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NY A01208

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

Brian Kolb

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Reduces the corporate franchise tax rate on entire net income base from 7.1% to 6.85% for taxable years beginning on or after January 1, 2012
  • Reduces the small business taxpayer rate from 6.5% to 6% for entire net income bases not exceeding $390,000 for taxable years beginning on or after January 1, 2012
  • Reduces the qualified New York manufacturer rate from 6.5% to 6% for taxable years beginning on or after January 1, 2012
  • Maintains existing rate structures for taxable years beginning before January 1, 2012
  • Takes effect immediately upon enactment

Legislative Description

Reduces the rate at which a taxpayer's entire net income base shall be computed for the purposes of the franchise tax on business corporations.

Last Action

held for consideration in ways and means

6/19/2012

Committee Referrals

Ways and Means1/5/2011

Full Bill Text

No bill text available