- Outdoor Guide
- Sponsored Content
Breaking: New York State Senate votes in tax reform, 55-0
By Lissa Harris
12/7/11 - 11:10 pm
12/7/11 - 11:10 pm
Just after 9pm, the New York State Senate voted unanimously -- 55 to 0 -- in favor of a sweeping overhaul of the New York State tax code. The new law increases the tax rate on single filers earning more than $1 million a year ($2 million for married filing jointly), and decreases it for just about everyone else.
The bill now heads to the Assembly, where it's expected to pass.
For a reform of this magnitude, this has all unfolded very quickly. On Monday, Governor Andrew Cuomo sent a press release -- dubbed an "op-ed" -- to newspapers across the state, arguing for an overhaul of the tax code. On Tuesday, Cuomo and key members of the state legislature announced that they had made a deal on a state income tax overhaul. And today, the legislature met in special session to vote on the bill.
Casey Seiler of the Times-Union's Capitol Confidential blog writes that the legislators couldn't possibly have had time to read the bill before voting on it.
Here's the text of the new bill. (Of note for the flood-ravaged Catskills: The bill includes language on tax relief for homeowners who have lost property in Tropical Storm Irene or Lee, and establishes a flood-recovery grant program for small businesses, farms, multiple dwellings and not-for-profits.)
A hot-off-the-press analysis of the bill and its new tax brackets from Bloomberg News, which reports that about $400 million of the additional revenue raised by the bill will be put toward flood relief and youth employment.
Though NY1 says only $50 million for flood relief and youth jobs is in the bill. (Who's right? We haven't had time to read it, either.)
A story on the deal behind the bill from the New York Times. The Times notes that the tax overhaul won't bring in as much revenue as extending the soon-to-expire "millionaires' tax" would, but won't cut revenue as much as letting the tax expire:
The long-term impact on the wealthy was described by some as a cut and others as an increase: beginning next year, the highest-income earners will be taxed at a lower rate than at present, but at a higher rate than had been expected with the expiration of the surcharge.
The changes, which the Legislature could vote on as early as Wednesday, would net $1.9 billion in annual revenue; the expiring surcharge had been generating about $4 billion a year.
|Gala Dance Under the Stars with the Dirty Dozen Brass Band|
|LiederWorks: Verdi and Wagner Rarities - Vocal Chamber Music - Sunday, June 23 3PM|
|Local organization benefits from Local Musicians returning home to help!|
|Make your Cemetery Tour reservation!|
|Take a closer look at MARGARETVILLE|
|Post card show and sale this weekend|
|Reserve your spot for Living History Cemetery Tour!|
|Indian Point - Nowhere to Run in the Green Uplugged Festival|
|Special Father's Day recliner coupon|
|Tamarack log style bedroom set|
|New upholstery collection now in stock!|
|New youth bedroom set, now in stock!|
|Buy One, Get One Free Admission through Sunday|
|Potophonics to Open at Orphic Gallery on July 5, 2013 with Reception and Performance|
|Zonder Kennedy to Perform at Record Breaker Closing Party at Orphic Gallery on June 29th|
|Special Father's discount on Sunday applies to all our Watershed Post friends|
|The only things missing from this photo are color and you.|
|"Very Special Pieces” from our five Show-rooms|
|The Retro Fifties Look Is Back!|
|Fresh Lamb! Fresh Chicken! Fresh Hot Dogs!|
|Fresh Lamb, Fresh Chicken and CSA June Pickup!|
|Light-Filled Contemporary Home on 1.5 acres with deeded lake access (Yulan, NY)|
|The Watershed Post featured in a video about Delaware County entrepreneurs|
|Clearwater Festival, June 15 & 16!|
|Wildflower ramble at Woodchuck Lodge|
|made a grown man cry.|
|rhubarb from our kitchen garden|
|"Cadosia" to perform acoustic covers of modern indie hits Sat, starting at 5.30 at Eureka in Grahamsville.|
|We are now open for weekend and short stays! Just in time for summer!|
|Farmers' Market of the Week: Lexington Farmers' Market|
|Oneonta and Liberty Workshops Help Small Businesses Get Loans|
|Farmers' Market of the Week: Hobart Farmers' Market|
|Diabetes Educational Seminar: Foot Care for People with Diabetes June 19|
|Delaware County Historical Association 2013 Summer Calendar|
|Picturing America: Free Workshops Continue on National & Local History|
|IS YOUR HONEYSUCKLE A GOOD GUY OR A BAD GUY?!|
|THIS WEEKEND'S SPECIALS|
|Several of Red Cottage Inc.'s stylish Upstate rentals featured on HGTV's "Frontdoor" blog|
|This weekend : FILMING at Tay Home !|
|CFA’s Tree Marking Program|
|Dinner at the Catamount Restaurant|
|Emerson Spa Special|