Bill > S09500

This bill enacts the "Empire State Windfall Profits Tax Act of 2023", which establishes an excise tax on the quarterly receipts of companies experiencing a "profit windfall". The tax rate is set at 25% of the excess of the company's average annual profits over a baseline period from 2015-2019. The bill also creates a "Protect New Yorkers from Surges Fund" to receive the collected tax revenues, and allows municipalities to opt to impose the tax locally. Additionally, the bill provides for income tax credits and rebates to eligible individual taxpayers as a result of the windfall profits tax.