S 7014 New York Senate · 2025 Regular Session

Relates to businesses with fewer than twenty employees

This bill exempts the first $50,000 of taxable income for businesses employing 20 or fewer employees. It amends tax law to create this exemption, applying to all such businesses regardless of industry. The provision takes effect for tax years beginning January 1, 2027. It directly affects small businesses meeting the employee threshold by reducing their initial tax liability.
Bill status in committee 1 of 4 stages cleared
Introduction
Mar 2025
Committee Review
Floor Vote
Governor
Introduced Mar 28, 2025 Last action Jan 7, 2026
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Total actions
2
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0
Committee
2
Jan 7, 2026
Committee
REFERRED TO BUDGET AND REVENUE
upper
Mar 28, 2025
Committee
REFERRED TO BUDGET AND REVENUE
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Steve Rhoads
Steve Rhoads
RRepublican/Conservative
NY
5