NYC-WTC_000195490

NYC 9/11 Public Portal Document

Legislative History: New York City has imposed a personal Income tax on residents and nonresidents since 1966 at various rates. The values of the dependent or personal exemptions and standard deductions have F also varied as shown in the following table. a s New York Dependent or Personal Exemptions I and Standard Deductions, 1966-2001 3 / t pi Tax Year Exemption Standard Deduction 5

2001 None for taxpayers. $7,500 for individual, $ 10,500ifor head of household, $1,000ifbr each dependent $ 13,400 for joint filers, and $3,000 for dependent taxpayers 5 £ 1997-00 None for taxpayers. $7,500 for individual, $10,500 for head of household. C $1,000 for each dependent $ 13,000 for joint filers, and $3,000 for dependent taxpayers 1996 / Same as above $7,400 for individual, $10,000 for head of household, t $ 12,350 for joint filers, and $2,900 for dependent taxpayers 1995 Same as above $6,600 for individual, $8,150 for head of household, > $10,800 for joint filers, and $2,800 for dependent taxpayers <

IS Si: 1989 - 94 Same as above $6,000 for individual, $7,000 for head of* household, $9,500 for joint filers, and $2,800 for dependent taxpayers 7 t I < $5,000 for individual, $6,000 for head of household, I 1988 , Same as above $8,500 for joint filers, and $2,800 for dependent taxpayers 1

j 1987 $900 $3,600 for individual, $4,600 for head of household, ! (Available for taxpayers $5,300 for joint filers, and $2,800 for dependent taxpayers and each dependent) - ( 1986 $850 , $2,600 for individuals, $3,000 for married couples and heads of househol^^ 1985 Same as above $2,500 for individuals, $2,750 for married couples ) and heads of households I

1982 - 84 $800 ; J 17% of AGl subject to a minimum of $ 1,500 i ($2,000 for married couples) and a maximum of $2,500 1 1981 $750 • Same as above ] 1980 /; Same as above 16% of AGI subject to a minimum of $ 1,400 i ($1,900 for married couples) and a maximum of $2,400 1979 $700 j Same as above ! ■

1978' $650 Same as above 1976;-77 Same as above 15% of AGI subject to a minimum of $1,000 ($1,500 for married couples) and a maximum of $2,000 \ 1966-75 $600 Por all taxpayers 10% of AGI or $1,000, whichever is less B!

For 1982 through 1984, the City imposed a temporary surcharge on the personal income tax of every City resident, estate and trust. For calendar years 1982 and 1984, taxpayers with City adjusted gross income below $15,000 paid no surcharge. Taxpayers with adjusted gross income between $15,000 and $20,000 paid a surcharge of 2.5 percent of their tax liability, and taxpayers with adjusted gross income above $20,000 paid a five percent surcharge. For tax year 1983, the surcharge rates were doubled. ' , 'i ( ! 48

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