Bill
Bill > A02582
NY A02582
NY A02582Requires 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
01/26/2023
01/26/2023
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 requires certain companies to pay an annual tax if the chief executive's compensation is between 100 to 250 times greater than the median pay of all their employees. The tax rate is 10% of the company's base tax liability if the pay ratio is at least 100 to 1 but less than 250 to 1, and 25% if the pay ratio is 250 to 1 or greater. The bill applies to companies subject to the United States Securities and Exchange Commission's pay ratio reporting requirements, and it will take effect starting January 1, 2024.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
referred to ways and means (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/A2582 | 01/26/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A02582&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A02582 | 01/26/2023 |
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