assembly Bill A5064

2021-2022 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 Assembly 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to ways and means
Feb 10, 2021 referred to ways and means

Co-Sponsors

A5064 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§210 & 612, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A6309

A5064 (ACTIVE) - Summary

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

A5064 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5064
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2021
                                ___________
 
 Introduced  by  M.  of  A. JONES, STERN -- read once and referred to the
   Committee on Ways and Means
 
 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-TWO, 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
 HUNDRED DOLLARS, (2) SIX AND ONE-HALF PERCENT OF THE EXCESS OF THE BUSI-
 NESS  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 EXCESS OF THE BUSINESS INCOME BASE OVER THREE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.