Bill Text: NY A02582 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 2582 (Prior Session Legislation)

Introduced

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2024-01-03 - referred to ways and means [A02582 Detail]

Download: New_York-2023-A02582-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          2582

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2023
                                       ___________

        Introduced  by  M.  of  A. KIM, EPSTEIN -- 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:

     1    Section 1. The tax law is amended by adding a  new  section  183-b  to
     2  read as follows:
     3    §  183-b.  Tax  on  companies  subject to United States securities and
     4  exchange commission pay ratio reporting requirements.    Notwithstanding
     5  any other provision of this chapter, or of any other law, for the period
     6  beginning with the taxable years commencing on or after the first day of
     7  January,  two thousand twenty-four, an annual tax is hereby imposed upon
     8  every company subject to  the  United  States  securities  and  exchange
     9  commission pay ratio reporting requirements, pursuant to section 229.402
    10  of  title  17  of  the  code  of federal regulations, at the rate of ten
    11  percent of base tax liability if such  company  reports  to  the  United
    12  States  securities  and  exchange commission a pay ratio of at least one
    13  hundred to one but less than two hundred fifty to one on  United  States
    14  securities  and exchange commission disclosures; or at the rate of twen-
    15  ty-five percent of base tax liability if such  company  reports  to  the
    16  United  States  securities  and  exchange  commission a pay ratio of two
    17  hundred fifty to one or greater on United States securities and exchange
    18  commission disclosures.
    19    § 2. This act shall take effect January 1, 2024 and shall apply to all
    20  tax years commencing on or after such date.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05777-01-3