S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5300
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2021
                                ___________
 
 Introduced  by  M. of A. COOK -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing the work oppor-
   tunity tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section  210-B  of the tax law is amended by adding a new
 subdivision 55 to read as follows:
   55. WORK OPPORTUNITY TAX CREDIT. (A) ALLOWANCE OF CREDIT.  A  TAXPAYER
 SHALL  BE  ALLOWED A CREDIT, AGAINST THE TAX IMPOSED BY THIS ARTICLE, OF
 TWO THOUSAND FOUR HUNDRED DOLLARS FOR EACH LONG TERM  UNEMPLOYED  PERSON
 HIRED DURING A TAXABLE YEAR. SUCH TAX CREDIT SHALL BE APPLICABLE ONLY TO
 BUSINESSES  EMPLOYING FIFTY OR FEWER EMPLOYEES. FOR THE PURPOSES OF THIS
 SUBDIVISION, A "LONG TERM UNEMPLOYED PERSON" SHALL BE AN INDIVIDUAL  WHO
 HAS  BEEN  A  RESIDENT OF NEW YORK FOR THREE YEARS IMMEDIATELY PRECEDING
 HIRING AND WHO, PRIOR TO BEING HIRED BY THE BUSINESS  ELIGIBLE  FOR  THE
 CREDIT ESTABLISHED PURSUANT TO THIS SUBDIVISION, HAD BEEN UNEMPLOYED AND
 RECEIVING  PUBLIC  ASSISTANCE FOR SIX CONSECUTIVE MONTHS OR MORE, AND IS
 RETAINED FOR FULL-TIME EMPLOYMENT BY SUCH  BUSINESS  FOR  AT  LEAST  ONE
 YEAR.
   (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 THAN  THE  FIXED  DOLLAR  MINIMUM  AMOUNT PRESCRIBED IN PARAGRAPH (D) OF
 SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER,  IF
 THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
 REDUCES  THE  TAX  TO  SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX
 BASED ON THE FIXED DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS  NOT
 DEDUCTIBLE  IN  SUCH  TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF
 TAX TO BE CREDITED OR REFUNDED IN  ACCORDANCE  WITH  THE  PROVISIONS  OF
 SECTION  ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE
 PROVISIONS OF SUBSECTION (C) OF SECTION  ONE  THOUSAND  EIGHTY-EIGHT  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04533-01-1

 A. 5300                             2
 
 THIS  CHAPTER  NOTWITHSTANDING,  NO  INTEREST SHALL BE PAID THEREON. THE
 TOTAL AMOUNT OF CREDIT TO BE PROVIDED STATEWIDE  FOR  THIS  CREDIT,  THE
 CREDIT ALLOWED UNDER SUBSECTION (KKK) OF SECTION SIX HUNDRED SIX OF THIS
 CHAPTER  AND  SUBDIVISION (EE) OF SECTION FIFTEEN HUNDRED ELEVEN OF THIS
 CHAPTER SHALL NOT EXCEED FIFTEEN MILLION DOLLARS IN THE AGGREGATE  IN  A
 TAXABLE YEAR.
   (C)  CREDIT  RECAPTURE.  FOR PROVISIONS REQUIRING RECAPTURE OF CREDIT,
 SEE SECTION FORTY-FOUR OF THIS CHAPTER.
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xlvi) to read as
 follows:
 
 (XLVI) WORK OPPORTUNITY TAX CREDIT   AMOUNT OF CREDIT UNDER
 UNDER SUBSECTION (KKK)               SUBDIVISION FIFTY-FIVE OF
                                      SECTION TWO HUNDRED TEN-B
 
