New York A 5705: Establishes a tipped employee minimum wage tax credit

Bill Text

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A05705 Summary:

BILL NOA05705 

&nbsp

SAME ASNo Same As

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SPONSORGiglio

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COSPNSR

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MLTSPNSR

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Amd §§606 & 210-B, Tax L

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Establishes a tipped employee minimum wage tax credit; provides the amount of the credit shall be equal to the tip allowance for miscellaneous industry workers.

Go to top A05705 Actions:

BILL NOA05705 

&nbsp

02/20/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA05705 Committee&nbspVotes:

Go to topA05705 Floor&nbspVotes:

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

Go to topA05705 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5705

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 20, 2025
 ___________

 Introduced by M. of A. GIGLIO -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to establishing a tipped
 employee minimum wage tax credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (qqq) to read as follows:
 3 (qqq) Tipped employee minimum wage tax credit. (1) For taxable years
 4 beginning on or after January first, two thousand twenty-six, a taxpayer
 5 who is an employer of miscellaneous industry workers, as defined in part
 6 one hundred forty-two of title twelve of the official compilation of
 7 codes, rules, and regulations of the state of New York, shall be allowed
 8 a credit, to be computed in paragraph two of this section, against the
 9 tax imposed by this article.
 10 (2) For taxable years beginning on or after January first, two thou-
 11 sand twenty-six, the amount of credit allowed under this section shall
 12 be equal to the tip allowance for miscellaneous industry workers effec-
 13 tive as of December thirty-first, two thousand nineteen under subpart
 14 142-2.5 of title twelve of the official compilation of codes, rules, and
 15 regulations of the state of New York for each miscellaneous industry
 16 worker employee.
 17 (3) If the amount of credit allowed under this subsection for any
 18 taxable year exceeds the taxpayer's tax for the taxable year, the excess
 19 shall be treated as an overpayment of tax to be credited or refunded in
 20 accordance with the provisions of section six hundred eighty-six of this
 21 article, provided, however, no interest will be paid thereon.
 22 (4) The commissioner of taxation and finance, in consultation with the
 23 commissioner of labor, shall have the authority to promulgate any rules
 24 or regulations necessary for the implementation of this credit.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02315-01-5

 A. 5705 2

 1 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 2 sion 61 to read as follows:
 3 61. Tipped employee minimum wage tax credit. (a) For taxable years
 4 beginning on or after January first, two thousand twenty-six, a taxpayer
 5 who is an employer of miscellaneous industry workers, as defined in part
 6 one hundred forty-two of title twelve of the official compilation of
 7 codes, rules, and regulations of the state of New York, shall be allowed
 8 a credit, to be computed in paragraph (b) of this subdivision, against
 9 the tax imposed by this article.
 10 (b) For taxable years beginning on or after January first, two thou-
 11 sand twenty-six, the amount of credit allowed under this section shall
 12 be equal to the tip allowance for miscellaneous industry workers, effec-
 13 tive as of December thirty-first, two thousand nineteen under subpart
 14 142-2.5 of title twelve of the official compilation of codes, rules, and
 15 regulations of the state of New York for each miscellaneous industry
 16 worker employee.
 17 (c) If the amount of credit allowed under this subdivision for any
 18 taxable year exceeds the taxpayer's tax for the taxable year, the excess
 19 shall be treated as an overpayment of tax to be credited or refunded in
 20 accordance with the provisions of section six hundred eighty-six of this
 21 chapter; provided, however, no interest will be paid thereon.
 22 (d) The commissioner of taxation and finance, in consultation