Senate Bill S5068

2019-2020 Legislative Session

Establishes a Hire-Now tax credit

download bill text pdf

Sponsored By

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

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2019-S5068 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S7664
2013-2014: S1861
2015-2016: S867
2017-2018: S3513
2021-2022: S5140
2023-2024: S4552

2019-S5068 (ACTIVE) - Summary

Establishes a hire-now tax credit; provides for new job creation; also provides for additional credit where the person hired was receiving unemployment.

2019-S5068 (ACTIVE) - Sponsor Memo

2019-S5068 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5068
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               April 5, 2019
                                ___________
 
 Introduced  by  Sens.  RANZENHOFER,  FUNKE,  GALLIVAN  -- 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 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 44 to read
 as follows:
   § 44. 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 TWENTY-
 ONE AND TWO THOUSAND TWENTY-TWO IF A NEW EMPLOYEE  WAS  RECEIVING  UNEM-
 PLOYMENT  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 TWENTY AND BEFORE APRIL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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