Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 03, 2017 |
referred to investigations and government operations |
Senate Bill S4988
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
(D) 14th Senate District
2017-S4988 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A4995
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S7144, A8036
2019-2020: A5284
2017-S4988 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4988 TITLE OF BILL : An act to amend the tax law, in relation to providing a tax credit for certain newly hired SUNY college faculty members and administrators PURPOSE OR GENERAL IDEA OF BILL : Provides a tax credit for certain newly hired SUNY college faculty members and administrators as a mechanism to help the State University of New York diversify its faculty and professional staff. SUMMARY OF SPECIFIC PROVISIONS : Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows: (ccc) Employee relocation; SUNY campus credit. (1) For taxable years beginning January 1st, 2019, a resident taxpayer who is a newly hired faculty member or administrator, who relocated to New York to work at a SUNY campus, and who is a minority, shall be allowed a credit against the tax imposed by this article equal to 30% of his or her gross income. Such qualified persons shall have been hired to work at any state university campus excluding those campuses in Nassau, Westchester, and Putnam counties. For purposes of this
2017-S4988 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4988 2017-2018 Regular Sessions I N S E N A T E March 3, 2017 ___________ Introduced by Sens. DIAZ, COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to providing a tax credit for certain newly hired SUNY college faculty members and administrators THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows: (CCC) EMPLOYEE RELOCATION; STATE UNIVERSITY OF NEW YORK CAMPUS CREDIT. (1) FOR TAXABLE YEARS BEGINNING ON JANUARY FIRST, TWO THOUSAND NINETEEN, A RESIDENT TAXPAYER WHO IS A NEWLY HIRED FACULTY MEMBER OR ADMINISTRA- TOR, WHO RELOCATED TO NEW YORK TO WORK AT A STATE UNIVERSITY OF NEW YORK CAMPUS, AND WHO IS A MINORITY, SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO THIRTY PERCENT OF HIS OR HER GROSS INCOME. SUCH QUALIFIED PERSONS SHALL HAVE BEEN HIRED TO WORK AT ANY STATE UNIVERSITY CAMPUS EXCLUDING THOSE CAMPUSES IN NASSAU, WESTCHESTER AND PUTNAM COUNTIES. FOR PURPOSES OF THIS SECTION, THE TERM "NEWLY HIRED" SHALL MEAN FACULTY MEMBERS AND ADMINISTRATORS WHO ARE NOT CURRENTLY EMPLOYED BY THE STATE UNIVERSITY OF NEW YORK. (2) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07376-01-7
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