New York S 7323: Relates to reciprocity of debarments imposed under the federal Davis-Bacon Act

Bill Text

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S07323 Summary:

BILL NOS07323 

&nbsp

SAME ASSAME AS A06629

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SPONSORKRUEGER

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COSPNSRGOUNARDES, HINCHEY

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MLTSPNSR

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Amd §§210-C, 208 & 210-A, Tax L

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Enacts the MEGA corporations act mandating worldwide combined reporting for large corporations that have more than one billion dollars in gross receipts.

Go to top S07323 Actions:

BILL NOS07323 

&nbsp

04/10/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS07323 Committee&nbspVotes:

Go to topS07323 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07323 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7323

 2025-2026 Regular Sessions

 IN SENATE

 April 10, 2025
 ___________

 Introduced by Sens. KRUEGER, GOUNARDES -- read twice and ordered print-
 ed, and when printed to be committed to the Committee on Budget and
 Revenue

 AN ACT to amend the tax law, in relation to enacting the MEGA corpo-
 rations act mandating worldwide combined reporting for large corpo-
 rations

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "multinational earnings and global accountability for (MEGA) corpo-
 3 rations act".
 4 § 2. Legislative intent. The legislature finds that multinational
 5 corporations who profit from sales in New York often engage in practices
 6 that shift profits outside the United States to reduce their tax liabil-
 7 ity. To ensure a level playing field with New York-based businesses and
 8 that multinationals pay their fair share, this act mandates worldwide
 9 combined reporting for multinational corporations with gross receipts
 10 exceeding one billion dollars, requiring them to report all profits,
 11 international and domestic, against which the corporate franchise tax
 12 can be levied based on the portion of sales made in New York.
 13 § 3. Paragraphs (b) and (c) of subdivision 2 of section 210-C of the
 14 tax law, as added by section 18 of part A of chapter 59 of the laws of
 15 2014, are amended to read as follows:
 16 (b) A corporation required to make a combined report within the mean-
 17 ing of this section shall also include (i) a captive REIT and a captive
 18 RIC if the captive REIT or captive RIC is not required to be included in
 19 a combined report under article thirty-three of this chapter; (ii) a
 20 combinable captive insurance company; and (iii) an alien corporation
 21 that satisfies the conditions in paragraph (a) of this subdivision if
 22 (I) under any provision of the internal revenue code, that corporation
 23 is treated as a "domestic corporation" as defined in section seven thou-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04124-04-5

 S. 7323 2

 1 sand seven hundred one of the internal revenue code, [or] (II) it has
 2 effectively connected income for the taxable year pursuant to clause
 3 (iv) of the opening paragraph of subdivision nine of section two hundred
 4 eight of this article, or (III) it is engaged in a unitary business with
 5 any taxpayer and the combined annual gross receipts of the unitary busi-
 6 ness including both taxpayers and nontaxpayers exceeds one billion
 7 dollars.
 8 (c) A corporation required or permitted to make a combined report
 9 under this section does not include (i) a corporation that is taxable
 10 under a franchise tax imposed by article nine or article thirty-three of
 11 this chapter or would be taxable under a franchise tax imposed by arti-
 12 cle nine or thirty-three of this chapter if subject to tax; (ii) a REIT
 13 that is not a captive REIT, and a RIC that is not a captive RIC; (iii) a
 14 New York S corporation; or (iv) an alien corporation that under any
 15 provision of the internal revenue code is not treated as a "domestic
 16 corporation" as defined in section seven thousand seven hundred one of
 17 such code, is not engaged with any taxpayer in a unitary business with
 18 combined annual gross receipts including both taxpayers and nontaxpayers
 19 in excess of one billion dollars, and has no effectively connected
 20 income for the taxable year pursuant t