Bill > A07636

This bill reinstates a bank tax that will be calculated based on the highest of four different bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax. The bill prohibits banks from segregating their income and capital into business and investment varieties. Specifically, a banking corporation will be subject to taxation under a new Article 32 of the tax law, which defines various terms, outlines tax calculation methods, and establishes rules for filing returns and making payments. The tax provisions will apply to taxable years beginning on or after January 1, 2026, and include complex rules for determining how income is allocated, what types of corporations are subject to the tax, and how combined returns should be filed. The bill introduces detailed provisions about credits, estimated tax payments, and procedural requirements for banking corporations, with the goal of ensuring that banks pay an appropriate level of tax based on their income, assets, and business activities.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7636