New York S 3033: Relates to a tax deduction for small business employers for certain wages and compensation paid to employees earning minimum wage

Bill Text

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S03033 Summary:

BILL NOS03033 

&nbsp

SAME ASNo Same As

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SPONSORORTT

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COSPNSRROLISON

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MLTSPNSR

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Amd §612, Tax L

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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.

Go to top S03033 Actions:

BILL NOS03033 

&nbsp

01/23/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS03033 Committee&nbspVotes:

Go to topS03033 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03033 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3033

 2025-2026 Regular Sessions

 IN SENATE

 January 23, 2025
 ___________

 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 48 to read as follows:
 3 (48) 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, 2026.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06932-01-5

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