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NY S07845

Bill

Official Source

Status

Introduced

8/27/2012

Primary Sponsor

Patrick Gallivan

Click for details

Origin

Senate

2011-2012 General Assembly

AI Summary

  • Reduces the top tax rate bracket for high earners from 6.85% to 6.45% on income over $40,000 for single filers, $30,000 for married filing jointly, and $20,000 for heads of household, effective for tax years beginning after 2014
  • Creates two new higher tax brackets at 6.65% and 6.85% for incomes over $150,000 (single), $100,000 (married filing jointly), and $75,000 (heads of household)
  • Adjusts all income bracket thresholds and base tax amounts for single filers, married couples filing jointly, and heads of household filing status
  • Applies cost of living adjustments to the new brackets for tax years 2013 and 2014
  • Takes effect immediately upon enactment

Legislative Description

Reduces personal income tax rates for the middle class.

Last Action

REFERRED TO RULES

8/27/2012

Committee Referrals

Rules8/27/2012

Full Bill Text

No bill text available