Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 21, 2022 |
print number 4220a |
Apr 21, 2022 |
amend and recommit to budget and revenue |
Jan 05, 2022 |
referred to budget and revenue |
Feb 03, 2021 |
referred to budget and revenue |
Senate Bill S4220A
2021-2022 Legislative Session
Sponsored By
(D) 11th Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue 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
Bill Amendments
2021-S4220 - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S3958
2017-2018: S5236
2019-2020: S3883
2021-S4220 - Sponsor Memo
BILL NUMBER: S4220 SPONSOR: STAVISKY TITLE OF BILL: An act to amend the tax law, in relation to establishing a small busi- ness tax credit for the employment of persons sixty-five years of age or older PURPOSE: To stimulate employment of persons sixty-five or older who face unprecedented challenges in reentering the workforce or continuing employment. SUMMARY OF PROVISIONS: Section 1: Amendment to section 210-B of the tax law is amended by adding a new subdivision 49. Provides for a business tax credit for the employer in regard to employment of persons age sixty-five or older for the duration of twelve months or more, and for thirty-five hours or more
2021-S4220 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4220 2021-2022 Regular Sessions I N S E N A T E February 3, 2021 ___________ Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit for the employment of persons sixty-five years of age or older 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. SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER. (A) GENERAL. A TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE OR OLDER HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-FIVE OR OLDER IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK, EARNS LESS THAN SEVENTY-FIVE THOUSAND DOLLARS ANNUALLY, AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE. (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL TWO THOUSAND FIVE HUNDRED DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY. (C) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION MAY BE CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO. § 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) SMALL BUSINESS TAX CREDIT; COSTS UNDER SUBDIVISION PERSONS SIXTY-FIVE YEARS OF AGE OR FIFTY-FIVE OF SECTION OLDER UNDER SUBSECTION (KKK) TWO HUNDRED TEN-B EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2021-S4220A (ACTIVE) - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S3958
2017-2018: S5236
2019-2020: S3883
2021-S4220A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4220A SPONSOR: STAVISKY TITLE OF BILL: An act to amend the tax law, in relation to establishing a small busi- ness tax credit for the employment of persons sixty-five years of age or older PURPOSE: To stimulate employment of persons sixty-five or older who face unprecedented challenges in reentering the workforce or continuing employment. SUMMARY OF PROVISIONS: Section 1: Amendment to section 210-B of the tax law is amended by adding a new subdivision 49. Provides for a business tax credit for the employer in regard to employment of persons age sixty-five or older for the duration of twelve months or more, and for thirty-five hours or more per week. Tax credit range will range between five thousand to twenty-
2021-S4220A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4220--A 2021-2022 Regular Sessions I N S E N A T E February 3, 2021 ___________ Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- recommitted to the Committee on Budget and Revenue in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit for the employment of persons sixty-five years of age or older 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 59 to read as follows: 59. SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER. (A) GENERAL. A TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE OR OLDER HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-FIVE OR OLDER IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK, EARNS LESS THAN SEVENTY-FIVE THOUSAND DOLLARS ANNUALLY, AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE. (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL TWO THOUSAND FIVE HUNDRED DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY. (C) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION MAY BE CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO. § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xlx) to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03463-02-2
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