Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 13, 2012 |
referred to ways and means |
Assembly Bill A10668
2011-2012 Legislative Session
Sponsored By
RIVERA N
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Marcos Crespo
Guillermo Linares
Francisco Moya
Rafael Espinal
2011-A10668 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7664
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Add §37, amd §§210 & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
A2376, S1861
2015-2016: A6589, S867
2017-2018: A6685, S3513
2019-2020: A6437, S5068
2021-2022: S5140
2023-2024: S4552
2011-A10668 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10668 I N A S S E M B L Y June 13, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. N. Rivera, Crespo, Linares, Moya, Espinal, Rodriguez, Castro, J. Rivera, P. Rivera, Arroyo, Ramos) -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a hire-now tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 37 to read as follows: S 37. HIRE-NOW TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER, WHICH IS SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER AND WHICH CREATES A NEW JOB, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION SHALL BE EQUAL TO THE PRODUCT OF 6.85 PERCENT AND THE GROSS WAGES PAID FOR EACH NEW EMPLOYEE. THE CREDIT SHALL NOT BE MORE THAN FIVE THOUSAND DOLLARS FOR ANY NEW EMPLOYEE FOR ONE FULL YEAR OF EMPLOYMENT; IF A NEW EMPLOYEE HAS BEEN HIRED FOR LESS THAN A FULL TAX YEAR THIS AMOUNT SHALL BE PRORATED AND APPORTIONED TO EACH TAX YEAR BUT SHALL IN NO WAY DECREASE THE FULL THREE CONSECUTIVE YEARS OF CREDIT ELIGIBILITY. THE TAXPAYER MAY CLAIM THIS CREDIT FOR EACH NEW EMPLOYEE FOR A PERIOD OF THREE CONSECUTIVE YEARS OF EMPLOYMENT. THE TAXPAYER MAY OFFSET QUARTERLY ESTIMATED TAX RETURNS WITH THE AMOUNT OF THIS CREDIT EARNED IN ANY PREVIOUS QUARTER. (B) UNEMPLOYMENT ENHANCEMENT. FOR CALENDAR YEARS TWO THOUSAND THIRTEEN AND TWO THOUSAND FOURTEEN IF A NEW EMPLOYEE WAS RECEIVING UNEMPLOYMENT INSURANCE BENEFITS AT THE TIME OF HIRE, AN ADDITIONAL THREE THOUSAND DOLLAR CREDIT WILL BE ALLOWED FOR THE FIRST FULL YEAR OF EMPLOYMENT. (C) DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT IS HIRED BY THE TAXPAYER AFTER JULY FIRST, TWO THOUSAND TWELVE AND BEFORE APRIL FIRST, TWO THOUSAND THIRTEEN, THAT CAUSES THE TOTAL NUMBER OF EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT EMPLOYMENT, WHICHEVER IS HIGHER. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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