Bill > A02282

This bill directs the New York State Commissioner of Taxation and Finance to conduct two separate studies examining potential tax restructuring. The first study will investigate the potential personal income tax bracket adjustments, specifically exploring what income tax brackets and dollar amounts could be implemented if all current personal income tax credits were eliminated, while ensuring the overall tax receipts remain revenue neutral. The second study will focus on the corporate franchise tax, examining potential reductions in tax impositions if all current corporate tax credits were eliminated, again with the goal of maintaining revenue neutrality. The commissioner is required to complete and report on both studies within 180 days of the bill becoming law. By mandating these studies, the bill aims to explore opportunities for tax simplification and potential tax structure modifications that could maintain current revenue levels while potentially simplifying the tax system for both individuals and corporations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2282