A06748 Summary:

BILL NOA06748
 
SAME ASSAME AS S00635
 
SPONSORBologna
 
COSPNSR
 
MLTSPNSR
 
Amd §38, Tax L
 
Relates to a minimum wage reimbursement credit.
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A06748 Actions:

BILL NOA06748
 
03/11/2025referred to ways and means
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A06748 Committee Votes:

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A06748 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6748
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 11, 2025
                                       ___________
 
        Introduced  by M. of A. BOLOGNA -- read once and referred to the Commit-
          tee on Ways and Means
 
        AN ACT to amend the tax law, in relation to minimum  wage  reimbursement
          credit
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 38 of the tax law, as added by section 1 of part EE
     2  of chapter 59 of the laws of 2013, is renumbered section 50 and subdivi-
     3  sions (b) and (c) are amended to read as follows:
     4    (b) An eligible employer is a corporation  (including  a  New  York  S
     5  corporation),  a  sole  proprietorship, a limited liability company or a
     6  partnership. An eligible employee is an individual who is  (i)  employed
     7  by an eligible employer in New York state, (ii) paid at the minimum wage
     8  rate  as defined in article nineteen of the labor law during the taxable
     9  year by the eligible employer, (iii) between the  ages  of  sixteen  and
    10  nineteen  during the period in which [he or she] such individual is paid
    11  at such minimum wage rate by the eligible employer, and (iv)  a  student
    12  during  the  period in which [he or she] such individual is paid at such
    13  minimum wage rate by the taxpayer.  For taxable years beginning  on  and
    14  after  January  first, two thousand twenty-five, an eligible employee is
    15  an individual who is (i) employed by an eligible employer  in  New  York
    16  state, (ii) paid at a rate that does not exceed the minimum wage rate as
    17  defined in article nineteen of the labor law plus fifty cents during the
    18  taxable year by the eligible employer, (iii) between the ages of sixteen
    19  and  nineteen during the period in which such individual is paid at such
    20  rate that does not exceed such minimum wage rate plus fifty cents by the
    21  eligible employer, and (iv) a student during the period  in  which  such
    22  individual  is  paid at such rate that does not exceed such minimum wage
    23  rate plus fifty cents by the taxpayer.
    24    (c) For taxable years beginning on or after January first,  two  thou-
    25  sand fourteen and before January first, two thousand fifteen, the amount
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02626-01-5

        A. 6748                             2
 
     1  of  the  credit allowed under this section shall be equal to the product
     2  of the total number of hours worked during the taxable year by  eligible
     3  employees  for  which they were paid at the minimum wage rate as defined
     4  in  article  nineteen  of  the labor law and [seventy five] seventy-five
     5  cents. For taxable years beginning on or after January first, two  thou-
     6  sand  fifteen and before January first, two thousand sixteen, the amount
     7  of the credit allowed under this section shall be equal to  the  product
     8  of  the total number of hours during the taxable year worked by eligible
     9  employees for which they were paid at such minimum  wage  rate  and  one
    10  dollar  and  thirty-one  cents.  For taxable years beginning on or after
    11  January first, two thousand sixteen and before January first, two  thou-
    12  sand nineteen, the amount of the credit allowed under this section shall
    13  be  equal to the product of the total number of hours during the taxable
    14  year worked by eligible employees for which they were paid at such mini-
    15  mum wage rate and one dollar and thirty-five cents.  For  taxable  years
    16  beginning on or after January first, two thousand twenty-five and before
    17  January  first,  two  thousand  twenty-eight,  the  amount of the credit
    18  allowed under this section shall be equal to the product  of  the  total
    19  number of hours during the taxable year worked by eligible employees for
    20  which  they  were  paid at a rate that does not exceed such minimum wage
    21  rate plus fifty cents and one dollar and  thirty-five  cents.  Provided,
    22  however, if the federal minimum wage established by federal law pursuant
    23  to  29  U.S.C.  section 206 or its successors is increased above eighty-
    24  five percent of the minimum wage in article nineteen of the  labor  law,
    25  the  dollar  amounts in this subdivision shall be reduced to the differ-
    26  ence between the minimum wage in article nineteen of the labor  law  and
    27  the  federal minimum wage.  Such reduction would take effect on the date
    28  that employers are required to pay such federal minimum wage.
    29    § 2. This act shall take effect immediately and shall apply to taxable
    30  years beginning on and after January 1, 2025.
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