New York, New York – Governor Kathy Hochul signed legislation sponsored by Assemblywoman Nily Rozic (D-Fresh Meadows) and State Senator Zellnor Myrie (D-Brooklyn) to increase the maximum fines courts can impose on corporations convicted of criminal offenses.

The new law closes long-standing gaps in corporate accountability by updating penalty limits that have not been changed in decades. By bringing New York’s corporate fine structure into the modern era, the measure ensures that penalties for wrongdoing reflect the true scope and impact of corporate misconduct.

Previously, corporations convicted of a felony could face up to only ten thousand dollars, a figure far below the scope of many corporate crimes. The new law raises the caps to eighty thousand dollars for felony convictions, forty thousand dollars for class A misdemeanors, fifteen thousand for class B misdemeanors, and four thousand for violations. These updates ensure that penalties for corporate misconduct are more proportionate to the economic realities of modern business operations and provide a stronger deterrent against illegal activity.

“Corporate fines in New York have been frozen in time, even as the scale of corporate misconduct has grown. This bill is about restoring balance and updating our laws to reflect reality. No entity should be above the law, not even the most powerful corporations. I am thankful to Governor Hochul for signing this important legislation into law and Senator Myrie for his continued partnership and getting this done,” said Assemblywoman Nily Rozic.

“The last time we set penalties for corporate criminals, the Beatles were on tour, Mickey Mantle played for the Yankees and a subway ride cost 15 cents,” said Senator Zellnor Myrie. “Six decades later, businesses need to face real consequences for breaking our laws. I’m proud to have worked with Assemblywoman Rozic on this important bill and am grateful to Governor Hochul for signing it.”

New York Attorney General Letitia James said, “For too long, companies that violated our state laws paid far too little in penalties, while the cost of everything else continued to rise. I thank Governor Hochul for signing Senator Myrie and Assemblymember Rozic’s legislation raising corporate fines to help ensure that companies doing business in New York follow our laws and are held accountable to the highest extent.”

With this law, New York is reaffirming its commitment to fairness, accountability, and the rule of law in the corporate sector.