A04791 Summary:
| BILL NO | A04791 |
| SAME AS | No Same As |
| SPONSOR | Smullen |
| COSPNSR | |
| MLTSPNSR | |
| Relates to conducting studies on personal income tax brackets and the corporate franchise tax. | |
A04791 Actions:
| BILL NO | A04791 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 02/23/2023 | referred to ways and means | |||||||||||||||||||||||||||||||||||||||||||||||||
| 06/08/2023 | held for consideration in ways and means | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/03/2024 | referred to ways and means | |||||||||||||||||||||||||||||||||||||||||||||||||
A04791 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 4791 2023-2024 Regular Sessions IN ASSEMBLY February 23, 2023 ___________ 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 2025, 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. LBD09613-01-3