Senate Bill S5954A

2019-2020 Legislative Session

Relates to the business income rate and expanding the small business subtraction modification

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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

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Actions
Votes

Bill Amendments

co-Sponsors

2019-S5954 - Details

See Assembly Version of this Bill:
A6309
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2021-2022: S29, A5064
2023-2024: A2791

2019-S5954 - Summary

Relates to the business income rate and expanding the small business subtraction modification.

2019-S5954 - Sponsor Memo

2019-S5954 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5954
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- 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, in relation to  the  business  income  base
   rate and expanding the small business subtraction modification
 
   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 TWENTY, IF THE BUSINESS INCOME BASE IS NOT MORE  THAN  TWO  HUNDRED
 NINETY THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR 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 THOUSAND DOLLARS THE
 AMOUNT SHALL BE THE SUM OF (1) ELEVEN THOUSAND SIX HUNDRED DOLLARS,  (2)
 SIX  AND ONE-HALF 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) EIGHTEEN AND THIRTEEN HUNDREDTHS PERCENT OF THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08516-01-9
              

co-Sponsors

2019-S5954A (ACTIVE) - Details

See Assembly Version of this Bill:
A6309
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 612, Tax L
Versions Introduced in Other Legislative Sessions:
2021-2022: S29, A5064
2023-2024: A2791

2019-S5954A (ACTIVE) - Summary

Relates to the business income rate and expanding the small business subtraction modification.

2019-S5954A (ACTIVE) - Sponsor Memo

2019-S5954A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5954--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced  by  Sens. KAPLAN, BRESLIN, SKOUFIS -- read twice and ordered
   printed, and when printed to be committed to the Committee  on  Budget
   and  Revenue  -- recommitted to the Committee on Budget and Revenue in
   accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the tax law, in relation to  the  business  income  base
   rate and expanding the small business subtraction modification
 
   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 TWENTY-ONE, IF THE BUSINESS  INCOME  BASE  IS  NOT  MORE  THAN  TWO
 HUNDRED  NINETY THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR 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)  ELEVEN  THOUSAND  SIX
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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