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S02833 Summary:

BILL NOS02833
 
SAME ASSAME AS A04595
 
SPONSORHOYLMAN
 
COSPNSRBENJAMIN, BIAGGI, BRESLIN, BRISPORT, BROUK, COMRIE, COONEY, GIANARIS, JACKSON, LIU, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR, SANDERS, SEPULVEDA, SERRANO
 
MLTSPNSR
 
Add §§209-N & 608, Tax L
 
Imposes additional tax on certain business income and on business income included in an individual's New York taxable income.
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S02833 Actions:

BILL NOS02833
 
01/25/2021REFERRED TO BUDGET AND REVENUE
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S02833 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2833
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    January 25, 2021
                                       ___________
 
        Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
 
        AN ACT to amend the tax law, in relation to the imposition of additional
          tax on certain business income and on business income included  in  an
          individual's New York taxable income

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The tax law is amended by adding two new sections 209-N and
     2  608 to read as follows:
     3    § 209-N. Additional tax. 1. There is imposed an additional  tax  on  a
     4  taxpayer's  business  income base, as defined in section two hundred ten
     5  of this article, at a rate equal to the difference between (i) the  rate
     6  of tax imposed in subparagraph (b) of paragraph one of section 11 of the
     7  Internal  Revenue  Code  (26 U.S. Code § 11(1)(b)), as in effect for the
     8  year two thousand sixteen, and (ii) the current rate of tax  imposed  in
     9  paragraph (b) of section 11 of the Internal Revenue Code (26 U.S. Code §
    10  11(1)(b)).
    11    2.  The  additional  tax under this section shall be administered, and
    12  penalties shall be imposed, under the same provisions of this article as
    13  the tax imposed under section two hundred nine of this article.
    14    § 608. Additional tax. 1. There is imposed an additional tax upon  the
    15  amount  of  an  individual's New York taxable income that corresponds to
    16  any deduction taken pursuant to section 199A  of  the  Internal  Revenue
    17  Code  (26  U.S.  Code  § 199A), or any successor provision thereto. This
    18  section shall not apply to a taxpayer  with  a  federal  taxable  income
    19  below  the threshold amount, as defined in section 199A(e) of the Inter-
    20  nal Revenue Code, plus fifty thousand dollars for single filers  or  one
    21  hundred thousand dollars in the case of a joint return.
    22    2.  The  rate  of  such  additional  tax shall be equal to the highest
    23  federal income tax rates in effect for the taxable year that would apply
    24  to the amount deducted under section 199A of the Internal  Revenue  Code
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07723-01-1

        S. 2833                             2
 
     1  (26  U.S.  Code § 199A), or any successor provision thereto, but for the
     2  application of such section.
     3    3.  The  amount of an individual's New York taxable income that corre-
     4  sponds to the amount of any deduction taken pursuant to section 199A  of
     5  the Internal Revenue Code (26 U.S. Code § 199A) is the amount that bears
     6  the same relationship to the taxpayer's total New York taxable income as
     7  the  amount deducted under section 199A of the Internal Revenue Code (26
     8  U.S. Code § 199A) bears to the taxpayer's total federal  taxable  income
     9  as determined without regard to such deduction.
    10    4.  The  additional  tax under this section shall be administered, and
    11  penalties shall be imposed, in  the  same  manner  as  the  other  taxes
    12  imposed by this article.
    13    §  2.  This  act  shall take effect immediately and shall apply to tax
    14  year 2021.
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