Bill Text: NY A02282 | 2025-2026 | General Assembly | Introduced

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Bill Title: Relates to conducting studies on personal income tax brackets and the corporate franchise tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-01-16 - referred to ways and means [A02282 Detail]

Download: New_York-2025-A02282-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2282

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 16, 2025
                                       ___________

        Introduced  by M. of A. SMULLEN -- read once and referred to the Commit-
          tee on Ways and Means

        AN ACT creating a tax simplification and fairness study to look  at  the
          personal income tax brackets and the corporate franchise tax

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The commissioner of taxation and finance  shall  conduct  a
     2  study  to  examine  the  corresponding  income  tax  brackets and dollar
     3  amounts that could be  enacted  if  a  proportionate  reduction  in  the
     4  personal  income  tax  bracket and dollar amounts as provided in section
     5  601 of the tax law for taxable years beginning  after  2013  and  before
     6  2025  and for taxable years beginning after 2027, if all of the personal
     7  income tax credits provided in section 606 of the tax  law  were  elimi-
     8  nated  and  personal  income  tax receipts were forecasted to be revenue
     9  neutral based on current law.
    10    § 2. The commissioner of taxation and finance shall conduct a study to
    11  examine the corresponding reduction in the imposition of  the  corporate
    12  franchise  tax that could be enacted if a proportionate reduction in the
    13  imposition of the corporate franchise tax as provided  by  sections  209
    14  and  210 of the tax law, if all the credits provided in section 210-B of
    15  the tax law were eliminated and the  corporate  franchise  tax  receipts
    16  were forecasted to be revenue neutral based on current law.
    17    §  3.  The  commissioner  of  taxation and finance shall report on the
    18  results of the studies in section one and section two within one hundred
    19  eighty days after this act shall have become a law.
    20    § 4. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05840-01-5