Bill Text: NY A05362 | 2021-2022 | General Assembly | Introduced

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Bill Title: Increases the amount of the credit of eligible training costs from fifty percent to seventy percent for the employee training incentive program.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2022-01-05 - referred to economic development [A05362 Detail]

Download: New_York-2021-A05362-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5362

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    February 16, 2021
                                       ___________

        Introduced by M. of A. GALLAHAN -- read once and referred to the Commit-
          tee on Economic Development

        AN ACT to amend the economic development law, in relation to the employ-
          ee training incentive program

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 3 of section 443 of  the  economic  development
     2  law,  as added by section 1 of part O of chapter 59 of the laws of 2015,
     3  is amended to read as follows:
     4    3. The commissioner may approve an application from a business  entity
     5  upon  determining that such business entity meets the eligibility crite-
     6  ria established in section  four  hundred  forty-two  of  this  article.
     7  Following  approval  by the commissioner of an application by a business
     8  entity to participate in the employee training  incentive  program,  the
     9  commissioner  shall  issue  a  certificate of tax credit to the business
    10  entity upon its demonstrating successful  completion  of  such  eligible
    11  training  to the satisfaction of the commissioner. For eligible training
    12  as defined by paragraph (a) of subdivision three of section four hundred
    13  forty-one of this article the amount of the credit  shall  be  equal  to
    14  [fifty]  seventy  percent  of eligible training costs, up to a credit of
    15  ten thousand dollars  per  employee  receiving  eligible  training.  For
    16  eligible  training  as  defined by paragraph (b) of subdivision three of
    17  section four hundred forty-one of this article, the amount of the credit
    18  shall be equal to fifty percent of the stipend paid to an intern, up  to
    19  a  credit of three thousand dollars per intern. The tax credits shall be
    20  claimed by the qualified employer as specified in subdivision  fifty  of
    21  section  two  hundred  ten-B and subsection (ddd) of section six hundred
    22  six of the tax law.
    23    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04688-01-1