New NYS Laws To Take Effect On New Year’s Day
ALBANY, N.Y. (CBSNewYork/AP) – With the new year on the horizon, a host of new laws will also be on the books in New York State.
Come 2013, it will be illegal to sell electronic cigarettes to minors. It is already illegal to sell anyone under the age of 18 cigarettes, cigars or chewing tobacco products.
There will also be new tax exemptions for businesses that install solar energy systems.
The 4 percent state sales tax will be waived in the sale and installation of commercial solar units, starting next week. It mirrors the 2005 exemption put in place for residential solar power systems.
In 2013, New Yorkers will also calculate state income taxes owed based on the new rates that took effect in 2012 and which should have already been reflected in payroll deductions. Meanwhile, taxable income amounts could change based on a cost-of-living index adjustment in the law for the next two years.
The income tax law enacted in late 2011 lowered the rate in 2012 for a married couple filing jointly and earning $40,000 to $150,000 from 6.85 percent to 6.45 percent.
For those earning $150,000 to $300,000 it lowered the rate from 6.85 percent to 6.65 percent.
At the same time, surcharges on higher tax brackets expired this year. Those earning $300,000 to $2 million, who had been paying surcharge rates from 7.85 to 8.97 percent, saw their rate drop back to the permanent rate of 6.85 percent.
Those making more than $2 million yearly, who had been paying 8.97 percent with the surcharge, had their rate changed to 8.82 percent.
According to the Department of Taxation and Finance, for 2013 and 2014 the income tax rates will remain the same, though dollar amounts in the tax tables will be indexed by a cost-of-living percentage adjustment if it’s applicable.
Department spokesman Cary Ziter said those brackets are posted in mid-January.
(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)