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Bill > S02858
NY S02858
NY S02858Requires 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
01/25/2023
01/25/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to imposing a tax related to executive compensation
AI Summary
This bill amends the tax law to impose an annual tax on companies subject to the United States Securities and Exchange Commission (SEC) pay ratio reporting requirements. Companies with a pay ratio between 100:1 and 250:1 (where the CEO's compensation is 100 to 250 times greater than the median employee's pay) will be taxed at a rate of 10% of their base tax liability. Companies with a pay ratio of 250:1 or greater will be taxed at a rate of 25% of their base tax liability. The bill will take effect on January 1, 2024 and apply to all tax years starting on or after that date.
Committee Categories
Government Affairs
Sponsors (6)
James Skoufis (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 01/03/2024)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Corporate Management
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
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://www.nysenate.gov/legislation/bills/2023/S2858 | 01/25/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S02858&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S02858 | 01/25/2023 |
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