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NY A09100
Bill
Status
Introduced
1/26/2016
Primary Sponsor
Brian Kolb
Click for details
AI Summary
- Amends New York tax law Section 601 to change personal income tax brackets for taxable years beginning after 2016
- Eliminates the 4% tax rate on income not exceeding $40,000, replacing it with a 0% rate (tax-free threshold)
- Removes four intermediate tax brackets (4.5%, 5.25%, 5.90%) that previously applied to income between $16,000 and $40,000
- Establishes new tax structure where income over $40,000 is taxed starting at 6.45%, with progressive rates up to 8.82% on income exceeding $2,000,000
- Requires future adjustment of brackets and amounts by cost of living adjustments as prescribed in Section 601-a
Legislative Description
Relates to calculation of the personal income tax.
Last Action
held for consideration in ways and means
6/15/2016
Committee Referrals
Ways and Means1/26/2016
Full Bill Text
No bill text available