Bill Text: NY S01659 | 2019-2020 | General Assembly | Introduced


Bill Title: 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.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01659 Detail]

Download: New_York-2019-S01659-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          1659
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 15, 2019
                                       ___________
        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        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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