|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jul 11, 2022||referred to rules|
senate Bill S9500
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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) - Sponsor Memo
BILL NUMBER: S9500 SPONSOR: PARKER TITLE OF BILL: 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" PURPOSE OR GENERAL IDEA OF BILL: To amend the tax law and the state finance law, in relation to enacting the "Empire State Windfall Profits Tax Act of 2023" SUMMARY OF PROVISIONS: Section 1 identifies the title of the bill. Section 2 adds a new section 1105-c to the tax law, providing that in addition to any other taxes imposed in this section, in each calendar quarter an excise tax shall be imposed on any covered taxpayer at a rate determined in section (b).
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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