senate Bill S29

2021-2022 Legislative Session

Relates to the business income base rate

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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

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

Votes

view votes

May 18, 2021 - Budget and Revenue committee Vote

S29
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Budget and Revenue committee vote details

Budget and Revenue Committee Vote: May 18, 2021

aye wr (1)

Co-Sponsors

view additional co-sponsors

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 2019-2020 Legislative Session:
S5954, A6309

S29 - Summary

Sets forth the business income base rate for taxable years beginning on and after January 1, 2022.

S29 - Sponsor Memo

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

view additional co-sponsors

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 2019-2020 Legislative Session:
S5954, A6309

S29A (ACTIVE) - Summary

Sets forth the business income base rate for taxable years beginning on and after January 1, 2022.

S29A (ACTIVE) - Sponsor Memo

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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