Bill Text: NY A00776 | 2011-2012 | General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Provides a 50% tax credit for new income tax revenue generated by a new employee; provides credit may be taken up to 10 years; provides that the Department of Economic Development must monitor and certify the additional employment for any business which applies for the credit; provides any company taking the credit must maintain employment in the state for twice the number of years as the term of the tax credit; provides the Department of Economic Development shall annually report to the governor and the Legislature on the number and amounts of credits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-19 - print number 776a [A00776 Detail]
Download: New_York-2011-A00776-Amended.html
Bill Title: Provides a 50% tax credit for new income tax revenue generated by a new employee; provides credit may be taken up to 10 years; provides that the Department of Economic Development must monitor and certify the additional employment for any business which applies for the credit; provides any company taking the credit must maintain employment in the state for twice the number of years as the term of the tax credit; provides the Department of Economic Development shall annually report to the governor and the Legislature on the number and amounts of credits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-19 - print number 776a [A00776 Detail]
Download: New_York-2011-A00776-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 776--A 2011-2012 Regular Sessions I N A S S E M B L Y (PREFILED) January 5, 2011 ___________ Introduced by M. of A. GANTT -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to job creation tax credits THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. This act shall be known and may be cited as the "Job 2 Creation Tax Credit Act of 2012". 3 S 2. Section 210 of the tax law is amended by adding a new subdivision 4 21-b to read as follows: 5 21-B. JOB CREATION TAX CREDIT. (A) AS USED IN THIS SUBDIVISION, THE 6 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "FULL-TIME 7 EMPLOYEE" MEANS AN INDIVIDUAL WHO IS EMPLOYED FOR CONSIDERATION FOR AT 8 LEAST THIRTY-FIVE HOURS A WEEK, OR WHO RENDERS ANY OTHER STANDARD OF 9 SERVICE GENERALLY ACCEPTED BY CUSTOM OR SPECIFIED BY CONTRACT AS 10 FULL-TIME EMPLOYMENT. 11 (2) "NEW EMPLOYEE" MEANS A FULL-TIME EMPLOYEE FIRST EMPLOYED BY A 12 TAXPAYER IN THE PROJECT THAT IS THE SUBJECT OF THE TAX CREDIT AUTHORIZED 13 UNDER THIS SUBDIVISION IN THE TAXABLE YEAR IN WHICH THE TAXPAYER SEEKS 14 THE CREDIT. "NEW EMPLOYEE" ALSO MAY INCLUDE AN EMPLOYEE REHIRED OR 15 CALLED BACK FROM LAY-OFF TO WORK IN A NEW FACILITY OR ON A NEW PRODUCT 16 OR SERVICE ESTABLISHED OR PRODUCED BY THE TAXPAYER DURING THE TAXABLE 17 YEAR IN WHICH