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- Referred to investigations and government operations
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Title of bill
An act to amend the tax law, in relation to increases in income tax rates on incomes over one million dollars and incomes over five million dollars
Purpose or general idea of bill
To provide for a temporary increase of personal income taxes upon New Yorkers earning more than one million dollars annually, and five million dollars annually. Such increase will be a temporary 9.97% bracket for annual incomes over $1,000,000 and a 10.97% bracket for annual incomes over $5,000,000.
Summary of specific provisions
Section 2 of the bill amends paragraph 1 of subsection (a) of section 601 of the tax law, as added by chapter 57 of the laws of 2009, to provide for two new tax brackets, a bracket for New York taxable incomes over $1,000,000 but less than $5,000,000, and a bracket for incomes over $5,000,000.
Section 3 of the bill renumbers paragraphs 2,3,4,5,6,7,8 and 9 of subsection (b) of section of the tax law.
Section 4 of the bill amends paragraph 1 of subsection (b) of section 601 of the tax law, as added by chapter 57 of the laws of 2009, to provide for two new tax brackets, a bracket for New York taxable incomes over $1,000,000 but less than $5,000,000, and a bracket for incomes over $5,000,000.
Section 5 of the bill renumbers paragraphs 2,3,4,5,6,7,8 and 9 of subsection (c) of section of the tax law.
Section 6 of the bill amends paragraph 1 of subsection (c) of section 601 of the tax law, as added by chapter 57 of the laws of 2009, to provide for two new tax brackets, a bracket for New York taxable incomes over $1,000,000 but less than $5,000,000, and a bracket for incomes over $5,000,000.
Section 7 of the bill sets forth the effective date.
Justification
In 2007, the world economy collapsed, due in part to a collapse of the sub-prime mortgage market.
Since then, New York State has had to close record budget deficits in every Executive Budget. Despite significant attempts over the past three years to shrink government, and the extraction of hundreds of millions of dollars in savings from the state agencies, the state university system and community colleges however, New York is still facing a significant budget hole in the 2010-2011 Executive Budget.
A new, temporary tax bracket for New York taxable incomes over $1,000,000, and over $5,000,000, will garner up to $1 billion in new revenue annually, absent which, New York have to make further cuts to health care, education, and human services. There are more than 850,000 New Yorkers out of work, and more than 100,000 have lost their homes. Adding significant cuts to health care and education on top of the more than $1 billion already cut out of the budgets of the state agencies - and particularly the human services agencies - would have the practical effect of balancing the budget upon the backs of New York's most vulnerable populations.
Prior legislative history
None. FISCAL IMPLICATIONS : No cost to the State.
Effective date
This act will take effect immediately and shall apply to taxable years beginning on or after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.