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2023 New York Laws
TAX - Tax
Article 22 - Personal Income Tax
Part 1 - General
601-A - Cost of Living Adjustment.

Universal Citation:
NY Tax L § 601-A (2023)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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§  601-a.  Cost  of  living  adjustment. (a) For tax year two thousand
thirteen, the commissioner, not later than September first, two thousand
twelve, shall multiply the amounts specified in subsection (b)  of  this
section  for tax year two thousand twelve by one plus the cost of living
adjustment described in subsection (c) of this section. For tax year two
thousand fourteen, the commissioner, not later than September first, two
thousand thirteen, shall multiply the amounts  specified  in  subsection
(b)  of  this section for tax year two thousand thirteen by one plus the
cost of living adjustment. For each succeeding tax year after  tax  year
two  thousand  fourteen  and  before tax year two thousand eighteen, the
commissioner, not later than September first of  such  tax  year,  shall
multiply  the  amounts  specified  in subsection (b) of this section for
such tax year by one plus the cost of  living  adjustment  described  in
subsection (c) of this section for such tax year.
  (b)  The  following  amounts  shall  be  indexed by the cost of living
adjustment.
  (1) The dollar amounts in the tax tables set forth in paragraph one of
subsection (a), paragraph one of subsection (b)  and  paragraph  one  of
subsection (c) of section six hundred one of this part.
  (2)  The dollar amount in the numerator of the fractions in subsection
(d) of section six hundred one of this part that is not  fifty  thousand
dollars.
  (3)  The  New  York  standard  deduction  of  a resident individual in
section six hundred fourteen of this article.
  (c) The cost of living adjustment for a tax year is the percentage  if
any,  by which the average monthly value of the consumer price index for
the twelve month period ending on June thirtieth of the year immediately
preceding the tax year for which the adjustment is being made  (referred
to  as  the  adjustment  year)  exceeds the average monthly value of the
consumer price  index  for  the  twelve  month  period  ending  on  June
thirtieth  of  the  year  immediately preceding the adjustment year. For
purposes of this section, the consumer price index  means  the  consumer
price  index  for  all  urban  consumers  published by the United States
department of labor.
  (d) If the product of the amounts in subsection (b) and subsection (c)
of this section is not a multiple of fifty dollars, such increase  shall
be rounded to the next lowest multiple of fifty dollars.
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