Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Apr 13, 2022 | print number 29a |
Apr 13, 2022 | amend (t) and recommit to budget and revenue |
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 S29
Sponsored By
Anna M. Kaplan
(D, IP, WF) 0 Senate District
Archive: Last 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
Your Voice
Actions
Votes
Bill Amendments
Co-Sponsors
Joseph P. Addabbo Jr
(D) 15th Senate District
Fred Akshar
(R, C, IP, RFM) 0 Senate District
Neil D. Breslin
(D, WF) 46th Senate District
Pamela Helming
(R, C, IP) 54th Senate District
S29 - Details
- See Assembly Version of this Bill:
- A5064
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020: S5954, A6309
2023-2024: A2791
S29 - Sponsor Memo
BILL NUMBER: S29 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the tax law, in relation to the business income base rate and expanding the small business subtraction modification PURPOSE OF THE BILL: Reduces the amount small businesses and farms that employ at least one employee must pay in taxes by increasing the corporate tax threshold from $290,000 to $390,000 and lowering the rate to 4%. In addition, it would expand the small business exemption from 5% to 15% for net farm and/or net business income under $250,000. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends article 9-A of the Tax Law to reduce the tax rate for corporations that are considered small corporations from 6.5% to 4%.
S29 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 29 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sens. KAPLAN, ADDABBO, AKSHAR, BRESLIN, RAMOS, SKOUFIS -- 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
Co-Sponsors
Joseph P. Addabbo Jr
(D) 15th Senate District
Fred Akshar
(R, C, IP, RFM) 0 Senate District
Neil D. Breslin
(D, WF) 46th Senate District
Pamela Helming
(R, C, IP) 54th Senate District
S29A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5064
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020: S5954, A6309
2023-2024: A2791
S29A (ACTIVE) - Sponsor Memo
BILL NUMBER: S29A SPONSOR: KAPLAN TITLE OF BILL: An act to amend the tax law, in relation to the business income base rate PURPOSE OF THE BILL: Reduces the amount small businesses and farms that employ at least one employee must pay in taxes by increasing the corporate tax threshold from $290,000 to $390,000 and lowering the rate to 4%. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends article 9-A of the Tax Law to reduce the tax rate for corporations that are considered small corporations from 6.5% to 4% if the business income is less than $290,000. If the business income is between $290,000 and $395,000 the amount shall be the sum of $11,600, 6.3% of the excess of the business income base over $290,000 but not over $390,000, 18.13% of the excess of business income base over
S29A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 29--A 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sens. KAPLAN, ADDABBO, AKSHAR, BRESLIN, HELMING, JORDAN, MARTUCCI, MYRIE, RAMOS, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- recommitted to the Committee on Budget and Revenue in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to the business income base rate 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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