New York A 3551: Relates to the business income rate and expanding the small business subtraction modification

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A03551 Summary:

BILL NOA03551 

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SAME ASNo Same As

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SPONSORJones

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COSPNSR

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MLTSPNSR

&nbsp

Amd §210, Tax L

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Relates to the business income rate and expanding the small business subtraction modification.

Go to top A03551 Actions:

BILL NOA03551 

&nbsp

01/28/2025referred to ways and means

09/08/2025enacting clause stricken

Go to topA03551 Committee&nbspVotes:

Go to topA03551 Floor&nbspVotes:

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

Go to topA03551 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3551

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 28, 2025
 ___________

 Introduced by M. of A. JONES -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to the business income base
 rate and expanding the small business subtraction modification

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

 1 Section 1. Subparagraph (iv) of paragraph (a) of subdivision 1 of
 2 section 210 of the tax law, as amended by section 12 of part A of chap-
 3 ter 59 of the laws of 2014, is amended to read as follows:
 4 (iv) (A) for taxable years beginning before January first, two thou-
 5 sand sixteen, if the business income base is not more than two hundred
 6 ninety thousand dollars the amount shall be six and one-half percent of
 7 the business income base; if the business income base is more than two
 8 hundred ninety thousand dollars but not over three hundred ninety thou-
 9 sand dollars the amount shall be the sum of (1) eighteen thousand eight
 10 hundred fifty dollars, (2) seven and one-tenth percent of the excess of
 11 the business income base over two hundred ninety thousand dollars but
 12 not over three hundred ninety thousand dollars and (3) four and thirty-
 13 five hundredths percent of the excess of the business income base over
 14 three hundred fifty thousand dollars but not over three hundred ninety
 15 thousand dollars;
 16 (B) for taxable years beginning on or after January first, two thou-
 17 sand twenty-six, if the business income base is not more than two
 18 hundred ninety thousand dollars the amount shall be four percent of the
 19 business income base; if the business income base is more than two
 20 hundred ninety thousand dollars but not over three hundred ninety thou-
 21 sand dollars the amount shall be the sum of (1) eleven thousand six
 22 hundred dollars, (2) six and one-half percent of the excess of the busi-
 23 ness income base over two hundred ninety thousand dollars but not over
 24 three hundred ninety thousand dollars and (3) eighteen and thirteen
 25 hundredths percent of the excess of the business income base over three

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06719-01-5

 A. 3551 2

 1 hundred fifty thousand dollars but not over three hundred ninety thou-
 2 sand dollars;
 3 § 2. This act shall take effect immediately and shall apply to taxable
 4 years beginning on or after January 1, 2026.

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