Assembly Bill A4168

2023-2024 Legislative Session

Relates to pass-through manufacturers zero percent tax rate

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A4168 (ACTIVE) - Details

See Senate Version of this Bill:
S4064
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§612, 606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10121
2019-2020: A636, S4671
2021-2022: A3734, S27

2023-A4168 (ACTIVE) - Summary

Relates to pass-through manufacturers zero percent tax rate; extends a zero percent franchise tax to all manufacturers.

2023-A4168 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4168
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2023
                                ___________
 
 Introduced  by  M.  of  A.  STIRPE,  WALLACE,  WOERNER, CONRAD, LUPARDO,
   PALMESANO -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to  pass-through  manufacturers
   zero percent tax rate
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (b) of section 612 of the tax law is amended  by
 adding a new paragraph 44 to read as follows:
   (44)  ANY  INCOME,  GAIN,  LOSS  AND  DEDUCTION,  TO  THE EXTENT IT IS
 INCLUDED IN FEDERAL ADJUSTED GROSS INCOME  AND  IS,  WHEN  COMBINED  AND
 COMBINED  WITH  ADDITIONS  FOR FEDERAL DEPRECATION REQUIRED BY PARAGRAPH
 EIGHT OF THIS SUBSECTION  AND  SUBTRACTIONS  FOR  NEW  YORK  ALLOWED  BY
 SUBSECTION  (K)  OF  THIS  SECTION,  LESS THAN ZERO, OF AN INDIVIDUAL OR
 TRUST FROM A QUALIFIED PASS-THROUGH MANUFACTURER, AS  DEFINED  IN  PARA-
 GRAPH FORTY-SEVEN OF SUBSECTION (C) OF THIS SECTION.
   §  2. Paragraph 39 of subsection (c) of section 612 of the tax law, as
 amended by section 1 of part C of chapter 59 of the  laws  of  2022,  is
 amended and a new paragraph 47 is added to read as follows:
   (39)  (A)  In  the  case  of  a  taxpayer who is a small business or a
 taxpayer who is a member, partner, or shareholder of a limited liability
 company, partnership, or New York S corporation, respectively, that is a
 small business, who or which has business income and/or farm  income  as
 defined  in  the  laws  of the United States, an amount equal to fifteen
 percent of the net items of income, gain, loss and  deduction  attribut-
 able  to  such  business  or  farm  entering into federal adjusted gross
 income, but not less than zero.
   (B) (i) For the purposes of this paragraph, the  term  small  business
 shall mean: (I) a sole proprietor who employs one or more persons during
 the  taxable  year and who has net business income or net farm income of
 greater than zero but less than two hundred fifty thousand dollars;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02164-01-3
 A. 4168                             2
              

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