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Who cares
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Sponsors
3 Co-sponsors
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the imposition of tax on individuals
Purpose
This bill would reduce income taxes on individuals earning less than $150,000 by approximately 15 per cent.
Summary of specific provisions
Section 1 - amends subsections (a), (b) and (c) of section 601 of the Tax Law to reduce tax rates for income levels under $150,000 beginning in taxable years after 2009. The bill reduces the tax rate by approximately 15%, after rounding, on income levels up to $150,000 for (a) resident married individuals filing joint returns and resident surviving spouses, (b) resident heads of households and (c) resident unmarried individuals, resident married individuals filing separate returns and resident estates and trusts Section 2 - Effective date.
Current law
Tax Law Section 601 sets forth various tax rates for individuals.
Justification
Even though the state faces serious challenges in addressing predicted budget shortfalls, one good way to stimulate our economy, and increase net tax revenues, is to offer a targeted income tax reduction for taxpayers who need every dollar they can save to pay for day-to-day living expenses. Many residents across the state, and particularly in the upstate region, are barely getting by, burdened by stagnant or falling wages, increasing property taxes, and rising costs. This tax cut will not fund purchases of luxuries, but rather help taxpayers survive, while at the same time injecting needed dollars into our state economy that will pay dividends, through the multiplier effect, of greater income and sales taxes from increased economic activity and help save local businesses.
Fiscal implications
To be determined.
Legislative history
New bill.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.