Bill > A05377

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 company's profits allocated to New York) exceeding five million dollars will be subject to a franchise tax rate of nine percent on that income base, an increase from the current seven and a quarter percent for businesses with income over five million dollars. The bill also makes a technical correction by changing the end date for the current seven and a quarter percent rate from January 1, 2027, to January 1, 2026, and it takes effect immediately.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5377