A05856 Summary:
| BILL NO | A05856 |
| SAME AS | SAME AS S00587 |
| SPONSOR | Durso |
| COSPNSR | |
| MLTSPNSR | |
| Amd §612, Tax L | |
| Establishes an income tax deduction for cash tips received which are considered wages or compensation. | |
A05856 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 5856 2025-2026 Regular Sessions IN ASSEMBLY February 24, 2025 ___________ Introduced by M. of A. DURSO -- read once and referred to the Committee on Ways and Means 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