THE CREDIT IS SOUGHT. "NEW EMPLOYEE" SHALL NOT INCLUDE ANY 18 EMPLOYEE OF THE TAXPAYER WHO WAS PREVIOUSLY EMPLOYED IN THIS STATE BY A 19 RELATED MEMBER OF THE TAXPAYER AND WHOSE EMPLOYMENT WAS SHIFTED TO THE 20 TAXPAYER DURING THE TAXABLE YEAR IN WHICH THE CREDIT IS SOUGHT. IN ADDI- 21 TION, "NEW EMPLOYEE" SHALL NOT INCLUDE A CHILD, GRANDCHILD, PARENT, OR 22 SPOUSE, OTHER THAN A SPOUSE WHO IS LEGALLY SEPARATED FROM THE INDIVID- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03362-03-1 A. 776--A 2 1 UAL, OR ANY INDIVIDUAL WHO IS AN EMPLOYEE OF THE TAXPAYER AND WHO HAS A 2 DIRECT OR INDIRECT OWNERSHIP INTEREST OF AT LEAST FIVE PERCENT IN THE 3 PROFITS, CAPITAL, OR VALUE OF THE TAXPAYER. OWNERSHIP INTEREST SHALL BE 4 DETERMINED IN ACCORDANCE WITH SECTION FIFTEEN HUNDRED SIXTY-THREE OF THE 5 INTERNAL REVENUE CODE AND REGULATIONS PRESCRIBED THEREUNDER. 6 (3) "NEW INCOME TAX REVENUE" MEANS THE TOTAL AMOUNT WITHHELD UNDER 7 THIS CHAPTER BY THE TAXPAYER DURING THE TAXABLE YEAR FROM THE COMPEN- 8 SATION OF NEW EMPLOYEES FOR THE TAXES LEVIED UNDER THIS CHAPTER. 9 (4) "RELATED MEMBER" HAS THE SAME MEANING AS PROVIDED IN THIS CHAPTER. 10 (B) THE JOB CREATION TAX CREDIT AUTHORIZED UNDER THIS SUBDIVISION 11 SHALL BE FOR THE PURPOSE OF FOSTERING JOB CREATION IN THIS STATE. SUCH A 12 GRANT SHALL TAKE THE FORM OF A REFUNDABLE CREDIT ALLOWED AGAINST THE TAX 13 IMPOSED UNDER THIS CHAPTER. THE CREDIT SHALL BE CLAIMED AFTER THE ALLOW- 14 ANCE OF ALL OTHER CREDITS PROVIDED BY THIS CHAPTER. THE AMOUNT OF THE 15 CREDIT SHALL EQUAL THE NEW INCOME TAX REVENUE FOR THE TAXABLE YEAR 16 MULTIPLIED BY FIFTY PERCENT. 17 (C) IN ORDER TO QUALIFY FOR THE CREDIT THE TAXPAYER MUST SUBMIT TO THE 18 DEPARTMENT OF ECONOMIC DEVELOPMENT IN THE TAXABLE YEAR FOR WHICH CREDIT 19 IS SOUGHT A FORM PROVIDED BY SUCH DEPARTMENT IN WHICH THE TAXPAYER 20 STATES THE FOLLOWING: 21 (1) THE TAXPAYER'S PROJECT WILL CREATE NEW JOBS IN THIS STATE; 22 (2) THE TAXPAYER'S PROJECT IS ECONOMICALLY SOUND AND WILL BENEFIT THE 23 PEOPLE OF THIS STATE BY INCREASING OPPORTUNITIES FOR EMPLOYMENT AND 24 STRENGTHENING THE ECONOMY OF THIS STATE; 25 (3) RECEIVING THE TAX CREDIT IS A MAJOR FACTOR IN THE TAXPAYER'S DECI- 26 SION TO GO FORWARD WITH THE PROJECT; 27 (4) A DETAILED DESCRIPTION OF THE PROJECT THAT IS THE SUBJECT OF THE 28 AGREEMENT; 29 (5) THE TERM OF THE TAX CREDIT WHICH SHALL NOT EXCEED TEN YEARS, AND 30 THE FIRST TAXABLE YEAR FOR WHICH THE CREDIT MAY BE CLAIMED; 31 (6) THAT THE TAXPAYER SHALL MAINTAIN OPERATIONS AT THE PROJECT 32 LOCATION FOR AT LEAST TWICE THE NUMBER OF YEARS AS THE TERM OF THE TAX 33 CREDIT; 34 (7) THAT FIFTY PERCENT OF THE NEW INCOME TAX REVENUE WILL BE ALLOWED 35 AS THE AMOUNT OF THE CREDIT FOR EACH TAXABLE YEAR; 36 (8) A SPECIFIC METHOD FOR DETERMINING HOW MANY NEW EMPLOYEES ARE 37 EMPLOYED