Bill Text: NY A06236 | 2017-2018 | General Assembly | Amended

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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 5-0)

Status: (Introduced - Dead) 2018-03-20 - print number 6236a [A06236 Detail]

Download: New_York-2017-A06236-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6236--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      March 1, 2017
                                       ___________
        Introduced  by  M.  of A. SKOUFIS, HOOPER, SOLAGES, STECK -- Multi-Spon-
          sored by -- M. of A. COOK -- read once and referred to  the  Committee
          on Ways and Means -- recommitted to the Committee on Ways and Means in
          accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
        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 nineteen, 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, 2019 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.
                                                                   LBD09175-02-8