A 10340 New York Assembly · 2025 Regular Session

Relates to increasing tax rates imposed on unincorporated businesses and corporations in New York city

Summary

Increases tax rates imposed on unincorporated businesses and corporations in New York city upon adoption of a local law by the local legislative body of the city of New York.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2026

Committee Review

Floor Vote

Governor

Introduced Feb 24, 2026 Last action Mar 23, 2026

Maddy AI version diff · 1 comparison

What changed between versions

A10340 → A10340A · 4 edits

MODERATE

The bill was amended to reflect its progression from introduction to committee discharge and amendment. The substantive policy content was removed entirely and replaced with a new structure that amends existing state and city tax laws rather than creating a new article. The new text establishes specific tax rates for unincorporated businesses and corporations in New York City, adjusting thresholds and rates for taxable years beginning on or after January 1, 2026.

Scope change

The bill's scope shifted from authorizing a new 'City Business Tax Surcharge' under a new article to amending existing chapters of the laws of 1966 and the New York City Administrative Code to increase tax rates on unincorporated businesses and corporations.

SCOPE

The original text creating a new Article 30-C and Section 1350 for a 25% surcharge was removed.

New text was added to amend Chapter 772 of the laws of 1966 to impose a 4% tax on unincorporated business taxable income, with a higher rate for income exceeding $5 million.

REQUIREMENT

New amendments to the New York City Administrative Code were added to increase tax rates for corporations and unincorporated businesses for taxable years beginning on or after January 1, 2026.

TIMELINE

The effective date for the new tax rates was set for taxable years beginning on or after January 1, 2026.

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 23, 2026

Lower · Passed

PRINT NUMBER 10340A

lower

Mar 23, 2026

Lower · Passed

AMEND (T) AND RECOMMIT TO WAYS AND MEANS

lower

Feb 24, 2026

Committee

REFERRED TO WAYS AND MEANS

lower

1 primary · 19 co-sponsors