State Senator Joseph Griffo has proposed eliminating state income taxes on overtime pay and cash tips in New York. This proposal comes after the Senate and Assembly’s One-House Budget Resolutions failed to provide substantial relief for New Yorkers facing financial difficulties.
Senator Griffo supports legislation aimed at allowing residents to retain more of their earnings. The proposed bills include S.3914, which seeks to eliminate state income taxes on overtime pay, and S.587, targeting the removal of state income taxes on cash tips considered wages or compensation.
“So many New Yorkers are struggling financially because the state has become more and more unaffordable under the leadership of the legislative majorities and governor,” Sen. Griffo stated. “We must do everything we can to provide important relief. This includes this legislation that would eliminate the state income taxes on overtime pay and cash tips.”
The recent One-House Budget Resolutions initiated the budget negotiation process but did not receive support from Senator Griffo due to concerns over increased spending and its potential impact on affordability in the state.
“While there were aspects of this proposal that I do agree with, I could not support the Senate’s Resolution because it increases spending to unsustainable levels (a staggering $17 billion increase over the current budget), will further burden New Yorkers and their families and will not make the state more affordable,” Sen. Griffo said.
As discussions continue, Senator Griffo intends to advocate for a fiscally responsible budget alongside policies aimed at enhancing safety, strength, and affordability throughout New York.
