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Assembly Bill A10093

2021-2022 Legislative Session

Establishes the middle class tax relief act to exclude overtime wages and income from tips from being included in the New York adjusted gross income of a resident individual

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Archive: Last Bill Status - In Assembly Committee

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2021-A10093 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L

2021-A10093 (ACTIVE) - Summary

Establishes the middle class tax relief act; excludes overtime wages and income from tips from being included in the New York adjusted gross income of a resident individual.

2021-A10093 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10093
 
                           I N  A S S E M B L Y
 
                              April 29, 2022
                                ___________
 
 Introduced  by M. of A. SCHMITT -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to excluding overtime wages and
   income from tips from being included in the New  York  adjusted  gross
   income of a resident individual
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act shall be known and may be  cited  as  the  "middle
 class tax relief act".
   §  2.  Section  612  of  the  tax  law  is  amended  by adding two new
 subsections (y) and (z) to read as follows:
   (Y) OVERTIME COMPENSATION. (1) THERE SHALL BE SUBTRACTED FROM  FEDERAL
 ADJUSTED GROSS INCOME ANY APPLICABLE INCOME FROM WAGES PAID FOR OVERTIME
 RECEIVED BY THE TAXPAYER DURING THE TAXABLE YEAR.
   (2)  FOR  THE PURPOSES OF THIS SECTION, "OVERTIME" SHALL HAVE THE SAME
 MEANING AS IN SECTION TWO HUNDRED THIRTY-TWO OF THE LABOR LAW.
   (Z) TIPPED WAGES. (1) THERE SHALL BE SUBTRACTED FROM FEDERAL  ADJUSTED
 GROSS  INCOME  ANY  APPLICABLE INCOME FROM TIPS RECEIVED BY THE TAXPAYER
 DURING THE TAXABLE YEAR.
   (2) APPLICABLE INCOME FROM TIPS IS INCOME RECEIVED AS A  GRATUITY  FOR
 SERVICE  PROVIDED  BY  THE TAXPAYER, INCLUDING, BUT NOT LIMITED TO, FOOD
 SERVICE WORK.
   § 3. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15074-01-2

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