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.
STATE OF NEW YORK
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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
