What's happening
This bill requires publicly-traded corporations in New York to file more detailed tax reports and mandates public disclosure of this information.
Why it matters
Increased Public Scrutiny of Corporate Tax Practices. By requiring detailed disclosure of deductions, credits, and taxable income, the bill enables the public, media, and advocacy groups to better scrutinize how much major corporations actually pay in state taxes—and how much they reduce liability through credits or loopholes.
Pressure for Corporate Accountability and Tax Fairness. Making this information public could drive policy debates, encourage fairer corporate tax contributions, and put reputational pressure on companies that aggressively minimize state tax payments.
Benchmarking and Policy Development. The standardized, published data will provide policymakers and researchers with a richer, more consistent dataset for analyzing the effectiveness of tax policy, identifying patterns of tax avoidance, and considering reforms.
Transparency of Non-Compliance. Publication of a list of corporations failing to file these expanded reports on time exposes non-compliant companies, potentially deterring late or incomplete reporting and bolstering enforcement without increasing direct government oversight.
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Who cares
Headline styles
Disclose Big Corporation Taxes
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6307
2019-2020 Regular Sessions
IN ASSEMBLY
March 5, 2019
Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to the periodic reporting of tax payments by major corporations
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The opening paragraph of subdivision 1 of section 211 of the tax law is designated paragraph (a) and a new paragraph (b) is added to read as follows:
(b) Every publicly-traded corporation obligated to file both an annual report pursuant to section thirteen or fifteen (d) of the federal Securities and Exchange Act of 1934 or any of its successor acts and a franchise tax return pursuant to this article shall, at the same time it files a report pursuant to paragraph (a) of this subdivision, submit to the commissioner an additional report in a form prescribed by the commissioner. The form shall contain:
(i) the name of the corporation and the street address of its principal office;
(ii) its total gross profit;
(iii) any deduction or other offset which reduces income subject to taxation or any credit which reduces the tax liability by greater than five percent;
(iv) any credit which reduces the tax liability by greater than five percent which is carried over from the previous year or years;
(v) any unused credit which reduces the tax liability by greater than five percent which will be carried over to the following year or years;
(vi) its total net taxable income;
(vii) the percentage used to establish what portion of total net taxable income is apportioned to New York;
(viii) its income taxable in New York;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10087-01-9
A. 6307 2
(ix) the value of the tangible property of the corporation taxable in New York or its taxable net worth, whichever is applicable;
(x) the total franchise tax due in New York for the tax year in question;
(xi) its net income according to its books reported in its federal tax return; and
(xii) any additional information from its franchise tax return which such corporation chooses to voluntarily disclose.
§ 2. Section 211 of the tax law is amended by adding a new subdivision 7-a to read as follows:
7-a. (a) By January fifteenth of each year, the commissioner shall forward to the secretary of state a list of all publicly-traded corporations obligated to file under paragraph (b) of subdivision one of this section.
(b) By March first of each year the commissioner shall publish: (i) all such forms filed pursuant to paragraph (b) of subdivision one of this section by December thirty-first of the previous year; and (ii) a list of those publicly-traded corporations required to file pursuant to paragraph (b) of subdivision one of this section but which for the most recent tax year have not done so within the time limits prescribed by this subdivision. This information shall be made available to the public under rules and regulations promulgated by the commissioner.
§ 3. This act shall take effect on the first day of January next succeeding the date on which it shall have become a law. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.