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.
Last modified: February 3, 2019