Senate Bill S5441

2021-2022 Legislative Session

Relates to business income base and certain small business taxpayers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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2021-S5441 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 612, Tax L; amd §11-1712, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2015-2016: S7235
2017-2018: S2120
2019-2020: S943
2023-2024: S4236

2021-S5441 (ACTIVE) - Summary

Relates to business income base and certain small business taxpayers.

2021-S5441 (ACTIVE) - Sponsor Memo

2021-S5441 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5441
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 5, 2021
                                ___________
 
 Introduced  by  Sen.  O'MARA -- 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 and the administrative code of the  city  of
   New  York, in relation to business income base and certain small busi-
   ness taxpayers

   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-THREE,  IF  THE  BUSINESS INCOME BASE IS NOT MORE THAN FOUR
 HUNDRED THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR PERCENT OF  THE  BUSI-
 NESS  INCOME BASE; IF THE BUSINESS INCOME BASE IS MORE THAN FOUR HUNDRED
 THOUSAND DOLLARS BUT NOT OVER FIVE HUNDRED THOUSAND DOLLARS  THE  AMOUNT
 SHALL  BE  THE SUM OF (1) SIXTEEN THOUSAND DOLLARS, (2) SIX AND ONE-HALF
 PERCENT OF THE EXCESS OF THE BUSINESS  INCOME  BASE  OVER  FOUR  HUNDRED
 THOUSAND  DOLLARS  BUT  NOT  OVER  FIVE HUNDRED THOUSAND DOLLARS AND (3)
 TWENTY PERCENT OF THE EXCESS OF  THE  BUSINESS  INCOME  BASE  OVER  FOUR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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