New York bills · 2025 Regular Session
New York S 953
Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; and imposes an additional tax on individual business income
- Introduced
- In committee
- Passed Senate
- Passed House
- To Governor
- Became law
Sponsors
- Brad Hoylman-Sigal
Cosponsors (14)
- Jabari Brisport (Democratic/Working Families)
- Samra Brouk (Democratic/Working Families)
- Cordell Cleare (Democratic)
- Nathalia Fernandez (Democratic)
- Kristen Gonzalez (Democratic/Working Families)
- Michelle Hinchey (Democratic/Working Families)
- Robert Jackson (Democratic/Working Families)
- Zellnor Myrie (Democratic)
- Kevin S. Parker (Democratic/Working Families)
- Jessica Ramos (Democratic/Working Families)
- Gustavo Rivera (Democratic/Working Families)
- Julia Salazar (Democratic/Working Families)
- James Sanders Jr. (Democratic)
- José M. Serrano (Democratic/Working Families)
Summary
Official abstract published by the New York legislature
Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.
Text versions
Roll-call votes
No recorded votes on this bill.
Actions
- Jan 8, 2025 · Senate
REFERRED TO BUDGET AND REVENUE