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Senate Bill S2858

2023-2024 Legislative Session

Imposes a tax related to executive compensation

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2023-S2858 (ACTIVE) - Details

See Assembly Version of this Bill:
A2582
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §183-b, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6236
2019-2020: S1659, A7454
2021-2022: S1813, A3691
2025-2026: S323, A970

2023-S2858 (ACTIVE) - Summary

Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.

2023-S2858 (ACTIVE) - Sponsor Memo

2023-S2858 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2858
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2023
                                ___________
 
 Introduced  by Sens. SKOUFIS, JACKSON, KRUEGER, RIVERA, SALAZAR, SANDERS
   -- read twice and ordered printed, and when printed to be committed to
   the Committee on Investigations and Government Operations
 
 AN ACT to amend the tax law, in relation to imposing a  tax  related  to
   executive compensation

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a  new  section  183-b  to
 read as follows:
   §  183-B.  TAX  ON  COMPANIES  SUBJECT TO UNITED STATES SECURITIES AND
 EXCHANGE COMMISSION PAY RATIO REPORTING REQUIREMENTS.    NOTWITHSTANDING
 ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER LAW, FOR THE PERIOD
 BEGINNING WITH THE TAXABLE YEARS COMMENCING ON OR AFTER THE FIRST DAY OF
 JANUARY,  TWO THOUSAND TWENTY-FOUR, AN ANNUAL TAX IS HEREBY IMPOSED UPON
 EVERY COMPANY SUBJECT TO  THE  UNITED  STATES  SECURITIES  AND  EXCHANGE
 COMMISSION PAY RATIO REPORTING REQUIREMENTS, PURSUANT TO SECTION 229.402
 OF  TITLE  17  OF  THE  CODE  OF FEDERAL REGULATIONS, AT THE RATE OF TEN
 PERCENT OF BASE TAX LIABILITY IF SUCH  COMPANY  REPORTS  TO  THE  UNITED
 STATES  SECURITIES  AND  EXCHANGE COMMISSION A PAY RATIO OF AT LEAST ONE
 HUNDRED TO ONE BUT LESS THAN TWO HUNDRED FIFTY TO ONE ON  UNITED  STATES
 SECURITIES  AND EXCHANGE COMMISSION DISCLOSURES; OR AT THE RATE OF TWEN-
 TY-FIVE PERCENT OF BASE TAX LIABILITY IF SUCH  COMPANY  REPORTS  TO  THE
 UNITED  STATES  SECURITIES  AND  EXCHANGE  COMMISSION A PAY RATIO OF TWO
 HUNDRED FIFTY TO ONE OR GREATER ON UNITED STATES SECURITIES AND EXCHANGE
 COMMISSION DISCLOSURES.
   § 2. This act shall take effect January 1, 2024 and shall apply to all
 tax years commencing on or after such date.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05777-01-3

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