New York · 2025 Regular Session · Bill
S 5431: Relates to franchise tax on banking corporations
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
S 5431 is a bill introduced in the New York Senate on February 21, 2025. According to its official title, it concerns: Relates to franchise tax on banking corporations. Primary sponsor: James Skoufis (Democratic). It lists 2 additional sponsors. Most recent recorded action (January 7, 2026): REFERRED TO BUDGET AND REVENUE.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
Reinstates a bank tax based on the highest of four bases: a tax on allocated entire net income, a tax on allocated alternative entire net income, a tax on allocated taxable assets, or a fixed dollar minimum tax; prohibits banks from segregating their income and capital into business and investment varieties.
Sponsors
Sponsors by party (alphabetical): Democratic 2 · Democratic/Working Families 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| James Skoufis | Primary sponsor | Democratic | Senate | 42 |
| Rachel May | Co-sponsor | Democratic/Working Families | Senate | 48 |
| James Sanders | Co-sponsor | Democratic | Senate | 10 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- REFERRED TO BUDGET AND REVENUE
- REFERRED TO BUDGET AND REVENUE