New York Senate Bill S03033 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 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