senate Bill S7235

2015-2016 Legislative Session

Relates to business income base and certain small business taxpayers

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 11, 2016 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.545
Apr 08, 2016 referred to rules

Co-Sponsors

S7235 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§210 & 612, Tax L; amd §11-1712, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2017-2018: S2120
2019-2020: S943

S7235 (ACTIVE) - Summary

Relates to business income base and certain small business taxpayers.

S7235 (ACTIVE) - Sponsor Memo

S7235 (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7235

                            I N  S E N A T E

                              April 8, 2016
                               ___________

Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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:

  Section  1.  Subparagraph  (iv)  of  paragraph (a) of subdivision 1 of
section 210 of the tax law, as amended by section 12 of part A of  chap-
ter 59 of the laws of 2014, is amended to read as follows:
  (iv)  (A)  for taxable years beginning before January first, two thou-
sand sixteen, if the business income base is not more than  two  hundred
ninety  thousand dollars the amount shall be six and one-half percent of
the business income base; if the business income base is more  than  two
hundred  ninety thousand dollars but not over three hundred ninety thou-
sand dollars the amount shall be the sum of (1) eighteen thousand  eight
hundred  fifty dollars, (2) seven and one-tenth percent of the excess of
the business income base over two hundred ninety  thousand  dollars  but
not  over three hundred ninety thousand dollars and (3) four and thirty-
five hundredths percent of the excess of the business income  base  over
three  hundred  fifty thousand dollars but not over three hundred ninety
thousand dollars;
  (B) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST,  TWO  THOU-
SAND  SEVENTEEN,  IF  THE  BUSINESS  INCOME  BASE  IS NOT MORE THAN FOUR
HUNDRED THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR PERCENT OF  THE  BUSI-
NESS  INCOME BASE; IF THE BUSINESS INCOME BASE IS MORE THAN FOUR HUNDRED
THOUSAND DOLLARS BUT NOT OVER FIVE HUNDRED THOUSAND DOLLARS  THE  AMOUNT
SHALL  BE  THE SUM OF (1) SIXTEEN THOUSAND DOLLARS, (2) SIX AND ONE-HALF
PERCENT OF THE EXCESS OF THE BUSINESS  INCOME  BASE  OVER  FOUR  HUNDRED
THOUSAND  DOLLARS  BUT  NOT  OVER  FIVE HUNDRED THOUSAND DOLLARS AND (3)
TWENTY PERCENT OF THE EXCESS OF  THE  BUSINESS  INCOME  BASE  OVER  FOUR
HUNDRED  FIFTY  THOUSAND  DOLLARS  BUT  NOT  OVER  FIVE HUNDRED THOUSAND
DOLLARS;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14973-01-6

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