New York Assembly Bill A03551 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 3551 2025-2026 Regular Sessions  IN ASSEMBLY January 28, 2025 ___________ Introduced by M. of A. JONES -- read once and referred to the Committee on Ways and Means 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: 1 Section 1. Subparagraph (iv) of paragraph (a) of subdivision 1 of 2 section 210 of the tax law, as amended by section 12 of part A of chap- 3 ter 59 of the laws of 2014, is amended to read as follows: 4 (iv) (A) for taxable years beginning before January first, two thou- 5 sand sixteen, if the business income base is not more than two hundred 6 ninety thousand dollars the amount shall be six and one-half percent of 7 the business income base; if the business income base is more than two 8 hundred ninety thousand dollars but not over three hundred ninety thou- 9 sand dollars the amount shall be the sum of (1) eighteen thousand eight 10 hundred fifty dollars, (2) seven and one-tenth percent of the excess of 11 the business income base over two hundred ninety thousand dollars but 12 not over three hundred ninety thousand dollars and (3) four and thirty- 13 five hundredths percent of the excess of the business income base over 14 three hundred fifty thousand dollars but not over three hundred ninety 15 thousand dollars; 16 (B) for taxable years beginning on or after January first, two thou- 17 sand twenty-six, if the business income base is not more than two 18 hundred ninety thousand dollars the amount shall be four percent of the 19 business income base; if the business income base is more than two 20 hundred ninety thousand dollars but not over three hundred ninety thou- 21 sand dollars the amount shall be the sum of (1) eleven thousand six 22 hundred dollars, (2) six and one-half percent of the excess of the busi- 23 ness income base over two hundred ninety thousand dollars but not over 24 three hundred ninety thousand dollars and (3) eighteen and thirteen 25 hundredths percent of the excess of the business income base over three EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06719-01-5 
 A. 3551 2 1 hundred fifty thousand dollars but not over three hundred ninety thou- 2 sand dollars; 3 § 2. This act shall take effect immediately and shall apply to taxable 4 years beginning on or after January 1, 2026.