DURING A TAXABLE YEAR; 38 (9) THAT THE TAXPAYER ANNUALLY SHALL REPORT TO THE COMMISSIONER OF 39 ECONOMIC DEVELOPMENT THE NUMBER OF NEW EMPLOYEES, THE NEW INCOME TAX 40 REVENUE WITHHELD IN CONNECTION WITH THE NEW EMPLOYEES AND ANY OTHER 41 INFORMATION THE COMMISSIONER OF ECONOMIC DEVELOPMENT NEEDS TO PERFORM 42 HIS OR HER DUTIES UNDER THIS SUBDIVISION; AND 43 (10) THAT THE COMMISSIONER OF ECONOMIC DEVELOPMENT SHALL ANNUALLY 44 VERIFY THE AMOUNTS REPORTED PURSUANT TO SUBPARAGRAPH NINE OF THIS PARA- 45 GRAPH, AND AFTER DOING SO SHALL ISSUE A CERTIFICATE TO THE TAXPAYER 46 STATING THAT THE AMOUNTS HAVE BEEN VERIFIED. 47 (D) A TAXPAYER CLAIMING A CREDIT UNDER THIS SECTION SHALL SUBMIT TO 48 THE COMMISSIONER A COPY OF THE COMMISSIONER OF ECONOMIC DEVELOPMENT'S 49 CERTIFICATE OF VERIFICATION, AS PROVIDED IN SUBPARAGRAPH NINE OF PARA- 50 GRAPH (C) OF THIS SUBDIVISION FOR THE TAXABLE YEAR. 51 (E) THE COMMISSIONER OF ECONOMIC DEVELOPMENT, AFTER CONSULTATION WITH 52 THE COMMISSIONER SHALL ADOPT SUCH RULES AND REGULATIONS AS ARE NECESSARY 53 TO IMPLEMENT THIS SUBDIVISION. 54 (F) FOR THE PURPOSES OF THIS SUBDIVISION A TAXPAYER MAY INCLUDE A 55 PARTNERSHIP, A CORPORATION THAT HAS MADE AN ELECTION UNDER SUBCHAPTER S 56 OF CHAPTER ONE OF SUBTITLE A OF THE INTERNAL REVENUE CODE, OR ANY OTHER A. 776--A 3 1 BUSINESS ENTITY THROUGH WHICH INCOME FLOWS AS A DISTRIBUTIVE SHARE TO 2 ITS OWNERS. A CREDIT RECEIVED UNDER THIS SUBDIVISION BY A PARTNERSHIP, 3 S-CORPORATION, OR OTHER SUCH BUSINESS ENTITY SHALL BE APPORTIONED AMONG 4 THE PERSONS TO WHOM THE INCOME OR PROFIT OF THE PARTNERSHIP, S-CORPORA- 5 TION, OR OTHER ENTITY IS DISTRIBUTED, IN THE SAME PROPORTIONS AS THOSE 6 IN WHICH THE INCOME OR PROFIT IS DISTRIBUTED. 7 (G) IF THE COMMISSIONER OF ECONOMIC DEVELOPMENT DETERMINES THAT A 8 TAXPAYER WHO HAS RECEIVED A CREDIT UNDER THIS SUBDIVISION IS NOT COMPLY- 9 ING WITH THE REQUIREMENT OF SUBPARAGRAPH NINE OF PARAGRAPH (C) OF THIS 10 SUBDIVISION, HE OR SHE SHALL NOTIFY THE COMMISSIONER OF THE NONCOMPLI- 11 ANCE. AFTER RECEIVING SUCH A NOTICE, AND AFTER GIVING THE TAXPAYER AN 12 OPPORTUNITY TO EXPLAIN THE NONCOMPLIANCE, THE COMMISSIONER MAY MAKE AN 13 ASSESSMENT AGAINST THE TAXPAYER UNDER THIS CHAPTER FOR AN AMOUNT NOT 14 EXCEEDING THE SUM OF ANY PREVIOUSLY ALLOWED CREDITS UNDER THIS SUBDIVI- 15 SION. 16 (H) ON OR BEFORE THE THIRTY-FIRST DAY OF MARCH OF EACH YEAR, THE 17 COMMISSIONER OF ECONOMIC DEVELOPMENT SHALL SUBMIT A REPORT TO THE GOVER- 18 NOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY 19 AND THE MINORITY LEADERS OF THE SENATE AND ASSEMBLY ON THE TAX CREDIT 20 PROGRAM PROVIDED FOR IN THIS SUBDIVISION. THE REPORT SHALL INCLUDE 21 INFORMATION ON THE NUMBER OF TAXPAYERS RECEIVING TAX CREDITS PURSUANT TO 22 THIS SUBDIVISION DURING THE PRECEDING CALENDAR YEAR, A DESCRIPTION OF 23 