Bill Text: NY S01813 | 2021-2022 | General Assembly | Introduced

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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) 2022-01-05 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01813 Detail]

Download: New_York-2021-S01813-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1813

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 16, 2021
                                       ___________

        Introduced  by Sens. SKOUFIS, BIAGGI, JACKSON, KRUEGER, RIVERA, SALAZAR,
          SANDERS -- read twice and ordered printed,  and  when  printed  to  be
          committed to the Committee on Investigations and Government 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-two, an annual tax is hereby  imposed  upon
     8  every  company  subject  to  the  United  States securities and exchange
     9  commission pay ratio reporting requirements, pursuant to section 229.402
    10  of title 17 of the code of federal  regulations,  at  the  rate  of  ten
    11  percent  of  base  tax  liability  if such company reports to the United
    12  States securities and exchange commission a pay ratio of  at  least  one
    13  hundred  to  one but less than two hundred fifty to one on United States
    14  securities and exchange commission disclosures; or at the rate of  twen-
    15  ty-five  percent  of  base  tax liability if such company reports to the
    16  United States securities and exchange commission  a  pay  ratio  of  two
    17  hundred fifty to one or greater on United States securities and exchange
    18  commission disclosures.
    19    § 2. This act shall take effect January 1, 2022 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.
                                                                   LBD05681-01-1