Assembly Bill A7454

2019-2020 Legislative Session

Imposes a tax related to executive compensation

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2019-A7454 (ACTIVE) - Details

See Senate Version of this Bill:
S1659
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §183-b, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6236
2021-2022: A3691, S1813
2023-2024: A2582, S2858

2019-A7454 (ACTIVE) - Summary

Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.

2019-A7454 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7454
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 3, 2019
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to imposing a tax related to
   executive compensation
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The  tax  law is amended by adding a new section 183-b to
 read as follows:
   § 183-B. TAX ON COMPANIES SUBJECT  TO  UNITED  STATES  SECURITIES  AND
 EXCHANGE  COMMISSION  PAY RATIO REPORTING REQUIREMENTS.  NOTWITHSTANDING
 ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER LAW, FOR THE PERIOD
 BEGINNING WITH THE TAXABLE YEARS COMMENCING ON OR AFTER THE FIRST DAY OF
 JANUARY, TWO THOUSAND TWENTY, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY
 COMPANY SUBJECT TO THE UNITED STATES SECURITIES AND EXCHANGE  COMMISSION
 PAY  RATIO  REPORTING REQUIREMENTS, PURSUANT TO SECTION 229.402 OF TITLE
 17 OF THE CODE OF FEDERAL REGULATIONS, AT THE RATE  OF  TEN  PERCENT  OF
 BASE  TAX LIABILITY IF SUCH COMPANY REPORTS TO THE UNITED STATES SECURI-
 TIES AND EXCHANGE COMMISSION A PAY RATIO OF AT LEAST ONE HUNDRED TO  ONE
 BUT  LESS  THAN TWO HUNDRED FIFTY TO ONE ON UNITED STATES SECURITIES AND
 EXCHANGE COMMISSION DISCLOSURES; OR AT THE RATE OF  TWENTY-FIVE  PERCENT
 OF BASE TAX LIABILITY IF SUCH COMPANY REPORTS TO THE UNITED STATES SECU-
 RITIES  AND  EXCHANGE COMMISSION A PAY RATIO OF TWO HUNDRED FIFTY TO ONE
 OR GREATER ON UNITED STATES SECURITIES AND EXCHANGE  COMMISSION  DISCLO-
 SURES.
   § 2. This act shall take effect January 1, 2020 and shall apply to all
 tax years commencing on or after such date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04324-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.