senate Bill S2833

2021-2022 Legislative Session

Imposes additional tax on certain business income and on business income included in an individual's New York taxable income

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 25, 2021 referred to budget and revenue

Co-Sponsors

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S2833 (ACTIVE) - Details

See Assembly Version of this Bill:
A4595
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §§209-N & 608, Tax L

S2833 (ACTIVE) - Summary

Imposes additional tax on certain business income and on business income included in an individual's New York taxable income.

S2833 (ACTIVE) - Sponsor Memo

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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