THE PROJECTS THAT ARE THE SUBJECT OF THE CREDIT, AND AN UPDATE ON THE 24 STATUS OF PROJECTS FOR WHICH CREDITS WERE ALLOWED DURING THE PRECEDING 25 CALENDAR YEAR. 26 DURING THE FIRST YEAR OF THE TAX CREDIT PROGRAM, THE COMMISSIONER OF 27 ECONOMIC DEVELOPMENT IN CONJUNCTION WITH THE DIRECTOR OF BUDGET SHALL 28 CONDUCT AN EVALUATION OF SUCH PROGRAM. THE EVALUATION SHALL INCLUDE 29 ASSESSMENTS OF THE EFFECTIVENESS OF THE PROGRAM IN CREATING NEW JOBS IN 30 THIS STATE AND OF THE REVENUE IMPACT OF THE PROGRAM. SUCH REPORT MAY 31 ALSO INCLUDE A REVIEW OF THE PRACTICES AND EXPERIENCES OF OTHER STATES 32 WITH SIMILAR PROGRAMS. THE DEPARTMENT OF ECONOMIC DEVELOPMENT SHALL 33 SUBMIT A REPORT ON THE EVALUATION TO THE GOVERNOR, THE TEMPORARY PRESI- 34 DENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY AND THE MINORITY LEADERS 35 OF THE SENATE AND ASSEMBLY ON OR BEFORE JANUARY FIRST, TWO THOUSAND 36 FIFTEEN. 37 S 3. Section 606 of the tax law is amended by adding a new subsection 38 (p-1) to read as follows: 39 (P-1) JOB CREATION TAX CREDIT. (1) AS USED IN THIS SUBSECTION, THE 40 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: 41 (A) "FULL-TIME EMPLOYEE" MEANS AN INDIVIDUAL WHO IS EMPLOYED FOR 42 CONSIDERATION FOR AT LEAST THIRTY-FIVE HOURS A WEEK, OR WHO RENDERS ANY 43 OTHER STANDARD OF SERVICE GENERALLY ACCEPTED BY CUSTOM OR SPECIFIED BY 44 CONTRACT AS FULL-TIME EMPLOYMENT. 45 (B) "NEW EMPLOYEE" MEANS A FULL-TIME EMPLOYEE FIRST EMPLOYED BY A 46 TAXPAYER IN THE PROJECT THAT IS THE SUBJECT OF THE TAX CREDIT AUTHORIZED 47 UNDER THIS SUBSECTION IN THE TAXABLE YEAR IN WHICH THE TAXPAYER SEEKS 48 THE CREDIT. "NEW EMPLOYEE" ALSO MAY INCLUDE AN EMPLOYEE REHIRED OR 49 CALLED BACK FROM LAY-OFF TO WORK IN A NEW FACILITY OR ON A NEW PRODUCT 50 OR SERVICE ESTABLISHED OR PRODUCED BY THE TAXPAYER DURING THE TAXABLE 51 YEAR IN WHICH THE CREDIT IS SOUGHT. "NEW EMPLOYEE" SHALL NOT INCLUDE ANY 52 EMPLOYEE OF THE TAXPAYER WHO WAS PREVIOUSLY EMPLOYED IN THIS STATE BY A 53 RELATED MEMBER OF THE TAXPAYER AND WHOSE EMPLOYMENT WAS SHIFTED TO THE 54 TAXPAYER DURING THE TAXABLE YEAR IN WHICH THE CREDIT IS SOUGHT. IN ADDI- 55 TION, "NEW EMPLOYEE" SHALL NOT INCLUDE A CHILD, GRANDCHILD, PARENT, OR 56 SPOUSE, OTHER THAN A SPOUSE WHO IS LEGALLY SEPARATED FROM THE INDIVID- A. 776--A 4 1 UAL, OR ANY INDIVIDUAL WHO IS AN EMPLOYEE OF THE TAXPAYER AND WHO HAS A 2 DIRECT OR INDIRECT OWNERSHIP INTEREST OF AT LEAST FIVE PERCENT IN THE 3 PROFITS, CAPITAL, OR VALUE OF THE TAXPAYER. OWNERSHIP INTEREST SHALL BE 4 DETERMINED IN ACCORDANCE WITH SECTION FIFTEEN HUNDRED SIXTY-THREE OF THE 5 INTERNAL REVENUE CODE AND REGULATIONS PRESCRIBED THEREUNDER. 6 (C) "NEW INCOME TAX REVENUE" MEANS THE TOTAL AMOUNT WITHHELD UNDER 7 THIS CHAPTER BY THE TAXPAYER DURING THE TAXABLE YEAR FROM THE COMPEN- 8 SATION OF NEW EMPLOYEES FOR THE TAX LEVIES UNDER THIS CHAPTER. 