New York A 2282: Relates to conducting studies on personal income tax brackets and the corporate franchise tax

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A02282 Summary:

BILL NOA02282 

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SAME ASNo Same As

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SPONSORSmullen

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COSPNSR

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MLTSPNSR

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Relates to conducting studies on personal income tax brackets and the corporate franchise tax.

Go to top A02282 Actions:

BILL NOA02282 

&nbsp

01/16/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02282 Committee&nbspVotes:

Go to topA02282 Floor&nbspVotes:

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

Go to topA02282 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2282

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 16, 2025
 ___________

 Introduced by M. of A. SMULLEN -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT creating a tax simplification and fairness study to look at the
 personal income tax brackets and the corporate franchise tax

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

 1 Section 1. The commissioner of taxation and finance shall conduct a
 2 study to examine the corresponding income tax brackets and dollar
 3 amounts that could be enacted if a proportionate reduction in the
 4 personal income tax bracket and dollar amounts as provided in section
 5 601 of the tax law for taxable years beginning after 2013 and before
 6 2025 and for taxable years beginning after 2027, if all of the personal
 7 income tax credits provided in section 606 of the tax law were elimi-
 8 nated and personal income tax receipts were forecasted to be revenue
 9 neutral based on current law.
 10 § 2. The commissioner of taxation and finance shall conduct a study to
 11 examine the corresponding reduction in the imposition of the corporate
 12 franchise tax that could be enacted if a proportionate reduction in the
 13 imposition of the corporate franchise tax as provided by sections 209
 14 and 210 of the tax law, if all the credits provided in section 210-B of
 15 the tax law were eliminated and the corporate franchise tax receipts
 16 were forecasted to be revenue neutral based on current law.
 17 § 3. The commissioner of taxation and finance shall report on the
 18 results of the studies in section one and section two within one hundred
 19 eighty days after this act shall have become a law.
 20 § 4. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05840-01-5

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