|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 05, 2022||referred to budget and revenue|
|May 19, 2021||reported and committed to finance|
|Jan 06, 2021||referred to budget and revenue|
senate Bill S27
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S27 (ACTIVE) - Details
S27 (ACTIVE) - Sponsor Memo
BILL NUMBER: S27 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the tax law, in relation to pass-through manufacturers zero percent tax rate PURPOSE OR GENERAL IDEA OF BILL: This legislation extends the zero percent franchise tax rate to all manufactures in NY. Currently this tax rate is only extended to the largest C Corps. SUMMARY OF SPECIFIC PROVISIONS: Section one: Amends subsection (b) of section 612 of the tax law, adding a new paragraph 42, requiring an addition to NY income, for net loss of a qualified NY pass-through manufacturer, where the loss is determined in the same manner as net income from a pass-through manufacturer, as provided in Section two.
S27 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 27 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ 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
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