New York S 3914: Relates to tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities

Bill Text

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 Speaker Carl E. Heastie

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S03914 Summary:

BILL NOS03914A

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SAME ASSAME AS A08965-A

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SPONSORMARTINS

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COSPNSRBORRELLO, CANZONERI-FITZPATRICK, CHAN, GALLIVAN, GRIFFO, HELMING, MATTERA, OBERACKER, O'MARA, ORTT,
 PALUMBO, RHOADS, ROLISON, STEC, TEDISCO, WALCZYK, WEBER, WEIK

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MLTSPNSR

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Amd §612, Tax L

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Reduces federal adjusted gross income by the amount of overtime compensation earned by an individual in certain circumstances; defines overtime compensation.

Go to top S03914 Actions:

BILL NOS03914A

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01/30/2025REFERRED TO BUDGET AND REVENUE

03/17/2025NOTICE OF COMMITTEE CONSIDERATION - REQUESTED

05/28/2025DEFEATED IN BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

03/19/2026NOTICE OF COMMITTEE CONSIDERATION - REQUESTED

03/24/2026AMEND AND RECOMMIT TO BUDGET AND REVENUE

03/24/2026PRINT NUMBER 3914A

Go to topS03914 Committee&nbspVotes:

Go to topS03914 Floor&nbspVotes:

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

Go to topS03914 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3914--A

 2025-2026 Regular Sessions

 IN SENATE

 January 30, 2025
 ___________

 Introduced by Sens. MARTINS, BORRELLO, CANZONERI-FITZPATRICK, CHAN,
 GALLIVAN, HELMING, MATTERA, OBERACKER, O'MARA, ORTT, PALUMBO, RHOADS,
 ROLISON, STEC, TEDISCO, WALCZYK, WEBER, WEIK -- read twice and ordered
 printed, and when printed to be committed to the Committee on Budget
 and Revenue -- recommitted to the Committee on Budget and Revenue in
 accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the tax law, in relation to subtracting from federal
 adjusted gross income any overtime compensation earned by an individ-
 ual

 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) Any overtime compensation received by an individual, to the
 4 extent includible in gross income for federal income tax purposes. For
 5 purposes of this paragraph, "overtime compensation" shall mean wages
 6 earned for time an individual worked beyond such individual's normal
 7 scheduled working hours. Provided, however, that for the purposes of
 8 qualified overtime compensation as defined in section 225 (c) of the
 9 Internal Revenue Code it shall include any compensation paid to an indi-
 10 vidual that is in excess of the regular rate at which such individual is
 11 employed if (i) such compensation is paid for work for a single employer
 12 pursuant to an agreement between the employee (or labor organization
 13 representing such employee) and employer entered into before the
 14 performance of the work, and (ii) either such work is in excess of a
 15 standard number of hours of such work for a specified period of time and
 16 such agreement specifies that such standard number of hours for a speci-
 17 fied time is not less than forty hours for a seven day period, or, if
 18 the employee (including any crewmember or flight crewmember or rail

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07557-02-6

 S. 3914--A 2

 1 operating craft employee) and employer referred to in subparagraph (i)
 2 of this paragraph are both covered by the Railway Labor Act, such work
 3 is beyond scheduled or anticipated hours on duty that exceed a maximum
 4 number of hours with respect to a specified period of time (as deter-
 5 mined pursuant to such agreement).
 6 § 2. This act shall take effect immediately and shall apply to taxable
 7 years beginning on and after January 1, 2026.

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