|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 25, 2021||referred to budget and revenue|
senate Bill S2833
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
S2833 (ACTIVE) - Details
S2833 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2833 SPONSOR: HOYLMAN TITLE OF BILL: An act to amend the tax law, in relation to the imposition of additional tax on certain business income and on business income included in an individual's New York taxable income PURPOSE OR GENERAL IDEA OF BILL: To generate increased tax revenue for New York State by off-setting the federal undertaxation of corporate profits and pass-through business income as a result of the 2017 Tax Cuts and Jobs Act. SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill amends Article 9-A of the Tax Law ("Franchise Tax on Business Corporations") by adding a new section 209-N, imposing an additional tax on corporate income equal to the difference between the federal corporate income tax rate (currently 21%) and the corporate
S2833 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2833 2021-2022 Regular Sessions I N S E N A T E January 25, 2021 ___________ Introduced by Sen. HOYLMAN -- 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 imposition of additional tax on certain business income and on business income included in an individual's New York taxable income THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding two new sections 209-N and 608 to read as follows: § 209-N. ADDITIONAL TAX. 1. THERE IS IMPOSED AN ADDITIONAL TAX ON A TAXPAYER'S BUSINESS INCOME BASE, AS DEFINED IN SECTION TWO HUNDRED TEN OF THIS ARTICLE, AT A RATE EQUAL TO THE DIFFERENCE BETWEEN (I) THE RATE OF TAX IMPOSED IN SUBPARAGRAPH (B) OF PARAGRAPH ONE OF SECTION 11 OF THE INTERNAL REVENUE CODE (26 U.S. CODE § 11(1)(B)), AS IN EFFECT FOR THE YEAR TWO THOUSAND SIXTEEN, AND (II) THE CURRENT RATE OF TAX IMPOSED IN PARAGRAPH (B) OF SECTION 11 OF THE INTERNAL REVENUE CODE (26 U.S. CODE § 11(1)(B)). 2. THE ADDITIONAL TAX UNDER THIS SECTION SHALL BE ADMINISTERED, AND PENALTIES SHALL BE IMPOSED, UNDER THE SAME PROVISIONS OF THIS ARTICLE AS THE TAX IMPOSED UNDER SECTION TWO HUNDRED NINE OF THIS ARTICLE. § 608. ADDITIONAL TAX. 1. THERE IS IMPOSED AN ADDITIONAL TAX UPON THE AMOUNT OF AN INDIVIDUAL'S NEW YORK TAXABLE INCOME THAT CORRESPONDS TO ANY DEDUCTION TAKEN PURSUANT TO SECTION 199A OF THE INTERNAL REVENUE CODE (26 U.S. CODE § 199A), OR ANY SUCCESSOR PROVISION THERETO. THIS SECTION SHALL NOT APPLY TO A TAXPAYER WITH A FEDERAL TAXABLE INCOME BELOW THE THRESHOLD AMOUNT, AS DEFINED IN SECTION 199A(E) OF THE INTER- NAL REVENUE CODE, PLUS FIFTY THOUSAND DOLLARS FOR SINGLE FILERS OR ONE HUNDRED THOUSAND DOLLARS IN THE CASE OF A JOINT RETURN. 2. THE RATE OF SUCH ADDITIONAL TAX SHALL BE EQUAL TO THE HIGHEST FEDERAL INCOME TAX RATES IN EFFECT FOR THE TAXABLE YEAR THAT WOULD APPLY TO THE AMOUNT DEDUCTED UNDER SECTION 199A OF THE INTERNAL REVENUE CODE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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