Bill > S03943

This bill amends New York's tax law to adjust the franchise tax rate for certain businesses. Specifically, for taxable years beginning on or after January 1, 2026, any business with a "business income base" (meaning the portion of a business's income that is taxed within the state) exceeding five million dollars will be subject to a franchise tax rate of nine percent of that income base. This change is a modification to existing tax rates, which previously had a tiered structure that included a rate of seven and one-quarter percent for businesses with income over five million dollars for taxable years between 2021 and 2025. The bill takes effect immediately.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3943