New York A 10777: Relates to the pass-through entity tax credit and the city pass-through entity tax credit

Bill Text

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A10777 Summary:

BILL NOA10777 

&nbsp

SAME ASSAME AS S07643

&nbsp

SPONSORBronson

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§863 & 870, Tax L

&nbsp

Provides that the aggregate amount of pass-through entity credits claimed by all partners, members or shareholders of an electing partnership or electing S corporation shall not exceed eighty-seven percent of the tax due.

Go to top A10777 Actions:

BILL NOA10777 

&nbsp

04/01/2026referred to ways and means

Go to topA10777 Committee&nbspVotes:

Go to topA10777 Floor&nbspVotes:

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

Go to topA10777 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10777

 IN ASSEMBLY

 April 1, 2026
 ___________

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

 AN ACT to amend the tax law, in relation to the limitation on the pass-
 through entity tax credit and the city pass-through entity tax credit

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

 1 Section 1. Subsection (b) of section 863 of the tax law, as added by
 2 section 1 of part C of chapter 59 of the laws of 2021, is amended to
 3 read as follows:
 4 (b) Limitation on credit. The aggregate amount of credits claimed by
 5 all partners, members or shareholders of an electing partnership or
 6 electing S corporation pursuant to subsection (a) of this section shall
 7 not exceed eighty-seven percent of the tax due under subsection (a) of
 8 section eight hundred sixty-two of this article from such electing part-
 9 nership or electing S corporation for the taxable year.
 10 § 2. Subsection (b) of section 870 of the tax law, as added by section
 11 1 of subpart B of part MM of chapter 59 of the laws of 2022, is amended
 12 to read as follows:
 13 (b) Limitation on credit. The aggregate amount of credits claimed by
 14 all partners, members or shareholders of an electing city partnership or
 15 an electing city resident S corporation pursuant to subsection (a) of
 16 this section shall not exceed eighty-seven percent of the tax due under
 17 section eight hundred sixty-nine of this article from such electing city
 18 partnership or electing city resident S corporation for the taxable
 19 year.
 20 § 3. This act shall take effect immediately and shall apply to taxable
 21 years beginning on or after the first of January next succeeding the
 22 date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11771-01-5

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