|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2020||referred to investigations and government operations|
|May 29, 2019||reported and committed to finance|
|Jan 15, 2019||referred to investigations and government operations|
senate Bill S1659
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1659 (ACTIVE) - Details
S1659 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1659 SPONSOR: SKOUFIS TITLE OF BILL: An act to amend the tax law, in relation to imposing a tax related to executive compensation PURPOSE OR GENERAL IDEA OF BILL: Establishes a 10% tax on companies where CEOs make more than one hundred times the company's median pay and a 25% tax on companies where CEOs make more than two hundred fifty times the company's median pay. SUMMARY OF PROVISIONS: Creates a tax on companies subject to United States Securities and Exchange Commission pay ratio reporting requirements section 229.402 of title 17 of the code of federal regulations, at the rate of 10% if the company reports that the CEO makes one hundred times the median pay of all their workers, and at the rate of 25% if the company reports that the CEO makes two hundred fifty times the median pay of all their work- ers.
S1659 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1659 2019-2020 Regular Sessions I N S E N A T E January 15, 2019 ___________ Introduced by Sen. SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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
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