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NY S08957

Bill

Official Source

Status

Introduced

9/2/2020

Primary Sponsor

Robert Ortt

Click for details

Origin

Senate

2019-2020 General Assembly

AI Summary

  • Amends Tax Law Section 612(c) to add a new deduction for small businesses as defined under Economic Development Law Section 131
  • Allows a deduction equal to 25% of wages, salary, or compensation paid to up to 10 employees earning no more than 110% of the applicable minimum wage
  • Applies the deduction to the minimum wage established in Labor Law or any minimum wage set by a wage board under Labor Law Section 655
  • Takes effect immediately and applies to taxable years beginning on or after January 1, 2021

Legislative Description

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.

Last Action

REFERRED TO RULES

9/2/2020

Committee Referrals

Rules9/2/2020

Full Bill Text

No bill text available