New York S 4176: Enacts the "Empire State Windfall Profits Tax Act"

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S04176 Summary:

BILL NOS04176 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §1105-c, Tax L; add §99-ss, St Fin L

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Enacts the "Empire State Windfall Profits Tax Act", establishing an excise tax on the quarterly receipts of a company experiencing a profit windfall.

Go to top S04176 Actions:

BILL NOS04176 

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02/03/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04176 Committee&nbspVotes:

Go to topS04176 Floor&nbspVotes:

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

Go to topS04176 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4176

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sen. PARKER -- 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 state finance law, in relation to
 enacting the "Empire State Windfall Profits Tax Act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "Empire State Windfall Profits Tax Act".
 3 § 2. The tax law is amended by adding a new section 1105-c to read as
 4 follows:
 5 § 1105-c. Windfall profits tax. (a) Imposition of tax. Notwithstand-
 6 ing any other provision of law, rule or regulation to the contrary, in
 7 addition to any other tax imposed under this article, in each calendar
 8 quarter there is hereby imposed on any covered taxpayer an excise tax at
 9 the rate determined under subdivision (b) of this section on the
 10 receipts from each retail sale of tangible personal property, service,
 11 production and manufacturing by the covered taxpayer for which the
 12 taxpayer routinely engages in business within the state during the
 13 calendar quarter.
 14 (b) Rate of tax. The rate of tax imposed by this section on the total
 15 receipts from the retail sale of tangible personal property, service,
 16 production and manufacturing for any calendar quarter is the product of:
 17 (1) twenty-five percent, and
 18 (2) the excess, if any, of:
 19 (A) the company value, which is the average annual profits at the
 20 quarter, over
 21 (B) the average annual profits over a period beginning on January
 22 first, two thousand eighteen, and ending on December thirty-first, two
 23 thousand twenty-two.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07775-01-5

 S. 4176 2

 1 (c) Withholding and deposit of tax. The commissioner shall provide
 2 such rules as are necessary for the withholding and deposit of the tax
 3 imposed under this section.
 4 (d) Records and information. Each taxpayer liable for tax under this
 5 section shall keep such records, make such returns, and furnish such
 6 information to the commissioner and to such other persons having an
 7 interest in the taxable tangible personal property, service, production
 8 and manufacturing as the commissioner may by regulations prescribe.
 9 (e) Return of windfall profit tax. The commissioner shall provide for
 10 the filing and the time of such filing of the return of the tax imposed
 11 under this section.
 12 (f) Regulations. The commissioner shall prescribe such rules and regu-
 13 lations as may be necessary or appropriate to carry out the purposes of
 14 this section.
 15 (g) Inflation adjustment. (1) In general. In the case of a calendar
 16 quarter in any taxable year beginning after two thousand twenty-five,
 17 the amount determined under subdivision (b) of this section shall be
 18 increased by an amount equal to: (A) such dollar amount, multiplied by
 19 (B) the cost-of-living adjustment determined under subsection (f) of
 20 section one of the internal revenue code for the calendar year in which
 21 the taxable year begins, determined by substituting two thousand twen-
 22 ty-four for "2016" in section 1 (f)(3)(a)(ii) of the internal revenue
 23 code.
 24 (2) Rounding. If any dollar amount after being increased under para-
 25 graph one of this subdivision, is not a multiple of fifty cents, such
 26 dollar amount shall be rounded to the next lowest multiple of on