New York policy
S5431: Relates to franchise tax on banking corporations
NY Senate · Sponsor James Skoufis
- Jurisdiction
- New York State
- Applies to
- New York State (proposed)
- Effective
- January 7, 2026
What it requires
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.
ny-statesenatelegislationbill
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