summary
Introduced
01/14/2025
01/14/2025
In Committee
01/07/2026
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 (32)
Anna Kelles (D)*,
George Alvarez (D),
Khaleel Anderson (D),
Rodneyse Bichotte Hermelyn (D),
Chris Burdick (D),
Robert Carroll (D),
Catalina Cruz (D),
Maritza Davila (D),
Manny De Los Santos (D),
Jeffrey Dinowitz (D),
Harvey Epstein (D),
Emily Gallagher (D),
Jessica González-Rojas (D),
Grace Lee (D),
Dana Levenberg (D),
Zohran Mamdani (D),
Demond Meeks (D),
Marcela Mitaynes (D),
Steven Raga (D),
Phil Ramos (D),
Karines Reyes (D),
Linda Rosenthal (D),
Nader Sayegh (D),
Rebecca Seawright (D),
Maryjane Shimsky (D),
Sarahana Shrestha (D),
Jo Anne Simon (D),
Tony Simone (D),
Phara Souffrant Forrest (D),
Phil Steck (D),
Al Taylor (D),
Claire Valdez (D),
Last Action
print number 1971a (on 01/15/2026)
Official Document
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