Bill Text: NY S09907 | 2023-2024 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-09-11 - REFERRED TO RULES [S09907 Detail]

Download: New_York-2023-S09907-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9907

                    IN SENATE

                                   September 11, 2024
                                       ___________

        Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        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.
                                                                   LBD16101-01-4