Bill Text: NY S00587 | 2025-2026 | General Assembly | Introduced

New York Senate Bill 587

Introduced

Bill Title: Establishes an income tax deduction for cash tips received which are considered wages or compensation.

Spectrum: Partisan Bill (Republican 12-0)

Status: (Introduced) 2025-01-08 - REFERRED TO BUDGET AND REVENUE [S00587 Detail]

Download: New_York-2025-S00587-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                           587

                               2025-2026 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 8, 2025
                                       ___________

        Introduced  by  Sens.  MARTINS,  CANZONERI-FITZPATRICK -- 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 establishing a tax deduction
          for cash tips received

          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 48 to read as follows:
     3    (48)  The  amount  of cash tips received during the taxable year which
     4  are considered wages or compensation,  as  such  terms  are  defined  in
     5  section six thousand fifty-three of the internal revenue code.
     6    §  2.  This  act  shall take effect immediately and shall apply to all
     7  taxable years beginning on or after January 1, 2025.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01776-01-5