Bill > S04176

This bill enacts the "Empire State Windfall Profits Tax Act", which establishes a new excise tax on companies experiencing significant profits. The tax would apply to businesses operating in New York State, imposing a 25% tax on quarterly receipts when a company's current profits exceed its average profits from 2018-2022. The bill creates a new "Protect New Yorkers from Surges Fund" to collect and manage the tax revenues. As part of the legislation, eligible New York state residents would receive a tax credit or rebate based on the collected windfall profits tax, with the amount determined quarterly and subject to income-based limitations. The tax would be in effect from the bill's enactment until December 31, 2027, and includes provisions for inflation adjustments, record-keeping requirements, and local municipalities' option to impose additional excise taxes. The bill also mandates that the state tax commissioner develop regulations and conduct outreach to ensure businesses and individuals understand and can access the new tax and associated rebates.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4176