N.Y. Tax Law § 601-a: Cost of living adjustment

§ 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.