Senate Bill S1659

2019-2020 Legislative Session

Imposes a tax related to executive compensation

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

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2019-S1659 (ACTIVE) - Details

See Assembly Version of this Bill:
A7454
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §183-b, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6236
2021-2022: S1813, A3691
2023-2024: S2858, A2582

2019-S1659 (ACTIVE) - Summary

Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.

2019-S1659 (ACTIVE) - Sponsor Memo

2019-S1659 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1659
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2019
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation to imposing a  tax  related  to
   executive compensation
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a  new  section  183-b  to
 read as follows:
   §  183-B.  TAX  ON  COMPANIES  SUBJECT TO UNITED STATES SECURITIES AND
 EXCHANGE COMMISSION PAY RATIO REPORTING REQUIREMENTS.    NOTWITHSTANDING
 ANY OTHER PROVISION OF THIS CHAPTER, OR OF ANY OTHER LAW, FOR THE PERIOD
 BEGINNING WITH THE TAXABLE YEARS COMMENCING ON OR AFTER THE FIRST DAY OF
 JANUARY, TWO THOUSAND TWENTY, AN ANNUAL TAX IS HEREBY IMPOSED UPON EVERY
 COMPANY  SUBJECT TO THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 PAY RATIO REPORTING REQUIREMENTS, PURSUANT TO SECTION 229.402  OF  TITLE
 17  OF  THE  CODE  OF FEDERAL REGULATIONS, AT THE RATE OF TEN PERCENT OF
 BASE TAX LIABILITY IF SUCH COMPANY REPORTS TO THE UNITED STATES  SECURI-
 TIES  AND EXCHANGE COMMISSION A PAY RATIO OF AT LEAST ONE HUNDRED TO ONE
 BUT LESS THAN TWO HUNDRED FIFTY TO ONE ON UNITED STATES  SECURITIES  AND
 EXCHANGE  COMMISSION  DISCLOSURES; OR AT THE RATE OF TWENTY-FIVE PERCENT
 OF BASE TAX LIABILITY IF SUCH COMPANY REPORTS TO THE UNITED STATES SECU-
 RITIES AND EXCHANGE COMMISSION A PAY RATIO OF TWO HUNDRED FIFTY  TO  ONE
 OR  GREATER  ON UNITED STATES SECURITIES AND EXCHANGE COMMISSION DISCLO-
 SURES.
   § 2. This act shall take effect January 1, 2020 and shall apply to all
 tax years commencing on or after such date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04324-01-9

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