A07454 Summary:

BILL NOA07454
 
SAME ASSAME AS S01659
 
SPONSORKim
 
COSPNSREpstein, Gottfried
 
MLTSPNSR
 
Add 183-b, Tax L
 
Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.
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A07454 Actions:

BILL NOA07454
 
05/03/2019referred to ways and means
01/08/2020referred to ways and means
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A07454 Committee Votes:

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A07454 Floor Votes:

There are no votes for this bill in this legislative session.
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A07454 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7454
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                       May 3, 2019
                                       ___________
 
        Introduced by M. of A. KIM -- read once and referred to the Committee on
          Ways and Means
 
        AN  ACT  to  amend the tax law, in relation to imposing a tax related to
          executive compensation
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The  tax  law is amended by adding a new section 183-b to
     2  read as follows:
     3    § 183-b. Tax on companies subject  to  United  States  securities  and
     4  exchange  commission  pay ratio reporting requirements.  Notwithstanding
     5  any other provision of this chapter, or of any other law, for the period
     6  beginning with the taxable years commencing on or after the first day of
     7  January, two thousand twenty, an annual tax is hereby imposed upon every
     8  company subject to the United States securities and exchange  commission
     9  pay  ratio  reporting requirements, pursuant to section 229.402 of title
    10  17 of the code of federal regulations, at the rate  of  ten  percent  of
    11  base  tax liability if such company reports to the United States securi-
    12  ties and exchange commission a pay ratio of at least one hundred to  one
    13  but  less  than two hundred fifty to one on United States securities and
    14  exchange commission disclosures; or at the rate of  twenty-five  percent
    15  of base tax liability if such company reports to the United States secu-
    16  rities  and  exchange commission a pay ratio of two hundred fifty to one
    17  or greater on United States securities and exchange  commission  disclo-
    18  sures.
    19    § 2. This act shall take effect January 1, 2020 and shall apply to all
    20  tax years commencing on or after such date.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04324-01-9
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