S09907 Summary:
| BILL NO | S09907 |
| SAME AS | No Same As |
| SPONSOR | MARTINS |
| COSPNSR | CANZONERI-FITZPATRICK |
| MLTSPNSR | |
| Amd §612, Tax L | |
| Establishes an income tax deduction for cash tips received which are considered wages or compensation. | |
S09907 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 9907 IN SENATE September 11, 2024 ___________ Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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. LBD16101-01-4