9 (D) "RELATED MEMBER" HAS THE SAME MEANING AS PROVIDED IN THIS CHAPTER. 10 (2) THE JOB CREATION TAX CREDIT AUTHORIZED UNDER THIS SUBSECTION SHALL 11 BE FOR THE PURPOSE OF FOSTERING JOB CREATION IN THIS STATE. SUCH A 12 GRANT SHALL TAKE THE FORM OF A REFUNDABLE CREDIT ALLOWED AGAINST THE TAX 13 IMPOSED UNDER THIS CHAPTER. THE CREDIT SHALL BE CLAIMED AFTER THE ALLOW- 14 ANCE OF ALL OTHER CREDITS PROVIDED BY THIS CHAPTER. THE AMOUNT OF THE 15 CREDIT SHALL EQUAL THE NEW INCOME TAX REVENUE FOR THE TAXABLE YEAR 16 MULTIPLIED BY FIFTY PERCENT. 17 (3) IN ORDER TO QUALIFY FOR THE CREDIT THE TAXPAYER MUST SUBMIT TO THE 18 DEPARTMENT OF ECONOMIC DEVELOPMENT IN THE TAXABLE YEAR FOR WHICH CREDIT 19 IS SOUGHT A FORM PROVIDED BY SUCH DEPARTMENT IN WHICH THE TAXPAYER 20 STATES THE FOLLOWING: 21 (A) THE TAXPAYER'S PROJECT WILL CREATE NEW JOBS IN THIS STATE; 22 (B) THE TAXPAYER'S PROJECT IS ECONOMICALLY SOUND AND WILL BENEFIT THE 23 PEOPLE OF THIS STATE BY INCREASING OPPORTUNITIES FOR EMPLOYMENT AND 24 STRENGTHENING THE ECONOMY OF THIS STATE; 25 (C) RECEIVING THE TAX CREDIT IS A MAJOR FACTOR IN THE TAXPAYER'S DECI- 26 SION TO GO FORWARD WITH THE PROJECT; 27 (D) A DETAILED DESCRIPTION OF THE PROJECT THAT IS THE SUBJECT OF THE 28 AGREEMENT; 29 (E) THE TERM OF THE TAX CREDIT WHICH SHALL NOT EXCEED TEN YEARS, AND 30 THE FIRST TAXABLE YEAR FOR WHICH THE CREDIT MAY BE CLAIMED; 31 (F) THAT THE TAXPAYER SHALL MAINTAIN OPERATIONS AT THE PROJECT 32 LOCATION FOR AT LEAST TWICE THE NUMBER OF YEARS AS THE TERM OF THE TAX 33 CREDIT; 34 (G) THAT FIFTY PERCENT OF THE NEW INCOME TAX REVENUE WILL BE ALLOWED 35 AS THE AMOUNT OF THE CREDIT FOR EACH TAXABLE YEAR; 36 (H) A SPECIFIC METHOD FOR DETERMINING HOW MANY NEW EMPLOYEES ARE 37 EMPLOYED DURING A TAXABLE YEAR; 38 (I) THAT THE TAXPAYER ANNUALLY SHALL REPORT TO THE COMMISSIONER OF 39 ECONOMIC DEVELOPMENT THE NUMBER OF NEW EMPLOYEES, THE NEW INCOME TAX 40 REVENUE WITHHELD IN CONNECTION WITH THE NEW EMPLOYEES AND ANY OTHER 41 INFORMATION THE COMMISSIONER OF ECONOMIC DEVELOPMENT NEEDS TO PERFORM 42 HIS OR HER DUTIES UNDER THIS SUBSECTION; AND 43 (J) THAT THE COMMISSIONER OF ECONOMIC DEVELOPMENT SHALL ANNUALLY VERI- 44 FY THE AMOUNTS REPORTED PURSUANT TO SUBPARAGRAPH (I) OF THIS PARAGRAPH, 45 AND AFTER DOING SO SHALL ISSUE A CERTIFICATE TO THE TAXPAYER STATING 46 THAT THE AMOUNTS HAVE BEEN VERIFIED. 47 (4) A TAXPAYER CLAIMING A CREDIT UNDER THIS SUBSECTION SHALL SUBMIT TO 48 THE COMMISSIONER A COPY OF THE COMMISSIONER OF ECONOMIC DEVELOPMENT'S 49 CERTIFICATE OF VERIFICATION AS PROVIDED IN SUBPARAGRAPH (I) OF PARAGRAPH 50 THREE OF THIS SUBSECTION FOR THE TAXABLE YEAR. 51 (5) THE COMMISSIONER OF ECONOMIC DEVELOPMENT, AFTER CONSULTATION WITH 52 THE COMMISSIONER SHALL ADOPT SUCH RULES AND REGULATIONS AS ARE NECESSARY 53 TO IMPLEMENT THIS SUBSECTION. 