New York S 7643: Relates to establishing goals for participation by individuals with disabilities with respect to state employment, state contracts, legislative employment and judicial employment

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S07643 Summary:

BILL NOS07643 

&nbsp

SAME ASSAME AS A10777

&nbsp

SPONSORGOUNARDES

&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 S07643 Actions:

BILL NOS07643 

&nbsp

04/24/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS07643 Committee&nbspVotes:

Go to topS07643 Floor&nbspVotes:

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

Go to topS07643 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7643

 2025-2026 Regular Sessions

 IN SENATE

 April 24, 2025
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 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

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps