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