Bill > S00029

This bill amends the New York tax law to set forth the business income base rate for taxable years beginning on and after January 1, 2022. Specifically, it reduces the base rate for businesses with a business income base of up to $290,000 from 6.5% to 4%, and adjusts the rates for businesses with a base between $290,000 and $390,000. The bill also expands the small business subtraction modification, which provides tax relief for small businesses. The changes made by this bill will apply to taxable years starting on or after January 1, 2022.