Bill > S05770

This bill enacts the "Empire State Windfall Profits Tax Act of 2023", which establishes a 25% excise tax on the quarterly receipts of covered businesses that experience a profit windfall. The tax applies to the excess of a company's average annual profits over a period from 2016 to 2020. The revenue from this tax will be deposited into a "Protect New Yorkers from Surges Fund" and municipalities have the option to impose the tax locally. The bill also provides rebates and tax credits to eligible individual state residents based on the revenue generated from the windfall profits tax.