Loading chat...
NY A02718
Bill
Status
Introduced
1/20/2015
Primary Sponsor
James Tedisco
Click for details
AI Summary
- Establishes a tax levy limit for New York State personal income taxes beginning with fiscal year 2016, calculated by multiplying the prior year's tax levy by an allowable growth factor and adding any available carryover
- Sets the allowable levy growth factor at 1.0 for fiscal year 2016, then the higher of 1.02 or one plus the inflation factor (based on federal Consumer Price Index) for subsequent years
- Allows carryover of unused tax levy capacity (up to 1.5% of the prior year's limit) to be added to future year limits, but only beginning in fiscal year 2018
- Requires the state to rebate taxpayers if actual personal income tax revenue exceeds the levy limit by more than 1%, with equal rebates distributed to all filers by September 1st
- Directs the state to place any excess tax levy between 0-1% of the limit into reserve to offset the following year's tax levy
Legislative Description
Places limitation upon personal income tax levy by the state of New York.
Last Action
held for consideration in ways and means
6/14/2016
Committee Referrals
Ways and Means1/20/2015
Full Bill Text
No bill text available