S T A T E O F N E W Y O R K
________________________________________________________________________
5377
2025-2026 Regular Sessions
I N A S S E M B L Y
February 13, 2025
___________
Introduced by M. of A. SOLAGES -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to computation of franchise tax
on taxpayers with a business income base exceeding five million
dollars
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The opening paragraph of paragraph (a) of subdivision 1 of
section 210 of the tax law, as amended by section 1 of subpart A of part
I of chapter 59 of the laws of 2023, is amended to read as follows:
For taxable years beginning before January first, two thousand
sixteen, the amount prescribed by this paragraph shall be computed at
the rate of seven and one-tenth percent of the taxpayer's business
income base. For taxable years beginning on or after January first, two
thousand sixteen, the amount prescribed by this paragraph shall be six
and one-half percent of the taxpayer's business income base. For taxable
years beginning on or after January first, two thousand twenty-one and
before January first, two thousand [twenty-seven] TWENTY-FIVE for any
taxpayer with a business income base for the taxable year of more than
five million dollars, the amount prescribed by this paragraph shall be
seven and one-quarter percent of the taxpayer's business income base.
FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
TWENTY-FIVE FOR ANY TAXPAYER WITH A BUSINESS INCOME BASE FOR THE TAXABLE
YEAR OF MORE THAN FIVE MILLION DOLLARS, THE AMOUNT PRESCRIBED BY THIS
PARAGRAPH SHALL BE NINE PERCENT OF THE TAXPAYER'S BUSINESS INCOME BASE.
The taxpayer's business income base shall mean the portion of the
taxpayer's business income apportioned within the state as hereinafter
provided. However, in the case of a small business taxpayer, as defined
in paragraph (f) of this subdivision, the amount prescribed by this
paragraph shall be computed pursuant to subparagraph (iv) of this para-
graph and in the case of a manufacturer, as defined in subparagraph (vi)
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08239-01-5
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