Senate Bill S4833B

2023-2024 Legislative Session

Creates a work opportunity tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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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Bill Amendments

2023-S4833 - Details

See Assembly Version of this Bill:
A8905
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add §49, amd §§210-B, 606 & 1511, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S8463, A9171

2023-S4833 - Summary

Creates a work opportunity tax credit.

2023-S4833 - Sponsor Memo

2023-S4833 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4833
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 15, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 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 48  to  read
 as follows:
   §  48. 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 59;
   (2) ARTICLE 22: SECTION 606, SUBSECTION (BBB);
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06643-02-3
              

co-Sponsors

2023-S4833A - Details

See Assembly Version of this Bill:
A8905
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add §49, amd §§210-B, 606 & 1511, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S8463, A9171

2023-S4833A - Summary

Creates a work opportunity tax credit.

2023-S4833A - Sponsor Memo

2023-S4833A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4833--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 15, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment  Operations  --  committee  discharged,  bill  amended,   ordered
   reprinted as amended and recommitted to said committee
 
 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 48 to read
 as follows:
   § 48. 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 59;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06643-04-3
              

co-Sponsors

2023-S4833B (ACTIVE) - Details

See Assembly Version of this Bill:
A8905
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add §49, amd §§210-B, 606 & 1511, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S8463, A9171

2023-S4833B (ACTIVE) - Summary

Creates a work opportunity tax credit.

2023-S4833B (ACTIVE) - Sponsor Memo

2023-S4833B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4833--B
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 15, 2023
                                ___________
 
 Introduced  by  Sens.  SKOUFIS, CHU, GOUNARDES -- read twice and ordered
   printed, and when printed to be committed to the Committee on Investi-
   gations  and  Government  Operations  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- recommitted to the Committee on Investigations  and  Government
   Operations  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 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06643-07-4
 S. 4833--B                          2
 
              

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