S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2791
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2023
                                ___________
 
 Introduced by M. of A. JONES, STERN, STIRPE -- read once and referred to
   the Committee on Ways and Means
 
 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-FOUR,  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
 THREE  HUNDRED  NINETY  THOUSAND  DOLLARS  AND (3) EIGHTEEN AND THIRTEEN
 HUNDREDTHS PERCENT OF THE EXCESS OF THE BUSINESS INCOME BASE OVER  THREE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04369-01-3
              

 A. 2791                             2
 
 HUNDRED  FIFTY  THOUSAND DOLLARS BUT NOT OVER THREE HUNDRED NINETY THOU-
 SAND DOLLARS;
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2024.