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Assembly Bill A10777

2025-2026 Legislative Session

Relates to the pass-through entity tax credit and the city pass-through entity tax credit

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Current Bill Status - In Assembly Committee

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2025-A10777 (ACTIVE) - Details

See Senate Version of this Bill:
S7643
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§863 & 870, Tax L

2025-A10777 (ACTIVE) - Summary

Provides that the aggregate amount of pass-through entity credits claimed by all partners, members or shareholders of an electing partnership or electing S corporation shall not exceed eighty-seven percent of the tax due.

2025-A10777 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10777
 
                           I N  A S S E M B L Y
 
                               April 1, 2026
                                ___________
 
 Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to the limitation on the  pass-
   through entity tax credit and the city pass-through entity tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (b) of section 863 of the tax law, as  added  by
 section  1  of  part  C of chapter 59 of the laws of 2021, is amended to
 read as follows:
   (b) Limitation on credit. The aggregate amount of credits  claimed  by
 all  partners,  members  or  shareholders  of an electing partnership or
 electing S corporation pursuant to subsection (a) of this section  shall
 not  exceed  EIGHTY-SEVEN PERCENT OF the tax due under subsection (a) of
 section eight hundred sixty-two of this article from such electing part-
 nership or electing S corporation for the taxable year.
   § 2. Subsection (b) of section 870 of the tax law, as added by section
 1 of subpart B of part MM of chapter 59 of the laws of 2022, is  amended
 to read as follows:
   (b)  Limitation  on credit. The aggregate amount of credits claimed by
 all partners, members or shareholders of an electing city partnership or
 an electing city resident S corporation pursuant to  subsection  (a)  of
 this  section shall not exceed EIGHTY-SEVEN PERCENT OF the tax due under
 section eight hundred sixty-nine of this article from such electing city
 partnership or electing city resident  S  corporation  for  the  taxable
 year.
   § 3. This act shall take effect immediately and shall apply to taxable
 years  beginning  on  or  after the first of January next succeeding the
 date on which it shall have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11771-01-5

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