Assembly Bill A3691

2021-2022 Legislative Session

Imposes a tax related to executive compensation

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2021-A3691 (ACTIVE) - Details

See Senate Version of this Bill:
S1813
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §183-b, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6236
2019-2020: A7454, S1659
2023-2024: A2582, S2858

2021-A3691 (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.

2021-A3691 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3691
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 Introduced by M. of A. KIM, EPSTEIN, GOTTFRIED -- read once and referred
   to the Committee on Ways and Means
 
 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-TWO, 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 SECURITIES 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  TWEN-
 TY-FIVE  PERCENT  OF  BASE  TAX LIABILITY IF SUCH COMPANY REPORTS TO THE
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION  A  PAY  RATIO  OF  TWO
 HUNDRED FIFTY TO ONE OR GREATER ON UNITED STATES SECURITIES AND EXCHANGE
 COMMISSION DISCLOSURES.
   § 2. This act shall take effect January 1, 2022 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.
                                                            LBD05681-01-1

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