Bill Text: NY S07235 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Relates to business income base and certain small business taxpayers.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Engrossed - Dead) 2016-04-11 - referred to ways and means [S07235 Detail]

Download: New_York-2015-S07235-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7235
                    IN SENATE
                                      April 8, 2016
                                       ___________
        Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to amend the tax law and the administrative code of the  city  of
          New  York, in relation to business income base and certain small busi-
          ness taxpayers
          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  seventeen,  if  the  business  income  base  is not more than four
    18  hundred thousand dollars the amount shall be four percent of  the  busi-
    19  ness  income base; if the business income base is more than four hundred
    20  thousand dollars but not over five hundred thousand dollars  the  amount
    21  shall  be  the sum of (1) sixteen thousand dollars, (2) six and one-half
    22  percent of the excess of the business  income  base  over  four  hundred
    23  thousand  dollars  but  not  over  five hundred thousand dollars and (3)
    24  twenty percent of the excess of  the  business  income  base  over  four
    25  hundred  fifty  thousand  dollars  but  not  over  five hundred thousand
    26  dollars;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14973-01-6