Bill Text: NY S05016 | 2011-2012 | General Assembly | Amended

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Bill Title: Includes New York exemptions of a resident individual within the cost of living adjustment; makes such adjustment applicable to tax years beginning on or after January 1, 2013.

Spectrum: Partisan Bill (Republican 7-0)

Status: (Introduced - Dead) 2012-05-31 - REPORTED AND COMMITTED TO FINANCE [S05016 Detail]

Download: New_York-2011-S05016-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5016--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      May 2, 2011
                                      ___________
       Introduced  by  Sens. DeFRANCISCO, SKELOS, LARKIN, MAZIARZ, RANZENHOFER,
         SEWARD, ZELDIN -- read twice and ordered printed, and when printed  to
         be  committed  to the Committee on Investigations and Government Oper-
         ations -- committee discharged, bill  amended,  ordered  reprinted  as
         amended and recommitted to said committee
       AN  ACT  to amend the tax law, in relation to the imposition of personal
         income tax
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  601  of  the  tax law is amended by adding a new
    2  subsection (c-1) to read as follows:
    3    (C-1) COST OF LIVING ADJUSTMENT.  FOR TAXABLE YEARS BEGINNING  ON  AND
    4  AFTER JANUARY FIRST, TWO THOUSAND ELEVEN, THE MINIMUM AND MAXIMUM DOLLAR
    5  AMOUNT  FOR  EACH  RATE  BRACKET  FOR  WHICH  A  TAX  IS  IMPOSED  UNDER
    6  SUBSECTIONS (A), (B) AND (C) OF THIS SECTION SHALL BE INCREASED FOR  THE
    7  COST  OF  LIVING  ADJUSTMENT. FOR THE PURPOSES OF THIS SUBPARAGRAPH, THE
    8  COST OF LIVING ADJUSTMENT FOR ANY TAXABLE YEAR SHALL BE  THE  PERCENTAGE
    9  (IF  ANY)  BY  WHICH THE CPI FOR THE PRECEDING CALENDAR YEAR EXCEEDS THE
   10  CPI FOR CALENDAR YEAR TWO THOUSAND NINE.   THE CPI  IS  DEFINED  AS  THE
   11  AVERAGE OF THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS PUBLISHED BY
   12  THE  UNITED  STATES  DEPARTMENT  OF  LABOR AS OF THE CLOSE OF THE TWELVE
   13  MONTH PERIOD ENDING AUGUST THIRTY-FIRST OF SUCH CALENDAR  YEAR.  IF  ANY
   14  INCREASE  DETERMINED  UNDER  THIS  SUBPARAGRAPH IS NOT A MULTIPLE OF ONE
   15  HUNDRED DOLLARS, SUCH INCREASE SHALL BE  ROUNDED  TO  THE  NEXT  HIGHEST
   16  MULTIPLE OF ONE HUNDRED DOLLARS.
   17    S  2. Subparagraph (B) of paragraph 1 of subsection (d) of section 601
   18  of the tax law, as amended by section 1 of part R of chapter 63  of  the
   19  laws of 2003, is amended to read as follows:
   20    (B)  The fraction is computed as follows: (I) FOR TAXABLE YEARS BEGIN-
   21  NING ON OR BEFORE JANUARY FIRST, TWO THOUSAND TEN, the numerator is  the
   22  lesser  of  fifty  thousand  dollars  or the excess of New York adjusted
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10973-03-1
       S. 5016--A                          2
    1  gross income for the taxable year over one hundred thousand dollars  and
    2  the denominator is fifty thousand dollars.
    3    (II) IN THE CASE OF ANY TAXABLE YEAR BEGINNING AFTER TWO THOUSAND TEN,
    4  THE  NUMERATOR  IS THE LESSER OF THE DIFFERENCE BETWEEN THE UPPER INCOME
    5  THRESHOLD AND THE LOWER INCOME THRESHOLD  OR  THE  EXCESS  OF  NEW  YORK
    6  ADJUSTED GROSS INCOME FOR THE TAXABLE YEAR OVER THE LOWER INCOME THRESH-
    7  OLD.  THE  DENOMINATOR  SHALL BE THE DIFFERENCE BETWEEN THE UPPER INCOME
