Raises the tax rate on corporate income; increases the state conformity to federal taxation of corporate profit shifting; imposes an additional tax on individual business income in response to federal tax benefits for pass-through business income.

Statutes affected:
A1971: 208 tax law, 208(6-a) tax law, 210 tax law, 210(1) tax law, 210-A tax law, 210-A(5-a) tax law, 606 tax law, 606(kkk) tax law