such  taxes  not required to meet contractual or other
    43  obligations of the authority to the city as frequently  as  practicable;
    44  except that the comptroller shall:
    45    §  7.  The  administrative  code of the city of New York is amended by
    46  adding a new section 11-1704.2 to read as follows:
    47    § 11-1704.2 Tax surcharge for transit infrastructure improvements  and
    48  reduced  fares  for low-income residents of the city. (a) In addition to
    49  the taxes imposed by sections 11-1701, 11-1703, 11-1704 and 11-1704.1 of
    50  this subchapter, there is hereby imposed for each taxable year beginning
    51  after two thousand eighteen, a tax surcharge on the city taxable  income
    52  of certain city resident individuals, estates and trusts.
    53    (b) The tax surcharge imposed pursuant to this section shall be deter-
    54  mined as follows:
    55    (1)  Resident  married  individuals  filing joint returns and resident
    56  surviving spouses. The tax surcharge under  this  section  on  the  city

        S. 3246                             7
     1  taxable  income  of certain city resident married individuals who make a
     2  single return jointly with his or her spouse under  subdivision  (b)  of
     3  section  11-1751  of  this  chapter  and  on  the city taxable income of
     4  certain  city  resident surviving spouses shall be determined in accord-
     5  ance with the following table:
     6    For taxable years beginning after two thousand eighteen:
     7    If the city taxable income is:        The tax surcharge is:
     8    Over $1,000,000                       .534% of excess over $1,000,000
     9    (2) Resident heads of households. The tax surcharge under this section
    10  on the city taxable income of certain city resident heads of  households
    11  shall be determined in accordance with the following table:
    12    For taxable years beginning after two thousand eighteen:
    13    If the city taxable income is:           The tax surcharge is:
    14    Over $750,000                            .534% of excess over $750,000
    15    (3)  Resident  unmarried  individuals,  resident  married  individuals
    16  filing separate  returns  and  resident  estates  and  trusts.  The  tax
    17  surcharge  under this section on the city taxable income of certain city
    18  resident individuals who are not city resident married  individuals  who
    19  make  a  single  return jointly with his or her spouse under subdivision
    20  (b) of section 11-1751 of this chapter or city resident heads of  house-
    21  holds or city resident surviving spouses, and on the city taxable income
    22  of  certain  city  resident  estates  and  trusts shall be determined in
    23  accordance with the following table:
    24    For taxable years beginning after two thousand eighteen:
    25    If the city taxable income is:           The tax surcharge is:
    26    Over $500,000                            .534% of excess over $500,000
    27    (c) The tax surcharge imposed pursuant to this section shall be admin-
    28  istered and collected in the same manner as the taxes  imposed  pursuant
    29  to  sections  11-1701,  11-1703,  11-1704  and  11-1704.1,  and shall be
    30  distributed in accordance with subsection (d) of section 1304-E  of  the
    31  tax  law,  and  all of the provisions of this chapter, including section
    32  11-1706 of this subchapter, and sections 11-1721  and  11-1773  of  this
    33  chapter,  shall  apply  to  the  tax  surcharge imposed pursuant to this
    34  section.
    35    § 8. Paragraphs 1 and 2 of subdivision (c) of section 11-1706  of  the
    36  administrative  code of the city of New York, as added by chapter 481 of
    37  the laws of 1997, subparagraph (A) of paragraph 2 as  amended  by  local
    38  law  number 35 of the city of New York for the year 2007, are amended to
    39  read as follows:
    40    (1) A city resident individual, estate or trust  whose  city  adjusted
    41  gross  income includes income, gain, loss or deductions from one or more
    42  unincorporated businesses conducted by such  city  resident  individual,
    43  estate  or  trust that are subject to the tax imposed by chapter five of
    44  this title, or a distributive share of income, gain, loss and deductions
    45  of, or guaranteed payments from,  one  or  more  partnerships  that  are
    46  subject to the tax imposed by such chapter, shall be allowed a credit as
    47  provided  in paragraph two of this subdivision against the tax otherwise
    48  due under  sections  11-1701,  11-1703,  11-1704  [and],  11-1704.1  and
    49  11-1704.2 of this [chapter] subchapter.
    50    (2)  (A)  Subject  to  the limitation set forth in subparagraph (B) of
    51  this paragraph, the credit allowed to a  taxpayer  for  a  taxable  year
    52  under this subdivision shall be determined as follows:
    53    (i)  For  taxable  years beginning on or after January first, nineteen
    54  hundred ninety-seven and before January first, two thousand seven:

        S. 3246                             8
     1    (I) If the city taxable income is forty-two thousand dollars or  less,
     2  the credit shall be sixty-five percent of the amount determined in para-
     3  graph three of this subdivision.
     4    (II)  If  the  city  taxable income is greater than forty-two thousand
     5  dollars but not greater than one hundred forty-two thousand dollars, the
     6  amount of the credit shall be a percentage of the amount  determined  in
     7  paragraph three of this subdivision, such percentage to be determined by
     8  subtracting  from  sixty-five  percent,  one-tenth of a percentage point
     9  (.001) for every increment of two hundred dollars,  or  fractional  part
    10  thereof, of city taxable income in excess of forty-two thousand dollars.
    11    (III) If the city taxable income is greater than one hundred forty-two
    12  thousand  dollars,  the  credit  shall  be fifteen percent of the amount
    13  determined in paragraph three of this subdivision.
    14    (ii) For taxable years beginning on or after January first, two  thou-
    15  sand seven:
    16    (I)  If the city taxable income is forty-two thousand dollars or less,
    17  the credit shall be one hundred percent  of  the  amount  determined  in
    18  paragraph three of this subdivision.
    19    (II)  If  the  city  taxable income is greater than forty-two thousand
    20  dollars but less than one hundred forty-two thousand dollars, the amount
    21  of the credit shall be a percentage of the amount  determined  in  para-
    22  graph  three  of  this  subdivision, such percentage to be determined by
    23  subtracting  from  one  hundred  percent,  a  percentage  determined  by
    24  subtracting  forty-two thousand dollars from city taxable income, divid-
    25  ing the result by one hundred thousand dollars and multiplying by seven-
    26  ty-seven percent.
    27    (III) If the city taxable income is  one  hundred  forty-two  thousand
    28  dollars  or  greater,  the  credit  shall be twenty-three percent of the
    29  amount determined in paragraph three of this subdivision.
    30    (B) Notwithstanding anything to the contrary in  subparagraph  (A)  of
    31  this  paragraph,  the  credit  allowed  to a taxpayer for a taxable year
    32  under this subdivision shall not exceed the sum of the taxes that  would
    33  otherwise  be  imposed  by  sections  11-1701,  11-1703,  11-1704 [and],
    34  11-1704.1 and 11-1704.2 of this [chapter] subchapter  on  such  taxpayer
    35  for  such  taxable year after the allowance of any other credits allowed
    36  by this section or section 11-1721 of this chapter.
    37    § 9. This act shall take effect immediately and  shall  be  deemed  to
    38  have  been  in  full  force  and  effect  on  and after January 1, 2019;
    39  provided that subdivision 9 of section 1205 of  the  public  authorities
    40  law,  as  added by section one of this act, shall take effect January 1,
    41  2020.
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