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A10093 Summary:

BILL NOA10093
 
SAME ASNo Same As
 
SPONSORSchmitt
 
COSPNSR
 
MLTSPNSR
 
Amd §612, Tax L
 
Establishes the middle class tax relief act; excludes overtime wages and income from tips from being included in the New York adjusted gross income of a resident individual.
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A10093 Actions:

BILL NOA10093
 
04/29/2022referred to ways and means
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A10093 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A10093
 
SPONSOR: Schmitt
  TITLE OF BILL: An act to amend the tax law, in relation to excluding overtime wages and income from tips from being included in the New York adjusted gross income of a resident individual   PURPOSE OR GENERAL IDEA OF BILL: (Establishes the middle class tax relief act to exclude overtime wages and income from tips from being included in the New York adjusted gross income of a resident individual)   SUMMARY OF PROVISIONS: Section 1. This act shall be known and may be cited as the "middle 2 class tax relief act". 3 § 2. Section 612 of the tax law is amended by adding two new 4 subsections (y) and (z) to read as follows: 5 (y) Overtime compensation. (1) There shall be subtracted from federal 6 adjusted gross income any applicable income from wages paid for overtime 7 received by the taxpayer during the taxable year 8 (2) For the purposes of section, "overtime" shall have the same 9 mean- ing as in section two hundred thirty-two of be or law 10 (z) Tippea wages (1) There shall be subtracted from federal adjusted 11 gross income any applicable income from tips received by the taxpayer 12 during the taxable year 13 (2) Applicable income from tips is income received as a gratuity for 14 service provided by the taxpayer, including, but not limited to, food 15 service work. 16-§ 3. This act shall take effect immediately.   DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE): N/A   JUSTIFICATION: With inflation on the rise. The Middle Class is struggling. This Legis- lation would help lighten the load on Middle class families by suspend- ing all sales tax on non exempt food items, no income tax on any work beyond a 41 hour work week and no tax on any tippable wages   PRIOR LEGISLATIVE HISTORY: N/A   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: Impact on state   EFFECTIVE DATE: This act shall take effect immediately
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