senate Bill S9500

2021-2022 Legislative Session

Enacts the "Empire State Windfall Profits Tax Act of 2023"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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
Jul 11, 2022 referred to rules

S9500 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Add §1105-c, Tax L; add §99-qq, St Fin L

S9500 (ACTIVE) - Summary

Enacts the "Empire State Windfall Profits Tax Act of 2023", establishing an excise tax on the quarterly receipts of a company experiencing a profit windfall.

S9500 (ACTIVE) - Sponsor Memo

S9500 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9500
 
                             I N  S E N A T E
 
                               July 11, 2022
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law and the state finance law,  in  relation  to
   enacting the "Empire State Windfall Profits Tax Act of 2023"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act shall be known and may be  cited  as  the  "Empire
 State Windfall Profits Tax Act of 2023".
   §  2. The tax law is amended by adding a new section 1105-c to read as
 follows:
   § 1105-C. WINDFALL PROFITS TAX. (A) IMPOSITION OF TAX.   NOTWITHSTAND-
 ING  ANY  OTHER PROVISION OF LAW, RULE OR REGULATION TO THE CONTRARY, IN
 ADDITION TO ANY OTHER TAX IMPOSED UNDER THIS ARTICLE, IN  EACH  CALENDAR
 QUARTER THERE IS HEREBY IMPOSED ON ANY COVERED TAXPAYER AN EXCISE TAX AT
 THE  RATE  DETERMINED  UNDER  SUBDIVISION  (B)  OF  THIS  SECTION ON THE
 RECEIPTS FROM EACH RETAIL SALE OF TANGIBLE PERSONAL  PROPERTY,  SERVICE,
 PRODUCTION  AND  MANUFACTURING  BY  THE  COVERED  TAXPAYER FOR WHICH THE
 TAXPAYER ROUTINELY ENGAGES IN  BUSINESS  WITHIN  THE  STATE  DURING  THE
 CALENDAR QUARTER.
   (B)  RATE OF TAX. THE RATE OF TAX IMPOSED BY THIS SECTION ON THE TOTAL
 RECEIPTS FROM THE RETAIL SALE OF TANGIBLE  PERSONAL  PROPERTY,  SERVICE,
 PRODUCTION AND MANUFACTURING FOR ANY CALENDAR QUARTER IS THE PRODUCT OF:
   (1) TWENTY-FIVE PERCENT, AND
   (2) THE EXCESS, IF ANY, OF:
   (A)  THE  COMPANY  VALUE,  WHICH  IS THE AVERAGE ANNUAL PROFITS AT THE
 QUARTER, OVER
   (B) THE AVERAGE ANNUAL PROFITS OVER  A  PERIOD  BEGINNING  ON  JANUARY
 FIRST,  TWO  THOUSAND  FIFTEEN, AND ENDING ON DECEMBER THIRTY-FIRST, TWO
 THOUSAND NINETEEN.
   (C) WITHHOLDING AND DEPOSIT OF TAX.  THE  COMMISSIONER  SHALL  PROVIDE
 SUCH  RULES  AS ARE NECESSARY FOR THE WITHHOLDING AND DEPOSIT OF THE TAX
 IMPOSED UNDER THIS SECTION.
   (D) RECORDS AND INFORMATION. EACH TAXPAYER LIABLE FOR TAX  UNDER  THIS
 SECTION  SHALL  KEEP  SUCH  RECORDS, MAKE SUCH RETURNS, AND FURNISH SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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