New York S 1487: Relates to business income base and certain small business taxpayers

Bill Text

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S01487 Summary:

BILL NOS01487 

&nbsp

SAME ASSAME AS A10255

&nbsp

SPONSORO'MARA

&nbsp

COSPNSRBORRELLO, CANZONERI-FITZPATRICK, CHAN, GALLIVAN, OBERACKER, RHOADS, STEC, WEIK

&nbsp

MLTSPNSR

&nbsp

Amd §§210 & 612, Tax L; amd §11-1712, NYC Ad Cd

&nbsp

Relates to business income base and certain small business taxpayers.

Go to top S01487 Actions:

BILL NOS01487 

&nbsp

01/10/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS01487 Committee&nbspVotes:

Go to topS01487 Floor&nbspVotes:

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

Go to topS01487 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1487

 2025-2026 Regular Sessions

 IN SENATE

 January 10, 2025
 ___________

 Introduced by Sens. O'MARA, BORRELLO, OBERACKER -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Budget and Revenue

 AN ACT to amend the tax law and the administrative code of the city of
 New York, in relation to business income base and certain small busi-
 ness taxpayers

 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-seven, if the business income base is not more than four
 18 hundred thousand dollars the amount shall be four percent of the busi-
 19 ness income base; if the business income base is more than four hundred
 20 thousand dollars but not over five hundred thousand dollars the amount
 21 shall be the sum of (1) sixteen thousand dollars, (2) six and one-half
 22 percent of the excess of the business income base over four hundred
 23 thousand dollars but not over five hundred thousand dollars and (3)

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04461-01-5

 S. 1487 2

 1 twenty percent of the excess of the business income base over four
 2 hundred fifty thousand dollars but not over five hundred thousand
 3 dollars;
 4 (C) for taxable years beginning on or after January first, two thou-
 5 sand twenty-eight, if the business income base is not more than four
 6 hundred thousand dollars the amount shall be two and one-half percent of
 7 the business income base; if the business income base is more than four
 8 hundred thousand dollars but not over five hundred thousand dollars the
 9 amount shall be the sum of (1) ten thousand dollars, (2) six and one-
 10 half percent of the excess of the business income base over four hundred
 11 thousand dollars but not over five hundred thousand dollars and (3)
 12 thirty-two percent of the excess of the business income base over four
 13 hundred fifty thousand dollars but not over five hundred thousand
 14 dollars.
 15 § 2. Paragraph 39 of subsection (c) of section 612 of the tax law, as
 16 amended by section 1 of part C of chapter 59 of the laws of 2022, is
 17 amended to read as follows:
 18 (39) (A) In the case of a taxpayer who is a small business or a
 19 taxpayer who is a member, partner, or shareholder of a limited liability
 20 company, partnership, or New York S corporation, respectively, that is a
 21 small business, who or which has