Senate Bill S1980

2023-2024 Legislative Session

Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; and imposes an additional tax on individual business income

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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-S1980 (ACTIVE) - Details

See Assembly Version of this Bill:
A3690
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§208, 210, 210-A & 606, add §608, Tax L

2023-S1980 (ACTIVE) - Summary

Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.

2023-S1980 (ACTIVE) - Sponsor Memo

2023-S1980 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1980
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 18, 2023
                                ___________
 
 Introduced  by Sen. HOYLMAN-SIGAL -- 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  raising  the  tax  rate  on
   corporate  income;  in  relation to increasing the state conformity to
   federal taxation of corporate profit  shifting;  and  in  relation  to
   imposing  an  additional tax on individual business income in response
   to federal tax benefits for pass-through business income
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph (b) of subdivision 6-a of section 208 of the tax
 law, as amended by section 1 of part I of chapter  39  of  the  laws  of
 2019, is amended to read as follows:
   (b)  "Exempt  CFC  income" means (i) except to the extent described in
 subparagraph (ii) of this paragraph, the income required to be  included
 in  the  taxpayer's  federal  gross income pursuant to subsection (a) of
 section 951 of the internal revenue code, received  from  a  corporation
 that  is  conducting  a  unitary  business  with the taxpayer but is not
 included in a combined  report  with  the  taxpayer,  (ii)  such  income
 required  to be included in the taxpayer's federal gross income pursuant
 to subsection (a) of such section 951 of the internal  revenue  code  by
 reason of subsection (a) of section 965 of the internal revenue code, as
 adjusted  by subsection (b) of section 965 of the internal revenue code,
 and without regard to subsection (c) of such section,  received  from  a
 corporation that is not included in a combined report with the taxpayer,
 and  (iii)  [ninety-five]  FIFTY  percent  of  the income required to be
 included in the taxpayer's federal gross income pursuant  to  subsection
 (a)  of section 951A of the internal revenue code, without regard to the
 deduction under section 250 of the internal revenue code, received  from
 a corporation that is not included in a combined report with the taxpay-
 er,  less,  (iv)  in  the  discretion  of the commissioner, any interest
 deductions directly or indirectly attributable to that income.  In  lieu
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04589-01-3
              

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