S 323: Requires that certain companies pay an annual tax if the chief executive receives compensation 100 to 250 times greater than the median pay of all their employees.

  
  STATE OF NEW YORK ________________________________________________________________________ 323 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sens. SKOUFIS, JACKSON, KRUEGER, RIVERA, SALAZAR, SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to imposing a tax related to executive compensation The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 183-b to 2 read as follows: 3 § 183-b. Tax on companies subject to United States securities and 4 exchange commission pay ratio reporting requirements. Notwithstanding 5 any other provision of this chapter, or of any other law, for the period 6 beginning with the taxable years commencing on or after the first day of 7 January, two thousand twenty-six, an annual tax is hereby imposed upon 8 every company subject to the United States securities and exchange 9 commission pay ratio reporting requirements, pursuant to section 229.402 10 of title 17 of the code of federal regulations, at the rate of ten 11 percent of base tax liability if such company reports to the United 12 States securities and exchange commission a pay ratio of at least one 13 hundred to one but less than two hundred fifty to one on United States 14 securities and exchange commission disclosures; or at the rate of twen- 15 ty-five percent of base tax liability if such company reports to the 16 United States securities and exchange commission a pay ratio of two 17 hundred fifty to one or greater on United States securities and exchange 18 commission disclosures. 19 § 2. This act shall take effect January 1, 2026 and shall apply to all 20 tax years commencing on or after such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00896-01-5