Government Affairs

FICA Tax Credit

The State and City of New York’s Finance Departments should explicitly allow the amount of a restaurant's FICA Tip Tax Credit to be an allowable subtraction from that businesses taxable income. This policy of allowing restaurants to subtract the FICA Tip Credit from their taxable income, as it allows for other tax credits and business expenses, would provide financial relief for small businesses, enabling them to invest in their company and the local workforce. We believe that enacting this policy would provide meaningful relief for small businesses while posing a limited impact on the tax base.

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