A08752 Summary:
| BILL NO | A08752 |
| SAME AS | SAME AS S07014 |
| SPONSOR | Ra |
| COSPNSR | Molitor |
| MLTSPNSR | |
| Amd §§210 & 601, Tax L | |
| Provides that any taxpayer who employees twenty or fewer employees, the first fifty thousand dollars is exempted from taxation. | |
A08752 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 8752 2025-2026 Regular Sessions IN ASSEMBLY June 2, 2025 ___________ Introduced by M. of A. RA -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to certain business taxpayers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210 of the tax law is amended by adding a new 2 subdivision 4 to read as follows: 3 4. In the case of a taxpayer who employs twenty or fewer employees, 4 the first fifty thousand dollars is exempt from taxation. 5 § 2. Section 601 of the tax law is amended by adding a new subsection 6 (h-1) to read as follows: 7 (h-1) Businesses with twenty or fewer employees. In the case of a 8 taxpayer who employs twenty or fewer employees, the first fifty thousand 9 dollars is exempt from taxation. 10 § 3. This act shall take effect immediately and shall apply to taxable 11 years beginning on or after January 1, 2027. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10912-01-5