Relates to business income base and certain small business taxpayers

This bill amends New York State and New York City tax laws to adjust tax rates for small business income. It establishes tiered rates for businesses with "business income base" under $500,000, reducing rates from 6.5% (2026) to 4% (2027) and further to 2.5% (2028) for the base amount, with higher marginal rates for income above $400,000. It defines "small business" as sole proprietors with under $550,000 net income, or entities like LLCs/partnerships/S-corps with under $550,000 for farm businesses or $1.5 million for non-farm businesses. The changes apply to taxable years beginning on or after January 1, 2027, and would affect sole proprietors, small partnerships, LLCs, and S-corporations meeting the income thresholds.