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Bill > S01659
NY S01659
NY S01659Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.
summary
Introduced
01/15/2019
01/15/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to imposing a tax related to executive compensation The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill amends the tax law to impose an annual tax on companies subject to the U.S. Securities and Exchange Commission's (SEC) pay ratio reporting requirements. The tax rate is 10% of the company's base tax liability if the company reports a pay ratio of at least 100 to 1 but less than 250 to 1, or 25% of the base tax liability if the company reports a pay ratio of 250 to 1 or greater. The bill applies to tax years commencing on or after January 1, 2020.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (7)
James Skoufis (D)*,
Alessandra Biaggi (D),
Robert Jackson (D),
Liz Krueger (D),
Gustavo Rivera (D),
Julia Salazar (D),
James Sanders (D),
Last Action
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS (on 01/08/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://assembly.state.ny.us/leg/?default_fld=&bn=S01659&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 01/16/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01659&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01659 | 01/17/2019 |
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