New York S01487 modifies business income base calculations for small businesses.

New York S01487 amends the tax law to adjust the business income base calculations for small businesses. It specifies different percentages for businesses with varying income levels, affecting taxable years starting from January 1, 2027. The bill also redefines the term "small business" to include sole proprietors, limited liability companies, partnerships, and New York S corporations with specific income thresholds.

New York S01487 modifies business income base calculations for small businesses.

New York S01487 amends the tax law to adjust the business income base calculations for small businesses. It specifies different percentages for businesses with varying income levels, affecting taxable years starting from January 1, 2027. The bill also redefines the term "small business" to include sole proprietors, limited liability companies, partnerships, and New York S corporations with specific income thresholds.