Assembly Bill A5377

2025-2026 Legislative Session

Relates to calculation of franchise tax on businesses with a business income base over five million dollars

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Sponsored By

Current Bill Status - In Assembly 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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2025-A5377 (ACTIVE) - Details

See Senate Version of this Bill:
S3943
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §210, Tax L

2025-A5377 (ACTIVE) - Summary

Provides that the franchise tax on businesses with a business income base over five million dollars shall be nine percent of such income base.

2025-A5377 (ACTIVE) - Bill Text download pdf 

                             
                     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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