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A00230 Summary:

BILL NOA00230
 
SAME ASSAME AS S02169
 
SPONSORMagnarelli
 
COSPNSRPaulin
 
MLTSPNSR
 
Amd §651, Tax L
 
Amends the threshold of resident individuals required to file New York state income tax returns.
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A00230 Actions:

BILL NOA00230
 
01/04/2023referred to ways and means
01/03/2024referred to ways and means
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A00230 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A230
 
SPONSOR: Magnarelli
  TITLE OF BILL: An act to amend the tax law, in relation to filing of income tax returns   PURPOSE: To eliminate a requirement in the Tax Law that requires the filing of a NYS Income Tax return even when that taxpayer is not required to file a federal return.   SUMMARY: Section 1: Amends S651(a)(1) of the Tax Law eliminating the requirement that a taxpayer with income coming only increased by modifications under S651(b)of the Tax Law in excess of $4000 file a State return. Section 2: Establishes the effective, date.   JUSTIFICATION: Current NY law requires a taxpayer that files a federal income tax return to also file a State return. The section of law requiring the State return also requires a NY taxpayer who does not have to file a federal return to file a State return under certain circumstances. They must file if they have taxable income in excess of $4000 or the amount of the NY Standard Deduction, currently $8000 for a single filer or $16,050 for a couple. Due to the increase in the Standard Deduction, the $4000 qualifier is out of date and should be repealed. For example currently, a retired married couple with $2000 in bank interest income, $12,000 in pension income and $36,000 in Social Securi- ty income would not be required to file a federal return. However, because of the $4000 provision in NY they must still file .a State return. Eliminating this provision will save time and money for taxpay- ers who should not be filing State returns and reduce the amount of unnecessary returns NYS Tax and Finance must process.   LEGISLATIVE HISTORY: 2021-2022: A.1311, 2019-2020: A.6794-A   FISCAL IMPACT: None to the State. Those filers impacted should not need to file a NYS Income Tax Return.   EFFECTIVE DATE: This act shall take effect January 1, 2024.
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A00230 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           230
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 4, 2023
                                       ___________
 
        Introduced  by  M. of A. MAGNARELLI, PAULIN -- read once and referred to
          the Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to filing of income tax returns
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Paragraph  1  of subsection (a) of section 651 of the tax
     2  law, as amended by section 6 of part J of chapter  59  of  the  laws  of
     3  2014, is amended to read as follows:
     4    (1)  every  resident  individual (A) required to file a federal income
     5  tax return for the taxable year, or (B) having  federal  adjusted  gross
     6  income  for  the  taxable  year,  increased  by  the modifications under
     7  subsection (b) of section six hundred twelve of this article, [in excess
     8  of four thousand dollars,  or]  in  excess  of  his  New  York  standard
     9  deduction,  [if lower,] or (C) having received during the taxable year a
    10  lump sum distribution any portion of  which  is  subject  to  tax  under
    11  section six hundred three of this article;
    12    § 2. This act shall take effect immediately and shall apply to taxable
    13  years beginning on or after January 1, 2024.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00276-01-3
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