New York · 2025 Regular Session · Bill
S 953: Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; and imposes an additional tax on individual business income
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
S 953 is a bill introduced in the New York Senate on January 8, 2025. According to its official title, it concerns: Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; and imposes an additional tax on individual business income. Primary sponsor: Brad Hoylman-Sigal. It lists 14 additional sponsors. Most recent recorded action (January 8, 2025): 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.
Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.
Sponsors
Sponsors by party (alphabetical): Democratic 4 · Democratic/Working Families 10
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Brad Hoylman-Sigal | Primary sponsor | Not applicable (committee) | — | — |
| Jabari Brisport | Co-sponsor | Democratic/Working Families | Senate | 25 |
| Samra Brouk | Co-sponsor | Democratic/Working Families | Senate | 55 |
| Cordell Cleare | Co-sponsor | Democratic | Senate | 30 |
| Nathalia Fernández | Co-sponsor | Democratic | Senate | 34 |
| Kristen Gonzalez | Co-sponsor | Democratic/Working Families | Senate | 59 |
| Michelle Hinchey | Co-sponsor | Democratic/Working Families | Senate | 41 |
| Robert Jackson | Co-sponsor | Democratic/Working Families | Senate | 31 |
| Zellnor Myrie | Co-sponsor | Democratic | Senate | 20 |
| Kevin Parker | Co-sponsor | Democratic/Working Families | Senate | 21 |
| Jessica Ramos | Co-sponsor | Democratic/Working Families | Senate | 13 |
| Gustavo Rivera | Co-sponsor | Democratic/Working Families | Senate | 33 |
| Julia Salazar | Co-sponsor | Democratic/Working Families | Senate | 18 |
| James Sanders | Co-sponsor | Democratic | Senate | 10 |
| Jose Serrano | Co-sponsor | Democratic/Working Families | Senate | 29 |
“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