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NY A05377
Bill
Status
2/13/2025
Primary Sponsor
Michaelle Solages
Click for details
AI Summary
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Increases the franchise tax rate from 7.25% to 9% for taxpayers with a business income base exceeding $5 million, effective for taxable years beginning on or after January 1, 2025
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Ends the temporary 7.25% tax rate two years early (was scheduled to expire January 1, 2027, now expires January 1, 2025)
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Maintains the standard 6.5% franchise tax rate for businesses with income bases of $5 million or less
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Preserves existing reduced tax computation methods for small business taxpayers, manufacturers, and qualified emerging technology companies
Legislative Description
Provides that the franchise tax on businesses with a business income base over five million dollars shall be nine percent of such income base.
Last Action
print number 5377a
2/13/2026