Bill > A02791

This bill amends the tax law to reduce the business income base rate from 6.5% to 4% for businesses with a business income base of up to $290,000, and adjusts the rate for businesses with a business income base between $290,000 and $390,000. The bill also expands the small business subtraction modification, which reduces the taxable income for eligible small businesses. These changes would take effect for taxable years beginning on or after January 1, 2024.