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Sponsors
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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases the threshold of employer's withheld taxes
In Assembly Committee · Ways And Means · Sponsor David Townsend
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to increasing the threshold for employer's return and payment of withheld taxes
Purpose
This purpose of this bill is to increase the threshold for employers' return and payment of withheld taxes from $700 to $1,000
Summary of provisions
Section 1 amends paragraphs 1 and 2 of subsection (a) of section 674 of the tax law to increase the threshold for employers' returns and payments of withheld taxes from $700 to $1,000.
Section 2 provides the effective date.
Justification
Currently if an employer, after having made a payroll, has been required to deduct and withhold a cumulative aggregate amount of $700 or more of tax during a calendar quarter they must file a return with the New York State Tax Department within 5 business days and pay over the tax. By increasing the threshold amount to $1,000, many small businesses would be able to submit this tax owed with their quarterly filings; therefore, streamlining this process for both the employer and Tax Department.
Legislative history
New Bill.
Fiscal implications
None.
Local fiscal implications
EFFECTIVE DATE : This act shall take effect January 1, 2010, and shall apply to all taxes required to be deducted and withheld on and after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.