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

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 (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2020 reported and committed to finance
Feb 25, 2020 print number 5954a
Feb 25, 2020 amend and recommit to budget and revenue
Jan 08, 2020 referred to budget and revenue
May 16, 2019 referred to budget and revenue

Votes

view votes

Mar 3, 2020 - committee Vote

S5954A
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 3, 2020

Co-Sponsors

S5954 - Details

See Assembly Version of this Bill:
A6309
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 612, Tax L

S5954 - Summary

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

S5954 - Sponsor Memo

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

view additional co-sponsors

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

S5954A (ACTIVE) - Summary

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

S5954A (ACTIVE) - Sponsor Memo

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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