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NY S09907

Bill

Official Source

Status

Introduced

9/11/2024

Primary Sponsor

Jack Martins

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Amends section 612 of New York tax law to add a new deduction for cash tips received during the taxable year
  • Applies the deduction only to cash tips that qualify as wages or compensation under Internal Revenue Code section 6053
  • Takes effect immediately upon enactment and applies to all taxable years beginning January 1, 2025 or later
  • Allows New York taxpayers to deduct qualifying cash tips from their state taxable income

Legislative Description

Establishes an income tax deduction for cash tips received which are considered wages or compensation.

Last Action

REFERRED TO RULES

9/11/2024

Committee Referrals

Rules9/11/2024

Full Bill Text

No bill text available