S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2715
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced  by  M.  of  A. J. A. GIGLIO -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax  law,  in  relation  to  establishing  a  tipped
   employee minimum wage tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (ooo) to read as follows:
   (OOO)  TIPPED  EMPLOYEE MINIMUM WAGE TAX CREDIT. (1) FOR TAXABLE YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FOUR, A TAXPAY-
 ER WHO IS AN EMPLOYER OF MISCELLANEOUS INDUSTRY WORKERS, AS  DEFINED  IN
 PART  ONE  HUNDRED FORTY-TWO OF TITLE TWELVE OF THE OFFICIAL COMPILATION
 OF CODES, RULES, AND REGULATIONS OF THE STATE  OF  NEW  YORK,  SHALL  BE
 ALLOWED  A  CREDIT,  TO  BE  COMPUTED  IN PARAGRAPH TWO OF THIS SECTION,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (2) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST,  TWO  THOU-
 SAND  TWENTY-FOUR, THE AMOUNT OF CREDIT ALLOWED UNDER THIS SECTION SHALL
 BE EQUAL TO THE TIP ALLOWANCE FOR MISCELLANEOUS INDUSTRY WORKERS  EFFEC-
 TIVE  AS  OF  DECEMBER THIRTY-FIRST, TWO THOUSAND NINETEEN UNDER SUBPART
 142-2.5 OF TITLE TWELVE OF THE OFFICIAL COMPILATION OF CODES, RULES, AND
 REGULATIONS OF THE STATE OF NEW YORK  FOR  EACH  MISCELLANEOUS  INDUSTRY
 WORKER EMPLOYEE.
   (3)  IF  THE  AMOUNT  OF  CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
 TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR THE TAXABLE YEAR, THE EXCESS
 SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE, PROVIDED, HOWEVER, NO INTEREST WILL BE PAID THEREON.
   (4) THE COMMISSIONER OF TAXATION AND FINANCE, IN CONSULTATION WITH THE
 COMMISSIONER  OF LABOR, SHALL HAVE THE AUTHORITY TO PROMULGATE ANY RULES
 OR REGULATIONS NECESSARY FOR THE IMPLEMENTATION OF THIS CREDIT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07237-01-3
 A. 2715                             2
              

 
   § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 59 to read as follows:
   59.  TIPPED  EMPLOYEE  MINIMUM  WAGE TAX CREDIT. (A) FOR TAXABLE YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FOUR, A TAXPAY-
 ER WHO IS AN EMPLOYER OF MISCELLANEOUS INDUSTRY WORKERS, AS  DEFINED  IN
 PART  ONE  HUNDRED FORTY-TWO OF TITLE TWELVE OF THE OFFICIAL COMPILATION
 OF CODES, RULES, AND REGULATIONS OF THE STATE  OF  NEW  YORK,  SHALL  BE
 ALLOWED  A  CREDIT, TO BE COMPUTED IN PARAGRAPH (B) OF THIS SUBDIVISION,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (B) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST,  TWO  THOU-
 SAND  TWENTY-FOUR, THE AMOUNT OF CREDIT ALLOWED UNDER THIS SECTION SHALL
 BE EQUAL TO THE TIP ALLOWANCE FOR MISCELLANEOUS INDUSTRY WORKERS, EFFEC-
 TIVE AS OF DECEMBER THIRTY-FIRST, TWO THOUSAND  NINETEEN  UNDER  SUBPART
 142-2.5 OF TITLE TWELVE OF THE OFFICIAL COMPILATION OF CODES, RULES, AND
 REGULATIONS  OF  THE  STATE  OF NEW YORK FOR EACH MISCELLANEOUS INDUSTRY
 WORKER EMPLOYEE.
   (C) IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS  SUBDIVISION  FOR  ANY
 TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR THE TAXABLE YEAR, THE EXCESS
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE; PROVIDED, HOWEVER, NO INTEREST WILL BE PAID THEREON.
   (D) THE COMMISSIONER OF TAXATION AND FINANCE, IN CONSULTATION WITH THE
 COMMISSIONER OF LABOR, SHALL HAVE THE AUTHORITY TO PROMULGATE ANY  RULES
 OR REGULATIONS NECESSARY FOR THE IMPLEMENTATION OF THIS CREDIT.
   § 3. This act shall take effect immediately.