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NY S09299

Bill

Official Source

Status

Introduced

2/26/2026

Primary Sponsor

Michelle Hinchey

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Reduces the business income base tax rate from 6.5% to 4% for businesses with income up to $290,000, effective for tax years beginning January 1, 2027
  • Lowers the flat tax amount for businesses with income between $290,000 and $390,000 from $18,850 to $11,600
  • Adjusts the tiered tax calculation for mid-range business income, applying 6.5% (down from 7.1%) on income between $290,000 and $390,000
  • Increases the rate on income between $350,000 and $390,000 to 18.13% (up from 4.35%) as part of the restructured bracket system
  • Introduced by Senator Hinchey and referred to the Committee on Budget and Revenue

Legislative Description

Relates to the business income rate and expanding the small business subtraction modification.

Last Action

REFERRED TO BUDGET AND REVENUE

2/26/2026

Committee Referrals

Budget and Revenue2/26/2026

Full Bill Text

No bill text available