New York A 2104: Relates to the personal income tax levy by New York state

Bill Text

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A02104 Summary:

BILL NOA02104 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORDiPietro

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Add §608, Tax L

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Places a limit on the personal income tax levy by New York state.

Go to top A02104 Actions:

BILL NOA02104 

&nbsp

01/15/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02104 Committee&nbspVotes:

Go to topA02104 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA02104 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2104

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 15, 2025
 ___________

 Introduced by M. of A. DiPIETRO -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the tax law, in relation to placing a limit upon the
 personal income tax by the state of New York

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 608 to read
 2 as follows:
 3 § 608. Limit upon the personal income tax levy by the state of New
 4 York.
 5 1. Unless otherwise provided by law, the amount of personal income
 6 taxes that may be levied by or on behalf of the state of New York shall
 7 not exceed the tax levy limit established pursuant to this section.
 8 2. When used in this section:
 9 (a) "Allowable levy growth factor" for all fiscal years that begin
 10 after two thousand twenty-five shall be the higher of: (i) one and two
 11 one-hundredths; or (ii) the sum of ninety-nine one-hundredths plus the
 12 inflation factor.
 13 (b) "Available carryover" means the amount by which the tax levy for
 14 the prior fiscal year was below the tax levy limit for such fiscal year,
 15 if any, but no more than an amount that equals one and one-half percent
 16 of the tax levy limit for such fiscal year.
 17 (c) "Coming fiscal year" means the fiscal year of the state government
 18 for which a tax levy limit shall be determined pursuant to this section.
 19 (d) "Inflation factor" means the quotient of: (i) the average of the
 20 national consumer price indexes determined by the United States depart-
 21 ment of labor for the twelve-month period ending six months prior to the
 22 start of the coming fiscal year minus the average of the national
 23 consumer price indexes determined by the United States department of
 24 labor for the twelve-month period ending six months prior to the start
 25 of the prior fiscal year, divided by: (ii) the average of the national

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05694-01-5

 A. 2104 2

 1 consumer price indexes determined by the United States department of
 2 labor for the twelve-month period ending six months prior to the start
 3 of the prior fiscal year, with the result expressed as a decimal to four
 4 places.
 5 (e) "Prior fiscal year" means the fiscal year of the state immediately
 6 preceding the coming fiscal year.
 7 (f) "Tax levy limit" means the amount of taxes authorized to be levied
 8 by or on behalf of the state pursuant to this section for fiscal years
 9 beginning after two thousand twenty-five.
 10 (g) "Tax" or "taxes" means personal income taxes levied by or on
 11 behalf of the state.
 12 3. (a) Subject to the provisions of subdivision five of this section,
 13 beginning with the fiscal year that begins after two thousand twenty-
 14 five, the state shall not adopt a budget that requires a tax levy that
 15 is greater than the tax levy limit for the coming fiscal year.
 16 (b) The state shall calculate the tax levy limit applicable to the
 17 coming fiscal year which shall be determined as follows:
 18 (i) Ascertain the total amount of taxes levied for the prior fiscal
 19 year.
 20 (ii) Multiply the result by the allowable levy growth factor.
 21 (iii) Add the available carryover, if any.
 22 4. In the event the state's actual tax levy for a given fiscal year
 23 exceeds the tax levy limit by more than one percent of the tax levy
 24 limit, the state shall rebate the total amount that the actual tax levy
 25 exceeds the tax levy limit so that each individual filer receives a
 26 rebate of equal amount rounded down to the nearest cent, provided th