A01971

Increases the tax rate on corporate income in New York.

New York A01971 amends the tax law to increase the tax rate on corporate income. The bill adjusts the tax rate for different taxable years, affecting corporate taxpayers based on their business income base. For taxable years beginning on or after January 1, 2026, the tax rate is set at seven and one-quarter percent for most corporations. Corporations with a business income base exceeding five million dollars face a higher rate of eleven and one-half percent. The bill applies to taxable years starting from the specified dates and affects corporate taxpayers in New York.