New York S00953 raises corporate income tax rates, aligns state tax conformity with federal corporate profit shifting rules, and imposes an.

New York S00953 amends the tax law to raise the tax rate on corporate income, increase state conformity to federal taxation of corporate profit shifting, and impose an additional tax on individual business income. The bill adjusts the tax rates for different levels of corporate income and business income bases, and it introduces a new additional tax on individual business income in response to federal tax benefits for pass-through business income. The changes apply to taxable years beginning on and after the effective date of the act.

New York S00953 raises corporate income tax rates, aligns state tax conformity with federal corporate profit shifting rules, and imposes an.

New York S00953 amends the tax law to raise the tax rate on corporate income, increase state conformity to federal taxation of corporate profit shifting, and impose an additional tax on individual business income. The bill adjusts the tax rates for different levels of corporate income and business income bases, and it introduces a new additional tax on individual business income in response to federal tax benefits for pass-through business income. The changes apply to taxable years beginning on and after the effective date of the act.