   § 3. Section 606 of the tax law is amended by adding a new  subsection
 (kkk) to read as follows:
   (KKK) WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL  BE  ALLOWED A CREDIT, AGAINST THE TAX IMPOSED BY THIS ARTICLE, OF
 TWO THOUSAND FOUR HUNDRED DOLLARS FOR EACH LONG TERM  UNEMPLOYED  PERSON
 HIRED DURING A TAXABLE YEAR. SUCH TAX CREDIT SHALL BE APPLICABLE ONLY TO
 BUSINESSES  EMPLOYING FIFTY OR FEWER EMPLOYEES. FOR THE PURPOSES OF THIS
 SUBDIVISION, A "LONG TERM UNEMPLOYED PERSON" SHALL BE AN INDIVIDUAL  WHO
 HAS  BEEN  A  RESIDENT OF NEW YORK FOR THREE YEARS IMMEDIATELY PRECEDING
 HIRING AND WHO, PRIOR TO BEING HIRED BY THE BUSINESS  ELIGIBLE  FOR  THE
 CREDIT  ESTABLISHED PURSUANT TO THIS SUBSECTION, HAD BEEN UNEMPLOYED AND
 RECEIVING PUBLIC ASSISTANCE FOR SIX CONSECUTIVE MONTHS OR MORE,  AND  IS
 RETAINED  FOR  FULL-TIME  EMPLOYMENT  BY  SUCH BUSINESS FOR AT LEAST ONE
 YEAR.
   (2) APPLICATION OF CREDIT. 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. THE TOTAL AMOUNT OF CREDIT TO BE PROVIDED  STATE-
 WIDE FOR THIS CREDIT, THE CREDIT ALLOWED UNDER SUBDIVISION FIFTY-FIVE OF
 SECTION  TWO  HUNDRED  TEN-B  OF  THIS  CHAPTER  AND SUBDIVISION (EE) OF
 SECTION FIFTEEN HUNDRED ELEVEN OF THIS CHAPTER SHALL NOT EXCEED  FIFTEEN
 MILLION DOLLARS IN THE AGGREGATE IN A TAXABLE YEAR.
   (3)  CREDIT  RECAPTURE.  FOR PROVISIONS REQUIRING RECAPTURE OF CREDIT,
 SEE SECTION FORTY-FOUR OF THIS CHAPTER.
   § 4. Section 1511 of the tax law is amended by adding a  new  subdivi-
 sion (ee) to read as follows:
   (EE)  WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL BE ALLOWED A CREDIT, AGAINST THE TAX IMPOSED BY THIS  ARTICLE,  OF
 TWO  THOUSAND  FOUR HUNDRED DOLLARS FOR EACH LONG TERM UNEMPLOYED PERSON
 HIRED DURING A TAXABLE YEAR. SUCH TAX CREDIT SHALL BE APPLICABLE ONLY TO
 BUSINESSES EMPLOYING FIFTY OR FEWER EMPLOYEES. FOR THE PURPOSES OF  THIS
 SUBDIVISION,  A "LONG TERM UNEMPLOYED PERSON" SHALL BE AN INDIVIDUAL WHO
 HAS BEEN A RESIDENT OF NEW YORK FOR THREE  YEARS  IMMEDIATELY  PRECEDING
 HIRING  AND  WHO,  PRIOR TO BEING HIRED BY THE BUSINESS ELIGIBLE FOR THE
 CREDIT ESTABLISHED PURSUANT TO THIS SUBDIVISION, HAD BEEN UNEMPLOYED AND
 RECEIVING PUBLIC ASSISTANCE FOR SIX CONSECUTIVE MONTHS OR MORE,  AND  IS
 RETAINED  FOR  FULL-TIME  EMPLOYMENT  BY  SUCH BUSINESS FOR AT LEAST ONE

 A. 5300                             3
 
 YEAR. THE TOTAL AMOUNT OF CREDIT TO  BE  PROVIDED  STATEWIDE  SHALL  NOT
 EXCEED FIFTEEN MILLION DOLLARS IN A TAXABLE YEAR.
   (2)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO BE LESS THAN  THE  MINIMUM
 FIXED  BY  PARAGRAPH  FOUR OF SUBDIVISION (A) OF SECTION FIFTEEN HUNDRED
 TWO OR SECTION FIFTEEN HUNDRED  TWO-A  OF  THIS  ARTICLE,  WHICHEVER  IS
 APPLICABLE.  HOWEVER,  IF  THE  AMOUNT  OF THE CREDIT ALLOWED UNDER THIS
 SUBDIVISION FOR ANY TAXABLE YEAR REDUCES  THE  TAXPAYER'S  TAX  TO  SUCH
 AMOUNT,  ANY  AMOUNT OF CREDIT THUS NOT DEDUCTIBLE WILL BE TREATED AS AN
 OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORDANCE  WITH  THE
 PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED,
 HOWEVER,  THE  PROVISIONS OF SUBSECTION (C) OF ONE THOUSAND EIGHTY-EIGHT
 OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.  THE
 TOTAL  AMOUNT  OF  CREDIT  TO BE PROVIDED STATEWIDE FOR THIS CREDIT, THE
 CREDIT ALLOWED UNDER SUBDIVISION FIFTY-FIVE OF SECTION TWO HUNDRED TEN-B
 OF THIS CHAPTER AND SUBDIVISION (KKK) OF SECTION SIX HUNDRED SIX OF THIS
 CHAPTER SHALL NOT EXCEED FIFTEEN MILLION DOLLARS IN THE AGGREGATE  IN  A
 TAXABLE YEAR.
   (3)  CREDIT  RECAPTURE.  FOR PROVISIONS REQUIRING RECAPTURE OF CREDIT,
 SEE SECTION FORTY-FOUR OF THIS CHAPTER.
   § 5. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2022 and shall apply to eligible
 individuals hired on and after such effective date.