Bill > S09299

This bill, effective immediately and applying to taxable years beginning on or after January 1, 2027, amends tax law to adjust the tax rate on business income. Specifically, for taxable years beginning on or after January 1, 2027, the bill changes the tax rate for businesses with a "business income base" (the amount of profit a business earns) of not more than $290,000 to 4% of that income, and modifies the calculation for businesses with a business income base between $290,000 and $390,000 by adjusting the fixed amounts and percentages applied to different portions of that income. The bill also mentions expanding the "small business subtraction modification," which is a deduction that reduces a business's taxable income, though the specific details of this expansion are not detailed in the provided text.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S9299