| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Feb 10, 2026 |
print number 7877a |
| Feb 10, 2026 |
amend and recommit to budget and revenue |
| Jan 07, 2026 |
referred to budget and revenue |
| May 13, 2025 |
referred to budget and revenue |
Senate Bill S7877
2025-2026 Legislative Session
Sponsored By
(D) 26th Senate District
Current Bill Status - In Senate Committee Budget And Revenue Committee
Actions
Bill Amendments
2025-S7877 - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §210, Tax L
2025-S7877 - Sponsor Memo
BILL NUMBER: S7877
SPONSOR: GOUNARDES
TITLE OF BILL:
An act to amend the tax law, in relation to the application of net oper-
ating losses in the calculation of corporate franchise taxes
PURPOSE OR GENERAL IDEA OF BILL:
This bill would amend the tax law to reduce the net operating loss
carryback provision from three years to one year and the carryforward
amount from twenty years to five years
SUMMARY OF PROVISIONS:
Section one of the bill amends Clause 4 of subparagraph (ix) of para-
graph (a) of subdivision 1 of section 210 of the tax law to effectuate
changes to Net Operating Loss carryback and carryforward provisions
Section two of the bill provides for the effective date
2025-S7877 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
7877
2025-2026 Regular Sessions
I N S E N A T E
May 13, 2025
___________
Introduced by Sen. GOUNARDES -- 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, in relation to the application of net oper-
ating losses in the calculation of corporate franchise taxes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Clause 4 of subparagraph (ix) of paragraph (a) of subdivi-
sion 1 of section 210 of the tax law, as amended by section 16 of part T
of chapter 59 of the laws of 2015, is amended to read as follows:
(4) A net operating loss may be carried back [three] ONE taxable
[years] YEAR preceding the taxable year of the loss ("the loss year").
However no loss can be carried back to a taxable year beginning before
January first, two thousand [fifteen] TWENTY-FOUR. [The loss is first
carried to the earliest of the three taxable years. If it is not entire-
ly used in that year, it is carried to the second taxable year preceding
the loss year, and any remaining amount is carried to the taxable year
immediately preceding the loss year.] Any unused amount of loss then
remaining may be carried forward for as many as [twenty] FIVE taxable
years following the loss year. Losses carried forward are carried
forward first to the taxable year immediately following the loss year,
then to the second taxable year following the loss year, and then to the
next immediately subsequent taxable year or years until the loss is used
up or the [twentieth] FIFTH taxable year following the loss year, which-
ever comes first.
§ 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2025.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11013-01-5
2025-S7877A (ACTIVE) - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §210, Tax L
2025-S7877A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7877A
SPONSOR: GOUNARDES
TITLE OF BILL:
An act to amend the tax law, in relation to the application of net oper-
ating losses in the calculation of corporate franchise taxes
PURPOSE OR GENERAL IDEA OF BILL:
This bill would amend the tax law to eliminate the net operating loss
carryback provision and reduce the carryforward amount from twenty years
to five years.
SUMMARY OF PROVISIONS:
Section one of the bill amends Clause 4 of subparagraph (ix) of para-
graph (a) of subdivision 1 of section 210 of the tax law to effectuate
changes to Net Operating Loss carryback and carryforward provisions
Section two of the bill provides for the effective date
2025-S7877A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
7877--A
2025-2026 Regular Sessions
I N S E N A T E
May 13, 2025
___________
Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue --
recommitted to the Committee on Budget and Revenue in accordance with
Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to the application of net oper-
ating losses in the calculation of corporate franchise taxes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Clause 4 of subparagraph (ix) of paragraph (a) of subdivi-
sion 1 of section 210 of the tax law, as amended by section 16 of part T
of chapter 59 of the laws of 2015, is amended to read as follows:
(4) A net operating loss [may be carried back three taxable years
preceding the taxable year of the loss ("the loss year"). However no
loss can be carried back to a taxable year beginning before January
first, two thousand fifteen. The loss is first carried to the earliest
of the three taxable years. If it is not entirely used in that year, it
is carried to the second taxable year preceding the loss year, and any
remaining amount is carried to the taxable year immediately preceding
the loss year. Any unused amount of loss then remaining] may be carried
forward for as many as [twenty] FIVE taxable years following the loss
year. Losses carried forward are carried forward first to the taxable
year immediately following the loss year, then to the second taxable
year following the loss year, and then to the next immediately subse-
quent taxable year or years until the loss is used up or the [twentieth]
FIFTH taxable year following the loss year, whichever comes first.
§ 2. This act shall take effect immediately and shall apply to taxable
years beginning on and 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.
LBD11013-02-6
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