Bill Text: NY S01526 | 2023-2024 | General Assembly | Introduced
Bill Title: Provides a tax deduction for small business employers of 25% of the wages, salary or compensation paid to up to ten employees who earn up to 110% of the minimum wage.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S01526 Detail]
Download: New_York-2023-S01526-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1526 2023-2024 Regular Sessions IN SENATE January 12, 2023 ___________ Introduced by Sen. ORTT -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to a deduction for small busi- ness employers for certain wages and compensation paid to employees The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 612 of the tax law is amended by 2 adding a new paragraph 47 to read as follows: 3 (47) In the case of a taxpayer who is a small business as defined 4 pursuant to section one hundred thirty-one of the economic development 5 law, an amount equal to twenty-five percent of the wages, salary or 6 compensation paid to up to ten employees who earn up to one hundred ten 7 percent of the minimum wage as established in the labor law or any mini- 8 mum wage established by a wage board pursuant to section six hundred 9 fifty-five of the labor law for that taxable year. 10 § 2. This act shall take effect immediately and shall apply to taxable 11 years beginning on and after January 1, 2024. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05239-01-3
