New York A05705 establishes a tax credit for employers of tipped employees, equal to the tip allowance for miscellaneous industry workers.

New York A05705 amends the tax law to establish a tipped employee minimum wage tax credit. This credit applies to employers of miscellaneous industry workers, as defined in state regulations. The credit amount equals the tip allowance for these workers, effective December 31, 2019. If the credit exceeds the employer's tax liability for a year, the excess is treated as an overpayment without interest. The commissioner of taxation and finance, in consultation with the commissioner of labor, will create rules for implementing this credit.

New York A05705 establishes a tax credit for employers of tipped employees, equal to the tip allowance for miscellaneous industry workers.

New York A05705 amends the tax law to establish a tipped employee minimum wage tax credit. This credit applies to employers of miscellaneous industry workers, as defined in state regulations. The credit amount equals the tip allowance for these workers, effective December 31, 2019. If the credit exceeds the employer's tax liability for a year, the excess is treated as an overpayment without interest. The commissioner of taxation and finance, in consultation with the commissioner of labor, will create rules for implementing this credit.