New York A 970: Imposes a tax related to executive compensation

Bill Text

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A00970 Summary:

BILL NOA00970 

&nbsp

SAME ASSAME AS S00323

&nbsp

SPONSORKim

&nbsp

COSPNSREpstein, Eachus

&nbsp

MLTSPNSR

&nbsp

Add §183-b, Tax L

&nbsp

Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.

Go to top A00970 Actions:

BILL NOA00970 

&nbsp

01/08/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA00970 Committee&nbspVotes:

Go to topA00970 Floor&nbspVotes:

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

Go to topA00970 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 970

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. KIM, EPSTEIN, EACHUS -- read once and referred to
 the Committee on Ways and Means

 AN ACT to amend the tax law, in relation to imposing a tax related to
 executive compensation

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

 1 Section 1. The tax law is amended by adding a new section 183-b to
 2 read as follows:
 3 § 183-b. Tax on companies subject to United States securities and
 4 exchange commission pay ratio reporting requirements. Notwithstanding
 5 any other provision of this chapter, or of any other law, for the period
 6 beginning with the taxable years commencing on or after the first day of
 7 January, two thousand twenty-six, an annual tax is hereby imposed upon
 8 every company subject to the United States securities and exchange
 9 commission pay ratio reporting requirements, pursuant to section 229.402
 10 of title 17 of the code of federal regulations, at the rate of ten
 11 percent of base tax liability if such company reports to the United
 12 States securities and exchange commission a pay ratio of at least one
 13 hundred to one but less than two hundred fifty to one on United States
 14 securities and exchange commission disclosures; or at the rate of twen-
 15 ty-five percent of base tax liability if such company reports to the
 16 United States securities and exchange commission a pay ratio of two
 17 hundred fifty to one or greater on United States securities and exchange
 18 commission disclosures.
 19 § 2. This act shall take effect January 1, 2026 and shall apply to all
 20 tax years commencing on or after such date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00896-01-5

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