New York A 1971: Increases the tax rate on corporate income

Bill Text

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A01971 Summary:

BILL NOA01971A

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SAME ASNo Same As

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SPONSORKelles

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COSPNSREpstein, Shrestha, Gonzalez-Rojas, Simone, Raga, Levenberg, Dinowitz, Ramos, Alvarez, Reyes,
 Forrest, Mitaynes, Gallagher, Carroll R, Meeks, Shimsky, Simon, Lee, De Los Santos, Rosenthal,
 Seawright, Bichotte Hermelyn, Sayegh, Davila, Valdez, Cruz, Taylor, Burdick, Steck, Anderson,
 Walker, Wright, Hevesi, Clark, Kim, Romero, Chandler-Waterman, Torres, Moreno, Gibbs, Septimo,
 Cunningham, Rivera, Barrett

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MLTSPNSR

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Amd §210, Tax L

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Increases the tax rate on corporate income.

Go to top A01971 Actions:

BILL NOA01971A

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01/14/2025referred to ways and means

01/07/2026referred to ways and means

01/15/2026amend (t) and recommit to ways and means

01/15/2026print number 1971a

Go to topA01971 Committee&nbspVotes:

Go to topA01971 Floor&nbspVotes:

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

Go to topA01971 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1971--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. KELLES, SHRESTHA, GONZALEZ-ROJAS, SIMONE, RAGA,
 LEVENBERG, DINOWITZ, RAMOS, ALVAREZ, REYES, FORREST, MITAYNES,
 GALLAGHER, R. CARROLL, MEEKS, SHIMSKY, SIMON, LEE, DE LOS SANTOS,
 ROSENTHAL, SEAWRIGHT, BICHOTTE HERMELYN, SAYEGH, DAVILA, VALDEZ, CRUZ,
 TAYLOR, BURDICK, STECK, ANDERSON -- read once and referred to the
 Committee on Ways and Means -- recommitted to the Committee on Ways
 and Means in accordance with Assembly Rule 3, sec. 2 -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee

 AN ACT to amend the tax law, in relation to raising the tax rate on
 corporate income

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

 1 Section 1. The opening paragraph of paragraph (a) of subdivision 1 of
 2 section 210 of the tax law, as amended by section 1 of subpart A of part
 3 I of chapter 59 of the laws of 2023, is amended to read as follows:
 4 For taxable years beginning before January first, two thousand
 5 sixteen, the amount prescribed by this paragraph shall be computed at
 6 the rate of seven and one-tenth percent of the taxpayer's business
 7 income base. For taxable years beginning on or after January first, two
 8 thousand sixteen, and before January first, two thousand twenty-six, the
 9 amount prescribed by this paragraph shall be six and one-half percent of
 10 the taxpayer's business income base. For taxable years beginning on or
 11 after January first, two thousand twenty-six, the amount prescribed by
 12 this paragraph shall be seven and one quarter percent of the taxpayer's
 13 business income base; for any taxpayer with a business income base for
 14 the taxable year in excess of five million dollars, the amount
 15 prescribed by this paragraph shall be eleven and one-half percent of the
 16 taxpayer's business income base. For taxable years beginning on or after
 17 January first, two thousand twenty-one and before January first, two
 18 thousand [twenty-seven] twenty-six for any taxpayer with a business

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01693-02-6

 A. 1971--A 2

 1 income base for the taxable year of more than five million dollars, the
 2 amount prescribed by this paragraph shall be seven and one-quarter
 3 percent of the taxpayer's business income base. The taxpayer's business
 4 income base shall mean the portion of the taxpayer's business income
 5 apportioned within the state as hereinafter provided. However, in the
 6 case of a small business taxpayer, as defined in paragraph (f) of this
 7 subdivision, the amount prescribed by this paragraph shall be computed
 8 pursuant to subparagraph (iv) of this paragraph and in the case of a
 9 manufacturer, as defined in subparagraph (vi) of this paragraph, the
 10 amount prescribed by this paragraph shall be computed pursuant to
 11 subparagraph (vi) of this paragraph, and, in the case of a qualified
 12 emerging technology company, as defined in subparagraph (vii) of this
 13 paragraph, the amount prescribed by this paragraph shall be computed
 14 pursuant to subparagraph (