54 (6) FOR THE PURPOSES OF THIS SUBSECTION A TAXPAYER MAY INCLUDE A PART- 55 NERSHIP, A CORPORATION THAT HAS MADE AN ELECTION UNDER SUBCHAPTER S OF 56 CHAPTER ONE OF SUBTITLE A OF THE INTERNAL REVENUE CODE, OR ANY OTHER A. 776--A 5 1 BUSINESS ENTITY THROUGH WHICH INCOME FLOWS AS A DISTRIBUTIVE SHARE TO 2 ITS OWNERS. A CREDIT RECEIVED UNDER THIS SUBSECTION BY A PARTNERSHIP, 3 S-CORPORATION, OR OTHER SUCH BUSINESS ENTITY SHALL BE APPORTIONED AMONG 4 THE PERSONS TO WHOM THE INCOME OR PROFIT OF THE PARTNERSHIP, S-CORPORA- 5 TION, OR OTHER ENTITY IS DISTRIBUTED, IN THE SAME PROPORTIONS AS THOSE 6 IN WHICH THE INCOME OR PROFIT IS DISTRIBUTED. 7 (7) IF THE COMMISSIONER OF ECONOMIC DEVELOPMENT DETERMINES THAT A 8 TAXPAYER WHO HAS RECEIVED A CREDIT UNDER THIS SUBSECTION IS NOT COMPLY- 9 ING WITH THE REQUIREMENT OF SUBPARAGRAPH (I) OF PARAGRAPH THREE OF THIS 10 SUBSECTION, HE OR SHE SHALL NOTIFY THE COMMISSIONER OF THE NONCOMPLI- 11 ANCE. AFTER RECEIVING SUCH A NOTICE, AND AFTER GIVING THE TAXPAYER AN 12 OPPORTUNITY TO EXPLAIN THE NONCOMPLIANCE, THE COMMISSIONER MAY MAKE AN 13 ASSESSMENT AGAINST THE TAXPAYER UNDER THIS CHAPTER FOR AN AMOUNT NOT 14 EXCEEDING THE SUM OF ANY PREVIOUSLY ALLOWED CREDITS UNDER THIS 15 SUBSECTION. 16 (8) ON OR BEFORE THE THIRTY-FIRST DAY OF MARCH OF EACH YEAR, THE 17 COMMISSIONER OF ECONOMIC DEVELOPMENT SHALL SUBMIT A REPORT TO THE GOVER- 18 NOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY 19 AND THE MINORITY LEADERS OF THE SENATE AND ASSEMBLY ON THE TAX CREDIT 20 PROGRAM PROVIDED FOR IN THIS SUBSECTION. THE REPORT SHALL INCLUDE INFOR- 21 MATION ON THE NUMBER OF TAXPAYERS RECEIVING TAX CREDITS PURSUANT TO THIS 22 SUBSECTION DURING THE PRECEDING CALENDAR YEAR, A DESCRIPTION OF THE 23 PROJECTS THAT ARE THE SUBJECT OF THE CREDIT, AND AN UPDATE ON THE STATUS 24 OF PROJECTS FOR WHICH CREDITS WERE ALLOWED DURING THE PRECEDING CALENDAR 25 YEAR. 26 DURING THE FIRST YEAR OF THE TAX CREDIT PROGRAM, THE COMMISSIONER OF 27 ECONOMIC DEVELOPMENT IN CONJUNCTION WITH THE DIRECTOR OF BUDGET SHALL 28 CONDUCT AN EVALUATION OF SUCH PROGRAM. THE EVALUATION SHALL INCLUDE 29 ASSESSMENTS OF THE EFFECTIVENESS OF THE PROGRAM IN CREATING NEW JOBS IN 30 THIS STATE AND OF THE REVENUE IMPACT OF THE PROGRAM. SUCH REPORT MAY 31 ALSO INCLUDE A REVIEW OF THE PRACTICES AND EXPERIENCES OF OTHER STATES 32 WITH SIMILAR PROGRAMS. THE DEPARTMENT OF ECONOMIC DEVELOPMENT SHALL 33 SUBMIT A REPORT ON THE EVALUATION TO THE GOVERNOR, THE TEMPORARY PRESI- 34 DENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY AND THE MINORITY LEADERS 35 OF THE SENATE AND ASSEMBLY ON OR BEFORE JANUARY FIRST, TWO THOUSAND 36 SEVENTEEN. 37 S 4. This act shall take effect immediately and shall apply to taxable 38 years commencing on and after April 1, 2012.