New York S09299 amends the tax law to adjust the business income base rate and expand the small business subtraction modification.

New York S09299 amends the tax law to adjust the business income base rate and expand the small business subtraction modification. The bill modifies the business income base rate for taxable years beginning on or after January 1, 2027, setting it at four percent for businesses with a base not exceeding $290,000. For businesses with a base between $290,000 and $390,000, the rate is calculated as a sum of a fixed amount, a percentage of the excess over $290,000, and a percentage of the excess over $350,000. This act applies to taxable years starting on or after January 1, 2027.

New York S09299 amends the tax law to adjust the business income base rate and expand the small business subtraction modification.

New York S09299 amends the tax law to adjust the business income base rate and expand the small business subtraction modification. The bill modifies the business income base rate for taxable years beginning on or after January 1, 2027, setting it at four percent for businesses with a base not exceeding $290,000. For businesses with a base between $290,000 and $390,000, the rate is calculated as a sum of a fixed amount, a percentage of the excess over $290,000, and a percentage of the excess over $350,000. This act applies to taxable years starting on or after January 1, 2027.