Relates to business income base and certain small business taxpayers

Summary

The bill rewrites the formula New York uses to calculate taxes on a business's income base, setting new rates for years beginning in 2027 and 2028. It also defines a "small business" and allows such taxpayers to increase their state taxable income by 15% of their net business or farm earnings, subject to income limits. The changes aim to simplify tax calculations for smaller enterprises while adjusting revenue from larger businesses.

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