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Bill > A01971

NY A01971

NY A01971
Increases the tax rate on corporate income.

summary

Introduced
01/14/2025
In Committee
01/07/2026
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the tax law, in relation to raising the tax rate on corporate income

AI Summary

This bill amends New York's tax law to increase the tax rate on corporate income, specifically impacting businesses with a "business income base," which refers to the portion of a company's earnings that is subject to state taxes. For taxable years beginning on or after January 1, 2026, the general corporate income tax rate will rise to 7.25%, and for corporations with a business income base exceeding $5 million, the rate will increase significantly to 11.5%. The bill also adjusts a previous change related to the tax rate for certain taxpayers with a business income base over $5 million, moving the end date for that provision from January 1, 2027, to January 1, 2026. These changes are intended to take effect immediately and apply to tax years starting on or after that date.

Committee Categories

Budget and Finance

Sponsors (45)

Anna Kelles (D)*,  George Alvarez (D),  Khaleel Anderson (D),  Didi Barrett (D),  Rodneyse Bichotte Hermelyn (D),  Chris Burdick (D),  Robert Carroll (D),  Monique Chandler-Waterman (D),  Sarah Clark (D),  Catalina Cruz (D),  Brian Cunningham (D),  Maritza Davila (D),  Manny De Los Santos (D),  Jeffrey Dinowitz (D),  Harvey Epstein (D),  Emily Gallagher (D),  Eddie Gibbs (D),  Jessica González-Rojas (D),  Andrew Hevesi (D),  Ron Kim (D),  Grace Lee (D),  Dana Levenberg (D),  Demond Meeks (D),  Marcela Mitaynes (D),  Diana Moreno (D),  Steven Raga (D),  Phil Ramos (D),  Karines Reyes (D),  Jonathan Rivera (D),  Gabriella Romero (D),  Linda Rosenthal (D),  Nader Sayegh (D),  Rebecca Seawright (D),  Amanda Septimo (D),  Maryjane Shimsky (D),  Sarahana Shrestha (D),  Jo Anne Simon (D),  Tony Simone (D),  Phara Souffrant Forrest (D),  Phil Steck (D),  Al Taylor (D),  Emerita Torres (D),  Claire Valdez (D),  Latrice Walker (D),  Jordan Wright (D), 

Last Action

print number 1971a (on 01/15/2026)
(1 Companion Bills)

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