Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Feb 06, 2023 | referred to budget and revenue |
senate Bill S4236
Sponsored By
Thomas F. O'Mara
(R, C) 58th Senate District
Current Bill Status - In Senate Committee Budget And Revenue Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
S4236 (ACTIVE) - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 612, Tax L; amd §11-1712, NYC Ad Cd
- Versions Introduced in Other Legislative Sessions:
-
2015-2016: S7235
2017-2018: S2120
2019-2020: S943
2021-2022: S5441
S4236 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4236 SPONSOR: O'MARA TITLE OF BILL: An act to amend the tax law and the administrative code of the city of New York, in relation to business income base and certain small business taxpayers PURPOSE OR GENERAL IDEA OF BILL: Reduces the amount small businesses and farms must pay in taxes by increasing the corporate tax threshold from $390,000 to $500,000 and lowering the rate to 2.5%. Expands the small business exemption to all PIT businesses regardless of whether they have employees, increases the threshold to $500,000, increases the exemption to 15%, and increases the exemption to 20% for farmers. SUMMARY OF SPECIFIC PROVISIONS: Section 1. amends the tax law to increase the threshold for which corpo- rations are considered small corporations from $290,000 to $400,000
S4236 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4236 2023-2024 Regular Sessions I N S E N A T E February 6, 2023 ___________ Introduced by Sen. O'MARA -- 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 and the administrative code of the city of New York, in relation to business income base and certain small busi- ness taxpayers 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-FIVE, IF THE BUSINESS INCOME BASE IS NOT MORE THAN FOUR HUNDRED THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR PERCENT OF THE BUSI- NESS INCOME BASE; IF THE BUSINESS INCOME BASE IS MORE THAN FOUR HUNDRED THOUSAND DOLLARS BUT NOT OVER FIVE HUNDRED THOUSAND DOLLARS THE AMOUNT SHALL BE THE SUM OF (1) SIXTEEN THOUSAND DOLLARS, (2) SIX AND ONE-HALF PERCENT OF THE EXCESS OF THE BUSINESS INCOME BASE OVER FOUR HUNDRED THOUSAND DOLLARS BUT NOT OVER FIVE HUNDRED THOUSAND DOLLARS AND (3) TWENTY PERCENT OF THE EXCESS OF THE BUSINESS INCOME BASE OVER FOUR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08799-01-3
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