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NY S01799
Bill
Status
1/9/2013
Primary Sponsor
Adriano Espaillat
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AI Summary
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Establishes a supplemental tax called "tax table benefit recapture" for taxable years beginning in 2014 to recapture benefits from existing tax tables for higher-income filers in New York City
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Applies to resident married individuals filing jointly and surviving spouses with taxable income over $250,000 (recapture amount of $333 multiplied by applicable fraction), unmarried individuals and separate filers with income over $150,000 (recapture of $185), and head of household filers with income over $180,000 (recapture of $222)
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Modifies New York City personal income tax rate schedules for taxable years beginning in 2014 with graduated rates ranging from 2.168% to 3.8%, with different brackets for married filing jointly, unmarried/married filing separately, and head of household filers
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Requires the commissioner of taxation and finance to publicize necessary adjustments to estimated tax and inform taxpayers of changes
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Takes effect immediately upon enactment
Legislative Description
Establishes a tax table benefit recapture for joint returns over $250,000, individual returns over $150,000 and head of household returns over $180,000; makes changes to the New York city personal income tax rates.
Last Action
REFERRED TO CITIES
1/8/2014