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S3498Senate2011-2012 Session

Extends the expiration of the current personal income tax and tax benefit recapture rates until and including the 2013 tax year

Sponsor José PeraltaSD-13Affects Legal
Status
In Senate Committee
Rules
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Rules

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Sponsors

Primary sponsor
José Peralta

Senator · Senate District 13

No co-sponsors yet.

History

  1. Committee discharged and committed to rules
  2. Notice of committee consideration - requested
  3. Referred to investigations and government operations
  4. Referred to investigations and government operations

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S3498

Title of bill

An act to amend the tax law, in relation to extending the expiration of certain personal income tax rates and tax benefit recapture rates

Purpose

To extend the expiration of the current personal income tax and tax benefit recapture rates until and including the 2013 tax year.

Summary of provisions

Section 1: The sunset provisions contained in paragraphs 1 and 2 subsection (a) of section 601 of the tax law (as added and amended respectively by part z-1 of chapter 57 of the laws of 2009) are extended two (2) years.

Section 2: The sunset provisions contained in paragraphs 1 and 2 subsection (b) of section 601 of the tax law (as added and amended respectively by part z-1 of chapter 57 of the laws of 2009) are extended two (2) years.

Section .3: The sunset provisions contained in paragraphs 1 and 2 subsection (c) of section 601 of the tax law (as added and amended respectively by part z-1 of chapter 57 of the laws of 2009) are extended two (2) years.

Section 4: Subparagraphs (B) and (C) of paragraph 2 of subsection (d) of section 601 of the tax law, as amended by section 2 of part z-1 of chapter 57 of the laws of 2009 are extended for two (2) years.

Justification

There is a need to extend the temporary surcharges enacted in 2009 on single individuals with taxable incomes over $200,000 and married couples with taxable incomes over $300,000.

New York state is facing an approximate $10 billion deficit with a projected four-year deficit of approximately $64.6 billion (from February 1, 2011 Governor Cuomo Executive Budget press release).

Extending the personal income tax (PIT) surcharge would add only $1 billion in revenues for the coming state fiscal year, 2011-2012, that begins on April 1, 2011. The surcharge already runs through December 31, 2011. But extending the surcharge for 2012 and 2013 would add at least $5 billion in the state's fiscal year 2012-2013, and would be an important counterweight to the additional cuts in essential services that would be necessary that year if the economic recovery does not

accelerate and the states' revenue systems do not rebound (from the Fiscal Policy Institute, "FPI responds to the Partnership for New York City: Can New York Depend on a "Millionaire's Tax" to Solve the Budget Crisis?)

Legislative history

New bill.

Fiscal implications

To be determined.

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.