Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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---|---|
May 02, 2018 | referred to ways and means delivered to assembly passed senate |
May 01, 2018 | ordered to third reading cal.913 committee discharged and committed to rules |
Jan 23, 2018 | reported and committed to finance |
Jan 08, 2018 | print number 2120a |
Jan 08, 2018 | amend and recommit to investigations and government operations |
Jan 03, 2018 | referred to investigations and government operations returned to senate died in assembly |
Jun 19, 2017 | referred to ways and means delivered to assembly passed senate ordered to third reading cal.1860 committee discharged and committed to rules |
Jan 12, 2017 | referred to investigations and government operations |
senate Bill S2120A
Sponsored By
Thomas F. O'Mara
(R, C) 58th Senate District
Archive: Last Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Votes
Bill Amendments
Co-Sponsors
John J. Bonacic
(R, C, IP) 0 Senate District
Phil Boyle
(R) 0 Senate District
Rich Funke
(R, C, IP) 0 Senate District
Patrick M. Gallivan
(R, C) 60th Senate District
S2120 - Details
S2120 - Sponsor Memo
BILL NUMBER: S2120 TITLE OF BILL : 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 business taxpayers PURPOSE :': Reduces the amount small businesses and farms must pay in taxes by increasing the corporate tax threshold from $390,000 to $500,000 and lowering the rate to 2.5%. Expands the small business exemption to all PIT businesses regardless of whether they have employees, increases the threshold to $500,000, increases the exemption to 15%, and increases the exemption to 20% for farmers. SUMMARY OF PROVISIONS : Section 1 amends article 9-A of the tax law to increase the threshold for which corporations are considered small corporations from $290,000 to $400,000 while reducing the tax rate for small corporations from 6.5% to 2.5%. The transition threshold from the small business rate to the full corporate rate will increase from $390,000 to $500,000. The phase down of rates will occur over two years: to 4% in 2018 and to 2% in 2019 and beyond. Section 2 amends article 22 of the tax law to expand the business tax
S2120 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2120 2017-2018 Regular Sessions I N S E N A T E January 12, 2017 ___________ Introduced by Sens. O'MARA, FUNKE, GALLIVAN, LARKIN, YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations 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 EIGHTEEN, IF THE BUSINESS INCOME BASE IS NOT MORE THAN FOUR HUNDRED THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR PERCENT OF THE BUSINESS 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Co-Sponsors
Fred Akshar
(R, C, IP, RFM) 0 Senate District
John J. Bonacic
(R, C, IP) 0 Senate District
Phil Boyle
(R) 0 Senate District
Rich Funke
(R, C, IP) 0 Senate District
S2120A (ACTIVE) - Details
S2120A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2120A SPONSOR: O'MARA TITLE OF BILL: 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 business taxpayers PURPOSE OR GENERAL IDEA OF BILL: Reduces the amount small businesses and farms must pay in taxes by increasing the corporate tax threshold from $390,000 to $500,000 and lowering the rate to 2.5%. Expands the small business exemption to all PIT businesses regardless of whether they have employees, increases the threshold to $500,000, increases the exemption to 15%, and increases the exemption to 20% for farmers. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends article 9-A of the tax law to increase the threshold for which corporations are considered small corporations from $290,000 to $400,000 while reducing the tax rate for small corporations from 6.5%
S2120A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2120--A 2017-2018 Regular Sessions I N S E N A T E January 12, 2017 ___________ Introduced by Sens. O'MARA, BONACIC, BOYLE, FUNKE, GALLIVAN, LARKIN, MARCHIONE, ORTT, YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 NINETEEN, IF THE BUSINESS INCOME BASE IS NOT MORE THAN FOUR HUNDRED THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR PERCENT OF THE BUSINESS INCOME BASE; IF THE BUSINESS INCOME BASE IS MORE THAN FOUR HUNDRED THOUSAND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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