Bill > A05064

This bill amends the New York tax law to lower the business income base rate for certain small businesses and expand the small business subtraction modification. Specifically, it reduces the business income base rate from 6.5% to 4% for businesses with a business income base of up to $290,000, and expands the small business subtraction modification from 3% to 15% of net business or farm income for businesses with less than $250,000 in net income. The bill applies to tax years beginning on or after January 1, 2022.