    8  THRESHOLD AND THE LOWER INCOME THRESHOLD.
    9    (III) FOR THE PURPOSES OF THIS SUBPARAGRAPH, THE LOWER INCOME  THRESH-
   10  OLD SHALL BE THE PRODUCT OF ONE HUNDRED THOUSAND DOLLARS AND THE COST OF
   11  LIVING ADJUSTMENT AND THE UPPER INCOME THRESHOLD SHALL BE THE PRODUCT OF
   12  ONE HUNDRED FIFTY THOUSAND DOLLARS AND THE COST OF LIVING ADJUSTMENT.
   13    (IV) FOR THE PURPOSES OF THIS SUBPARAGRAPH, THE COST OF LIVING ADJUST-
   14  MENT  FOR ANY TAXABLE YEAR SHALL BE THE PERCENTAGE (IF ANY) BY WHICH THE
   15  CPI FOR THE PRECEDING CALENDAR YEAR EXCEEDS THE CPI  FOR  CALENDAR  YEAR
   16  TWO  THOUSAND  NINE.  THE  CPI IS DEFINED AS THE AVERAGE OF THE CONSUMER
   17  PRICE INDEX FOR ALL URBAN  CONSUMERS  PUBLISHED  BY  THE  UNITED  STATES
   18  DEPARTMENT  OF  LABOR  AS OF THE CLOSE OF THE TWELVE MONTH PERIOD ENDING
   19  AUGUST THIRTY-FIRST OF SUCH CALENDAR YEAR.
   20    (V) IF ANY INCREASE DETERMINED UNDER THIS SUBPARAGRAPH IS NOT A MULTI-
   21  PLE OF ONE HUNDRED DOLLARS, SUCH INCREASE SHALL BE ROUNDED TO  THE  NEXT
   22  HIGHEST MULTIPLE OF ONE HUNDRED DOLLARS.
   23    S  3. Section 614 of the tax law is amended by adding a new subsection
   24  (f) to read as follows:
   25    (F) COST OF LIVING ADJUSTMENT.   FOR TAXABLE YEARS  BEGINNING  ON  AND
   26  AFTER  JANUARY  FIRST, TWO THOUSAND ELEVEN, EACH DOLLAR AMOUNT CONTAINED
   27  IN SUBSECTIONS (A), (B), (C), (D) AND  (E)  OF  THIS  SECTION  SHALL  BE
   28  INCREASED  FOR  THE COST OF LIVING ADJUSTMENT.  FOR THE PURPOSES OF THIS
   29  SUBSECTION, THE COST OF LIVING ADJUSTMENT FOR ANY TAXABLE YEAR SHALL  BE
   30  THE PERCENTAGE (IF ANY) BY WHICH THE CPI FOR THE PRECEDING CALENDAR YEAR
   31  EXCEEDS  THE CPI FOR CALENDAR YEAR TWO THOUSAND NINE. THE CPI IS DEFINED
   32  AS THE AVERAGE OF THE CONSUMER  PRICE  INDEX  FOR  ALL  URBAN  CONSUMERS
   33  PUBLISHED  BY  THE  UNITED STATES DEPARTMENT OF LABOR AS OF THE CLOSE OF
   34  THE TWELVE MONTH PERIOD ENDING  AUGUST  THIRTY-FIRST  OF  SUCH  CALENDAR
   35  YEAR. IF ANY INCREASE DETERMINED UNDER THIS SUBPARAGRAPH IS NOT A MULTI-
   36  PLE  OF  ONE HUNDRED DOLLARS, SUCH INCREASE SHALL BE ROUNDED TO THE NEXT
   37  HIGHEST MULTIPLE OF ONE HUNDRED DOLLARS.
   38    S 4. Section 616 of the tax law is amended by adding a new  subsection
   39  (c) to read as follows:
   40    (C)  COST  OF  LIVING ADJUSTMENT.   FOR TAXABLE YEARS BEGINNING ON AND
   41  AFTER JANUARY FIRST, TWO THOUSAND ELEVEN, EACH DOLLAR  AMOUNT  CONTAINED
   42  IN  SUBSECTION  (A)  OF  THIS SECTION SHALL BE INCREASED FOR THE COST OF
   43  LIVING ADJUSTMENT. FOR THE PURPOSES OF  THIS  SUBSECTION,  THE  COST  OF
   44  LIVING  ADJUSTMENT FOR ANY TAXABLE YEAR SHALL BE THE PERCENTAGE (IF ANY)
   45  BY WHICH THE CPI FOR THE PRECEDING CALENDAR YEAR  EXCEEDS  THE  CPI  FOR
   46  CALENDAR  YEAR  TWO  THOUSAND NINE. THE CPI IS DEFINED AS THE AVERAGE OF
   47  THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS PUBLISHED BY THE UNITED
   48  STATES DEPARTMENT OF LABOR AS OF THE CLOSE OF THE  TWELVE  MONTH  PERIOD
   49  ENDING AUGUST THIRTY-FIRST OF SUCH CALENDAR YEAR. IF ANY INCREASE DETER-
   50  MINED  UNDER THIS SUBPARAGRAPH IS NOT A MULTIPLE OF ONE HUNDRED DOLLARS,
   51  SUCH INCREASE SHALL BE ROUNDED TO  THE  NEXT  HIGHEST  MULTIPLE  OF  ONE
   52  HUNDRED DOLLARS.
   53    S 5. This act shall take effect immediately and shall apply to taxable
   54  years starting on or after January 1, 2011.