|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 05, 2022||referred to budget and revenue|
|Jan 30, 2021||referred to budget and revenue|
senate Bill S3721
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3721 (ACTIVE) - Details
S3721 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3721 SPONSOR: ORTT TITLE OF BILL: An act to amend the tax law, in relation to a deduction for small busi- ness employers for certain wages and compensation paid to employees PURPOSE: Allows for employers to deduct an additional amount of twenty five percent of employees wages. SUMMARY OF PROVISIONS: Section one amends section 612 of the tax law to allow for small busi- ness to deduct up to ten employees who make up to one hundred and ten percent of that tax year's. minimum wage to deduct twenty five percent of their wages. Section two establishes the effective date.
S3721 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3721 2021-2022 Regular Sessions I N S E N A T E January 30, 2021 ___________ Introduced by Sen. ORTT -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to a deduction for small busi- ness employers for certain wages and compensation paid to employees THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 43 to read as follows: (43) IN THE CASE OF A TAXPAYER WHO IS A SMALL BUSINESS AS DEFINED PURSUANT TO SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW, AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT OF THE WAGES, SALARY OR COMPENSATION PAID TO UP TO TEN EMPLOYEES WHO EARN UP TO ONE HUNDRED TEN PERCENT OF THE MINIMUM WAGE AS ESTABLISHED IN THE LABOR LAW OR ANY MINI- MUM WAGE ESTABLISHED BY A WAGE BOARD PURSUANT TO SECTION SIX HUNDRED FIFTY-FIVE OF THE LABOR LAW FOR THAT TAXABLE YEAR. § 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2022. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08028-01-1
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