Bill Text: NY A02715 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes a tipped employee minimum wage tax credit; provides the amount of the credit shall be equal to the tip allowance for miscellaneous industry workers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A02715 Detail]

Download: New_York-2023-A02715-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2715

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2023
                                       ___________

        Introduced  by  M.  of  A. J. A. GIGLIO -- read once and referred to the
          Committee on Ways and Means

        AN ACT to amend the tax  law,  in  relation  to  establishing  a  tipped
          employee minimum wage tax credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (ooo) to read as follows:
     3    (ooo)  Tipped  employee minimum wage tax credit. (1) For taxable years
     4  beginning on or after January first, two thousand twenty-four, a taxpay-
     5  er who is an employer of miscellaneous industry workers, as  defined  in
     6  part  one  hundred forty-two of title twelve of the official compilation
     7  of codes, rules, and regulations of the state  of  New  York,  shall  be
     8  allowed  a  credit,  to  be  computed  in paragraph two of this section,
     9  against the tax imposed by this article.
    10    (2) For taxable years beginning on or after January first,  two  thou-
    11  sand  twenty-four, the amount of credit allowed under this section shall
    12  be equal to the tip allowance for miscellaneous industry workers  effec-
    13  tive  as  of  December thirty-first, two thousand nineteen under subpart
    14  142-2.5 of title twelve of the official compilation of codes, rules, and
    15  regulations of the state of New York  for  each  miscellaneous  industry
    16  worker employee.
    17    (3)  If  the  amount  of  credit allowed under this subsection for any
    18  taxable year exceeds the taxpayer's tax for the taxable year, the excess
    19  shall be treated as an overpayment of tax to be credited or refunded  in
    20  accordance with the provisions of section six hundred eighty-six of this
    21  article, provided, however, no interest will be paid thereon.
    22    (4) The commissioner of taxation and finance, in consultation with the
    23  commissioner  of labor, shall have the authority to promulgate any rules
    24  or regulations necessary for the implementation of this credit.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07237-01-3
        A. 2715                             2

     1    § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
     2  sion 59 to read as follows:
     3    59.  Tipped  employee  minimum  wage tax credit. (a) For taxable years
     4  beginning on or after January first, two thousand twenty-four, a taxpay-
     5  er who is an employer of miscellaneous industry workers, as  defined  in
     6  part  one  hundred forty-two of title twelve of the official compilation
     7  of codes, rules, and regulations of the state  of  New  York,  shall  be
     8  allowed  a  credit, to be computed in paragraph (b) of this subdivision,
     9  against the tax imposed by this article.
    10    (b) For taxable years beginning on or after January first,  two  thou-
    11  sand  twenty-four, the amount of credit allowed under this section shall
    12  be equal to the tip allowance for miscellaneous industry workers, effec-
    13  tive as of December thirty-first, two thousand  nineteen  under  subpart
    14  142-2.5 of title twelve of the official compilation of codes, rules, and
    15  regulations  of  the  state  of New York for each miscellaneous industry
    16  worker employee.
    17    (c) If the amount of credit allowed under  this  subdivision  for  any
    18  taxable year exceeds the taxpayer's tax for the taxable year, the excess
    19  shall  be treated as an overpayment of tax to be credited or refunded in
    20  accordance with the provisions of section six hundred eighty-six of this
    21  article; provided, however, no interest will be paid thereon.
    22    (d) The commissioner of taxation and finance, in consultation with the
    23  commissioner of labor, shall have the authority to promulgate any  rules
    24  or regulations necessary for the implementation of this credit.
    25    § 3. This act shall take effect immediately.