Senate BillIntroduced
S 7643: Provides that the aggregate amount of pass-through entity credits claimed by all partners, members or shareholders of an electing partnership or electing S corporation shall not exceed eighty-seven percent of the tax due.
What S 7643 does, verified April 2, 2026
The bill aims to limit the pass-through entity tax credit and the city pass-through entity tax credit. The aggregate amount of credits claimed by partners, members, or shareholders of electing partnerships or electing S corporations shall not exceed 87% of the tax due. This limitation applies to taxable years beginning on or after the first of January next succeeding the date the bill becomes a law.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS (2026-01-07)Alert me
Quick answers about S 7643
- What is the current status of S 7643?
- As of April 2, 2026, S 7643 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS".
- Did S 7643 pass?
- Not yet. S 7643 has been introduced and has not passed either house.
- Who wrote S 7643, and where is it now?
- S 7643 was authored by Sen. Andrew Gounardes. Its committee of record is Senate Investigation & Government Operations.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions2 total · showing 2
| Jan. 07, 2026 | REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS |
| Apr. 24, 2025 | REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS |
Latest bill textIntroduced version, April 24, 2025 · 365 words
STATE OF NEW YORK ________________________________________________________________________ 7643 2025-2026 Regular Sessions IN SENATE April 24, 2025 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to the limitation on the pass- through entity tax credit and the city pass-through entity tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (b) of section 863 of the tax law, as added by 2 section 1 of part C of chapter 59 of the laws of 2021, is amended to 3 read as follows: 4 (b) Limitation on credit. The aggregate amount of credits claimed by 5 all partners, members or shareholders of an electing partnership or 6 electing S corporation pursuant to subsection (a) of this section shall 7 not exceed eighty-seven percent of the tax due under subsection (a) of 8 section eight hundred sixty-two of this article from such electing part- 9 nership or electing S corporation for the taxable year. 10 § 2. Subsection (b) of section 870 of the tax law, as added by section 11 1 of subpart B of part MM of chapter 59 of the laws of 2022, is amended 12 to read as follows: 13 (b) Limitation on credit. The aggregate amount of credits claimed by 14 all partners, members or shareholders of an electing city partnership or 15 an electing city resident S corporation pursuant to subsection (a) of 16 this section shall not exceed eighty-seven percent of the tax due under 17 section eight hundred sixty-nine of this article from such electing city 18 partnership or electing city resident S corporation for the taxable 19 year. 20 § 3. This act shall take effect immediately and shall apply to taxable 21 years beginning on or after the first of January next succeeding the 22 date on which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11771-01-5
Text of S 7643 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions