S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8905
 
                           I N  A S S E M B L Y
 
                             January 26, 2024
                                ___________
 
 Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
   tee on Labor
 
 AN ACT to amend the tax law, in relation to creating a work  opportunity
   tax credit; and providing for the repeal of such provisions upon expi-
   ration thereof
 
   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 49  to  read
 as follows:
   §  49. WORK OPPORTUNITY TAX CREDIT. (A) GENERAL. A TAXPAYER SUBJECT TO
 TAX UNDER ARTICLE NINE-A, TWENTY-TWO, OR THIRTY-THREE  OF  THIS  CHAPTER
 SHALL  BE  ALLOWED  A  CREDIT AGAINST SUCH TAX IN AN AMOUNT EQUAL TO ONE
 HUNDRED PERCENT OF THE CREDIT THAT IS  ALLOWED  TO  THE  TAXPAYER  UNDER
 SECTION  51  OF THE INTERNAL REVENUE CODE THAT IS ATTRIBUTABLE TO QUALI-
 FIED WAGES PAID TO A NEW YORK RESIDENT WHO IS A  MEMBER  OF  A  TARGETED
 GROUP  AND  FOR WHOM A CERTIFICATE TO THAT EFFECT HAS BEEN ISSUED BY THE
 DEPARTMENT OF LABOR.
   (B) DEFINITIONS. THE TERMS  "QUALIFIED  WAGES"  AND  "TARGETED  GROUP"
 SHALL  HAVE  THE  SAME MEANINGS AS IN SECTION 51 OF THE INTERNAL REVENUE
 CODE.
   (C) EFFECT ON OTHER TAX CREDITS.   WAGES WHICH ARE THE  BASIS  OF  THE
 CREDIT  UNDER  THIS  SECTION  MAY NOT BE USED AS THE BASIS FOR ANY OTHER
 CREDIT ALLOWED UNDER THIS CHAPTER.
   (D) LIMIT ON TAX CREDITS ISSUED. OVER THE LIFETIME OF THE TAX  CREDIT,
 THE  TOTAL  AMOUNT  OF TAX CREDITS PROVIDED FOR UNDER THIS SECTION SHALL
 NOT EXCEED THIRTY MILLION DOLLARS.
   (E) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 60;
   (2) ARTICLE 22: SECTION 606, SUBSECTION (BBB);
   (3) ARTICLE 33: SECTION 1511, SUBDIVISION (FF).
   §  2. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 60 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06643-06-4
              

 A. 8905                             2
 
   60. WORK OPPORTUNITY TAX CREDIT. (A) ALLOWANCE OF CREDIT.  A  TAXPAYER
 SHALL  BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-
 NINE OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY  THIS  ARTICLE.    SUCH
 CREDIT  MAY  NOT  EXCEED  FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER
 YEAR IN ANY GIVEN TAX YEAR.
   (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR MAY NOT REDUCE THE TAX DUE FOR SUCH  YEAR  TO  LESS
 THAN  THE  AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT  OF  THE
 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 WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED  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 THIS CHAPTER NOTWITHSTANDING, NO
 INTEREST SHALL BE PAID THEREON.
   § 3. Section 606 of the tax law is amended by adding a new  subsection
 (bbb) to read as follows:
   (BBB) WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL  BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-
 NINE OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY  THIS  ARTICLE.    SUCH
 CREDIT  MAY  NOT  EXCEED  FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER
 YEAR IN ANY GIVEN TAX 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.
   § 4. Section 1511 of the tax law is amended by adding a  new  subdivi-
 sion (ff) to read as follows:
   (FF) WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT.  A TAXPAYER
 SHALL  BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-
 NINE OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY  THIS  ARTICLE.    SUCH
 CREDIT  MAY  NOT  EXCEED  FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER
 YEAR IN ANY GIVEN TAX 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 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
 THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 5. This act shall take effect April 1, 2025 and shall apply to taxa-
 ble years beginning on and after January 1,  2025  and  shall  apply  to
 wages  paid  to  individuals  hired on and after such effective date and
 shall expire and be deemed repealed December 31, 2027.