Bill
Bill > S01526
NY S01526
NY S01526Provides 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.
summary
Introduced
01/12/2023
01/12/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to a deduction for small business employers for certain wages and compensation paid to employees
AI Summary
This bill 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. The bill amends the tax law to allow this deduction for small businesses, which are defined pursuant to the Economic Development Law. The deduction applies to taxable years beginning on and after January 1, 2024.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S1526 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01526&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01526 |
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