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NY S09518

Bill

Official Source

Status

Introduced

7/29/2022

Primary Sponsor

Anthony Palumbo

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Repeals and replaces Section 601-a of the tax law to establish automatic cost of living adjustments (COLA) for personal income taxes starting in tax year 2023
  • Requires the tax commissioner to adjust specified tax amounts by September 1 preceding each tax year, multiplied by the COLA factor
  • Indexes tax tables in Section 601, certain numerator amounts in Section 601(d), and New York standard deductions in Section 614 to inflation
  • Calculates COLA using the same method as the federal Internal Revenue Code Section 1(f), based on the Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
  • Rounds any non-standard adjustments down to the nearest $50 increment

Legislative Description

Indexes personal income taxes to the cost of living adjustment beginning in 2023.

Last Action

REFERRED TO RULES

7/29/2022

Committee Referrals

Rules7/29/2022

Full Bill Text

No bill text available