senate Bill S4671

2019-2020 Legislative Session

Relates to pass-through manufacturers zero percent tax rate

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2020 reported and committed to finance
Jan 09, 2020 print number 4671a
Jan 09, 2020 amend and recommit to budget and revenue
Jan 08, 2020 referred to budget and revenue
Apr 30, 2019 reported and committed to finance
Mar 20, 2019 referred to budget and revenue

Votes

view votes

Mar 3, 2020 - committee Vote

S4671A
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 3, 2020

aye wr (1)

Apr 30, 2019 - committee Vote

S4671
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Apr 30, 2019

aye wr (1)

S4671 - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§612, 606 & 210-B, Tax L

S4671 - Summary

Relates to pass-through manufacturers zero percent tax rate.

S4671 - Sponsor Memo

S4671 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4671
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 20, 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  pass-through  manufacturers
   zero percent tax rate
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (b) of section 612 of the tax law is amended  by
 adding a new paragraph 42 to read as follows:
   (42)  ANY  INCOME,  GAIN,  LOSS  AND  DEDUCTION,  TO  THE EXTENT IT IS
 INCLUDED IN FEDERAL ADJUSTED GROSS INCOME  AND  IS,  WHEN  COMBINED  AND
 COMBINED  WITH  ADDITIONS  FOR FEDERAL DEPRECATION REQUIRED BY PARAGRAPH
 EIGHT OF THIS SUBSECTION  AND  SUBTRACTIONS  FOR  NEW  YORK  ALLOWED  BY
 SUBSECTION  (K)  OF  THIS  SECTION,  LESS THAN ZERO, OF AN INDIVIDUAL OR
 TRUST FROM A QUALIFIED PASS-THROUGH MANUFACTURER, AS  DEFINED  IN  PARA-
 GRAPH FORTY-THREE OF SUBSECTION (C) OF THIS SECTION.
   §  2. Paragraph 39 of subsection (c) of section 612 of the tax law, as
 added by section 1 of part Y of chapter 59  of  the  laws  of  2013,  is
 amended and a new paragraph 43 is added to read as follows:
   (39)  In  the case of a taxpayer who is a small business who has busi-
 ness income and/or farm income as defined in  the  laws  of  the  United
 States,  an  amount  equal  to three percent of the net items of income,
 gain, loss and deduction attributable to such business or farm  entering
 into  federal adjusted gross income, but not less than zero, for taxable
 years beginning after two thousand thirteen, an amount  equal  to  three
 and  three-quarters  percent  of the net items of income, gain, loss and
 deduction attributable to such business or farm  entering  into  federal
 adjusted  gross income, but not less than zero, for taxable years begin-
 ning after two thousand fourteen, and an amount equal to five percent of
 the net items of income, gain, loss and deduction attributable  to  such
 business  or  farm  entering into federal adjusted gross income, but not
 less than zero, for taxable years beginning after two thousand  fifteen.
 For the purposes of this paragraph, the term small business shall mean a
 sole  proprietor  or  a  farm  business  who employs one or more persons
 during the taxable year and who has net  business  income  or  net  farm

Co-Sponsors

S4671A (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§612, 606 & 210-B, Tax L

S4671A (ACTIVE) - Summary

Relates to pass-through manufacturers zero percent tax rate.

S4671A (ACTIVE) - Sponsor Memo

S4671A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4671--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 20, 2019
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- 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 committee

 AN  ACT  to amend the tax law, in relation to pass-through manufacturers
   zero percent tax rate
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subsection (b) of section 612 of the tax law is amended by
 adding a new paragraph 42 to read as follows:
   (42) ANY INCOME, GAIN,  LOSS  AND  DEDUCTION,  TO  THE  EXTENT  IT  IS
 INCLUDED  IN  FEDERAL  ADJUSTED  GROSS  INCOME AND IS, WHEN COMBINED AND
 COMBINED WITH ADDITIONS FOR FEDERAL DEPRECATION  REQUIRED  BY  PARAGRAPH
 EIGHT  OF  THIS  SUBSECTION  AND  SUBTRACTIONS  FOR  NEW YORK ALLOWED BY
 SUBSECTION (K) OF THIS SECTION, LESS THAN  ZERO,  OF  AN  INDIVIDUAL  OR
 TRUST  FROM  A  QUALIFIED PASS-THROUGH MANUFACTURER, AS DEFINED IN PARA-
 GRAPH FORTY-THREE OF SUBSECTION (C) OF THIS SECTION.
   § 2. Paragraph 39 of subsection (c) of section 612 of the tax law,  as
 added  by  section  1  of  part  Y of chapter 59 of the laws of 2013, is
 amended and a new paragraph 43 is added to read as follows:
   (39) In the case of a taxpayer who is a small business who  has  busi-
 ness  income  and/or  farm  income  as defined in the laws of the United
 States, an amount equal to three percent of the  net  items  of  income,
 gain,  loss and deduction attributable to such business or farm entering
 into federal adjusted gross income, but not less than zero, for  taxable
 years  beginning  after  two thousand thirteen, an amount equal to three
 and three-quarters percent of the net items of income,  gain,  loss  and
 deduction  attributable  to  such business or farm entering into federal
 adjusted gross income, but not less than zero, for taxable years  begin-
 ning after two thousand fourteen, and an amount equal to five percent of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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