Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 03, 2020 |
reported and committed to finance |
Feb 25, 2020 |
print number 5954a |
Feb 25, 2020 |
amend and recommit to budget and revenue |
Jan 08, 2020 |
referred to budget and revenue |
May 16, 2019 |
referred to budget and revenue |
Senate Bill S5954
2019-2020 Legislative Session
Sponsored By
(D, IP, WF) Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D, WF) 46th Senate District
(D) 42nd Senate District
2019-S5954 - Details
- See Assembly Version of this Bill:
- A6309
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2021-2022:
S29, A5064
2023-2024: A2791
2019-S5954 - Sponsor Memo
BILL NUMBER: S5954 SPONSOR: KAPLAN TITLE OF BILL: An act to amend the tax law, in relation to the busi- ness income base rate and expanding the small business subtraction modification PURPOSE OF THE BILL: Reduces the amount small businesses and farms that employ at least one employee must pay in taxes by increasing the corporate tax threshold from $290,000 to $390,000 and lowering the rate to 4%. In addition, it would expand the small business exemption from 5% to 15% for net farm and/or net business income under $250,000. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends article 9-A of the Tax Law to reduce the tax rate for corporations that are considered small corporations from 6.5% to 4%. Section 2 amends article 22 of the Tax Law to expand the business tax
2019-S5954 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5954 2019-2020 Regular Sessions I N S E N A T E May 16, 2019 ___________ Introduced by Sen. KAPLAN -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to the business income base rate and expanding the small business subtraction modification THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (iv) of paragraph (a) of subdivision 1 of section 210 of the tax law, as amended by section 12 of part A of chap- ter 59 of the laws of 2014, is amended to read as follows: (iv) (A) for taxable years beginning before January first, two thou- sand sixteen, if the business income base is not more than two hundred ninety thousand dollars the amount shall be six and one-half percent of the business income base; if the business income base is more than two hundred ninety thousand dollars but not over three hundred ninety thou- sand dollars the amount shall be the sum of (1) eighteen thousand eight hundred fifty dollars, (2) seven and one-tenth percent of the excess of the business income base over two hundred ninety thousand dollars but not over three hundred ninety thousand dollars and (3) four and thirty- five hundredths percent of the excess of the business income base over three hundred fifty thousand dollars but not over three hundred ninety thousand dollars; (B) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU- SAND TWENTY, IF THE BUSINESS INCOME BASE IS NOT MORE THAN TWO HUNDRED NINETY THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR PERCENT OF THE BUSINESS INCOME BASE; IF THE BUSINESS INCOME BASE IS MORE THAN TWO HUNDRED NINETY THOUSAND DOLLARS BUT NOT OVER THREE HUNDRED NINETY THOUSAND DOLLARS THE AMOUNT SHALL BE THE SUM OF (1) ELEVEN THOUSAND SIX HUNDRED DOLLARS, (2) SIX AND ONE-HALF PERCENT OF THE EXCESS OF THE BUSINESS INCOME BASE OVER TWO HUNDRED NINETY THOUSAND DOLLARS BUT NOT OVER THREE HUNDRED NINETY THOUSAND DOLLARS AND (3) EIGHTEEN AND THIRTEEN HUNDREDTHS PERCENT OF THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08516-01-9
co-Sponsors
(D) 15th Senate District
(R, C, IP, RFM) Senate District
(D, WF) 46th Senate District
(D, WF) Senate District
2019-S5954A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6309
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2021-2022:
S29, A5064
2023-2024: A2791
2019-S5954A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5954A SPONSOR: KAPLAN TITLE OF BILL: An act to amend the tax law, in relation to the business income base rate and expanding the small business subtraction modification PURPOSE OF THE BILL: Reduces the amount small businesses and farms that employ at least one employee must pay in taxes by increasing the corporate tax threshold from $290,000 to $390,000 and lowering the rate to 4%. In addition, it would expand the small business exemption from 5% to 15% for net farm and/or net business income under $250,000. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends article 9-A of the Tax Law to reduce the tax rate for corporations that are considered small corporations from 6.5% to 4%.
2019-S5954A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5954--A 2019-2020 Regular Sessions I N S E N A T E May 16, 2019 ___________ Introduced by Sens. KAPLAN, BRESLIN, SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- recommitted to the Committee on Budget and Revenue in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to the business income base rate and expanding the small business subtraction modification THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (iv) of paragraph (a) of subdivision 1 of section 210 of the tax law, as amended by section 12 of part A of chap- ter 59 of the laws of 2014, is amended to read as follows: (iv) (A) for taxable years beginning before January first, two thou- sand sixteen, if the business income base is not more than two hundred ninety thousand dollars the amount shall be six and one-half percent of the business income base; if the business income base is more than two hundred ninety thousand dollars but not over three hundred ninety thou- sand dollars the amount shall be the sum of (1) eighteen thousand eight hundred fifty dollars, (2) seven and one-tenth percent of the excess of the business income base over two hundred ninety thousand dollars but not over three hundred ninety thousand dollars and (3) four and thirty- five hundredths percent of the excess of the business income base over three hundred fifty thousand dollars but not over three hundred ninety thousand dollars; (B) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU- SAND TWENTY-ONE, IF THE BUSINESS INCOME BASE IS NOT MORE THAN TWO HUNDRED NINETY THOUSAND DOLLARS THE AMOUNT SHALL BE FOUR PERCENT OF THE BUSINESS INCOME BASE; IF THE BUSINESS INCOME BASE IS MORE THAN TWO HUNDRED NINETY THOUSAND DOLLARS BUT NOT OVER THREE HUNDRED NINETY THOU- SAND DOLLARS THE AMOUNT SHALL BE THE SUM OF (1) ELEVEN THOUSAND SIX EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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