senate Bill S2915

2021-2022 Legislative Session

Imposes a pass-through business tax

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

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 26, 2021 referred to budget and revenue

S2915 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd Tax L, generally

S2915 (ACTIVE) - Summary

Imposes a pass-through business tax; defines terms; provides for the imposition and rate of tax, tax reductions, payment of estimated tax, filing of return and payment of tax, accounting periods and methods and procedural provisions; makes related provisions.

S2915 (ACTIVE) - Sponsor Memo

S2915 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2915
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2021
                                ___________
 
 Introduced  by  Sen.  BROOKS -- 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  a  pass-
   through business tax
 
   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 a new article 24-A to read
 as follows:
                               ARTICLE 24-A
                         PASS-THROUGH BUSINESS TAX
 SECTION 860. DEFINITIONS.
         861. IMPOSITION AND RATE OF TAX.
         862. CREDITS.
         863. PAYMENT OF ESTIMATED TAX.
         864. FILING OF RETURN AND PAYMENT OF TAX.
         865. ACCOUNTING PERIODS AND METHODS.
         866. PROCEDURAL PROVISIONS.
   § 860. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE:
   (A) AFFECTED PARTNERSHIP. AFFECTED PARTNERSHIP MEANS  ANY  PARTNERSHIP
 THAT  HAS  ELECTED  PURSUANT  TO SUBSECTION (B) OF SECTION EIGHT HUNDRED
 SIXTY-ONE OF THIS ARTICLE TO BE SUBJECT TO THE TAX IMPOSED BY THIS ARTI-
 CLE.
   (B) AFFECTED S CORPORATION. AFFECTED S CORPORATION MEANS ANY NEW  YORK
 S  CORPORATION  THAT  HAS  ELECTED PURSUANT TO SUBSECTION (B) OF SECTION
 EIGHT HUNDRED SIXTY-ONE OF THIS ARTICLE TO BE SUBJECT TO THE TAX IMPOSED
 BY THIS ARTICLE.
   (C) AFFECTED PASS-THROUGH ENTITY. AFFECTED PASS-THROUGH  ENTITY  MEANS
 ANY AFFECTED PARTNERSHIP OR ANY AFFECTED S CORPORATION.
   (D)  LOWER-TIER  AFFECTED  PASS-THROUGH  ENTITY. A LOWER-TIER AFFECTED
 PASS-THROUGH ENTITY MEANS ANY AFFECTED PASS-THROUGH ENTITY IN  WHICH  AN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05510-02-1

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