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Senate Bill S587

2025-2026 Legislative Session

Establishes a tax deduction for cash and credit card tips received

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Current Bill Status - In Senate Committee Budget And Revenue Committee

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Bill Amendments

co-Sponsors

2025-S587 - Details

See Assembly Version of this Bill:
A5856
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2023-2024 Legislative Session:
S9907

2025-S587 - Summary

Establishes an income tax deduction for cash and credit card tips received which are considered wages or compensation.

2025-S587 - Sponsor Memo

2025-S587 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    587
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sens.  MARTINS,  CANZONERI-FITZPATRICK -- 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 establishing a tax deduction
   for cash tips received

   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)  THE  AMOUNT  OF CASH TIPS RECEIVED DURING THE TAXABLE YEAR WHICH
 ARE CONSIDERED WAGES OR COMPENSATION,  AS  SUCH  TERMS  ARE  DEFINED  IN
 SECTION SIX THOUSAND FIFTY-THREE OF THE INTERNAL REVENUE CODE.
   §  2.  This  act  shall take effect immediately and shall apply to all
 taxable years beginning on or after January 1, 2025.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01776-01-5

co-Sponsors

2025-S587A (ACTIVE) - Details

See Assembly Version of this Bill:
A5856
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in 2023-2024 Legislative Session:
S9907

2025-S587A (ACTIVE) - Summary

Establishes an income tax deduction for cash and credit card tips received which are considered wages or compensation.

2025-S587A (ACTIVE) - Sponsor Memo

2025-S587A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  587--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sens.  MARTINS,  ASHBY, BORRELLO, CANZONERI-FITZPATRICK,
   CHAN, GALLIVAN, HELMING,  LANZA,  MATTERA,  MURRAY,  OBERACKER,  ORTT,
   PALUMBO,  RHOADS, ROLISON, STEC, TEDISCO, WALCZYK, WEBER, WEIK -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee  on  Budget  and  Revenue -- recommitted to the Committee on
   Budget and Revenue in accordance with Senate Rule 6, sec. 8 -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted to said committee
 
 AN ACT to amend the tax law, in relation to establishing a tax deduction
   for cash and credit card tips received
 
   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) THE AMOUNT OF CASH AND CREDIT CARD TIPS RECEIVED DURING THE TAXA-
 BLE  YEAR  WHICH ARE CONSIDERED WAGES OR COMPENSATION, AS SUCH TERMS ARE
 DEFINED IN SECTION SIX THOUSAND  FIFTY-THREE  OF  THE  INTERNAL  REVENUE
 CODE.
   §  2.  This  act  shall take effect immediately and shall apply to all
 taxable years beginning on or after January 1, 2026.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01776-02-6

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