S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5239
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2023
                                ___________
 
 Introduced  by M. of A. COOK, JACKSON, SEAWRIGHT, BUTTENSCHON, COLTON --
   Multi-Sponsored by -- M. of A. STECK -- 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 59 to read as follows:
   59.  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08370-01-3
              

 A. 5239                             2
 
 PROVISIONS  OF  SUBSECTION  (C)  OF SECTION 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 SUBSECTION (OOO) 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 (l) to read as follows:
 
 (L) WORK OPPORTUNITY TAX CREDIT      AMOUNT OF CREDIT UNDER
 UNDER SUBSECTION (OOO)               SUBDIVISION FIFTY-NINE OF
                                      SECTION TWO HUNDRED TEN-B

   §  3. Section 606 of the tax law is amended by adding a new subsection
 (ooo) to read as follows:
   (OOO) 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-NINE 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. 5239                             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 SECTION ONE THOUSAND EIGHT-
 Y-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THER-
 EON.  THE TOTAL AMOUNT OF CREDIT TO BE PROVIDED STATEWIDE FOR THIS CRED-
 IT, THE CREDIT ALLOWED  UNDER  SUBDIVISION  FIFTY-NINE  OF  SECTION  TWO
 HUNDRED  TEN-B  OF  THIS  CHAPTER  AND  SUBDIVISION (OOO) 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, 2024 and shall apply to eligible
 individuals hired on and after such effective date.