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Senate Bill S3033

2025-2026 Legislative Session

Relates to a tax deduction for small business employers for certain wages and compensation paid to employees earning minimum wage

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Current Bill Status - In Senate Committee Budget And Revenue Committee

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2025-S3033 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8957
2021-2022: S3721
2023-2024: S1526

2025-S3033 (ACTIVE) - Summary

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.

2025-S3033 (ACTIVE) - Sponsor Memo

2025-S3033 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3033
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2025
                                ___________
 
 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 48 to read as follows:
   (48)  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, 2026.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06932-01-5

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