Bill > A05586

This bill modifies the existing farm employer overtime tax credit by creating a quarterly advance payment schedule for farm employers. Under the new provisions, farm employers can request advance payments of their tax credit for overtime wages paid during three distinct quarterly periods: January through March, April through June, and July through September. To receive these advance payments, farm employers must submit a completed application to the Department of Agriculture and Markets by specific dates (May 31st, August 31st, and November 30th, respectively) demonstrating the amount of eligible overtime paid. After reviewing the application, the department will issue a certificate of tax credit specifying the exact amount that can be claimed. Taxpayers must then submit a request to the tax department by specific deadlines (July 1st, October 1st, and January 1st of the following year) to receive the advance payment. The final portion of the tax credit for overtime wages paid from October through December will be claimed on the taxpayer's annual tax return, with a requirement to reconcile the previous advance payments. The bill is set to take effect on January 1, 2027, providing farm employers with a more structured and predictable method for claiming their overtime tax credits.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5586