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Bill > A06309
NY A06309
NY A06309Relates to the business income rate and expanding the small business subtraction modification.
summary
Introduced
03/05/2019
03/05/2019
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 the business income base rate and expanding the small business subtraction modification 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 New York tax law to reduce the business income base rate for certain small businesses and expand the small business subtraction modification. Specifically, it lowers the business income base rate from 6.5% to 4% for small businesses with a business income base of up to $290,000, and provides a modified rate structure for businesses with a business income base between $290,000 and $390,000. Additionally, it increases the small business subtraction modification from 3% to 15% of net business or farm income for eligible small businesses and their owners. These changes are effective for tax years beginning on or after January 1, 2021.
Committee Categories
Budget and Finance
Sponsors (32)
Donna Lupardo (D)*,
Robin Schimminger (D)*,
Karl Brabenec (R),
Clifford Crouch (R),
Michael Cusick (D),
Anthony D'Urso (D),
Andy Goodell (R),
Judy Griffin (D),
Steve Hawley (R),
Pamela Hunter (D),
Billy Jones (D),
Michael LiPetri (R),
Nicole Malliotakis (R),
Brian Manktelow (R),
John McDonald (D),
Dave McDonough (R),
Brian Miller (R),
Michael Montesano (R),
Walter Mosley (D),
Félix Ortiz (D),
Tony Palumbo (R),
Stacey Pheffer Amato (D),
Ed Ra (R),
Nader Sayegh (D),
Doug Smith (R),
Dan Stec (R),
Steve Stern (D),
Al Stirpe (D),
Chris Tague (R),
Fred Thiele (D),
Monica Wallace (D),
Carrie Woerner (D),
Last Action
print number 6309a (on 02/26/2020)
Official Document
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