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NY S03943
Bill
Status
1/30/2025
Primary Sponsor
Andrew Gounardes
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 early, which was previously scheduled to expire on January 1, 2027, now expiring January 1, 2025
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Maintains the existing 6.5% rate for taxpayers with business income base of $5 million or less
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Preserves special tax computation rules 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 3943A
2/12/2026