Bill Text: NY A06767 | 2013-2014 | General Assembly | Amended

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Bill Title: Establishes a small business tax credit for the employment of persons fifty-five years of age and older.

Spectrum: Moderate Partisan Bill (Democrat 29-8)

Status: (Introduced - Dead) 2014-02-13 - print number 6767a [A06767 Detail]

Download: New_York-2013-A06767-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6767--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 18, 2013
                                      ___________
       Introduced  by M. of A. BRAUNSTEIN, SKARTADOS, BRINDISI, STECK, BARRETT,
         KIM, GUNTHER, KEARNS, COLTON,  ROSA,  MILLER,  MILLMAN,  SANTABARBARA,
         SIMOTAS,  COOK,  SCARBOROUGH,  SEPULVEDA, MOYA, RAIA, DIPIETRO, JOHNS,
         CORWIN, CAHILL, ROBINSON, HOOPER, ROBERTS -- Multi-Sponsored by --  M.
         of  A.  ABBATE,  CLARK, CROUCH, MARKEY, McDONOUGH, McLAUGHLIN, MOSLEY,
         PERRY, SALADINO, SIMANOWITZ, SWEENEY,  WEISENBERG  --  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 committee
       AN  ACT  to amend the tax law, in relation to establishing a small busi-
         ness tax credit for the employment of persons fifty-five years of  age
         or older
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 48 to read as follows:
    3    48.  SMALL  BUSINESS TAX CREDIT; PERSONS AGE FIFTY-FIVE OR OLDER.  (A)
    4  GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
    5  ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION,
    6  AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON  AGE  FIFTY-FIVE
    7  OR  OLDER  HIRED  DURING  A  TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE
    8  FIFTY-FIVE OR OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER  WEEK
    9  AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   10    (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
   11  FIVE THOUSAND DOLLARS PER HIRED PERSON AGE FIFTY-FIVE OR OLDER BUT SHALL
   12  NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
   13    (C) CARRYOVERS. THE CREDIT  ALLOWED  UNDER  THIS  SUBDIVISION  MAY  BE
   14  CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
   15  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08261-05-4
       A. 6767--A                          2
    1  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
    2  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
    3    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    4  of the tax law is amended by adding a new clause  (xxxvii)  to  read  as
    5  follows:
    6  (XXXVII) SMALL BUSINESS TAX CREDIT;  COSTS UNDER SUBDIVISION
    7  PERSONS FIFTY-FIVE YEARS OF AGE OR   FORTY-EIGHT OF SECTION
    8  OLDER UNDER SUBSECTION (XX)          TWO HUNDRED TEN
    9    S  3.    Subsections  (yy)  and (zz) of section 606 of the tax law, as
   10  relettered by section 5 of part H of chapter 1 of the laws of 2003,  are
   11  relettered  subsections  (yyy)  and  (zzz)  and a new subsection (xx) is
   12  added to read as follows:
   13    (XX) SMALL BUSINESS TAX CREDIT; PERSONS AGE FIFTY-FIVE OR OLDER.   (A)
   14  GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
   15  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
   16  THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE FIFTY-FIVE OR  OLDER
   17  HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE FIFTY-FIVE OR
   18  OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS IN
   19  THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   20    (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
   21  FIVE THOUSAND DOLLARS PER HIRED PERSON AGE FIFTY-FIVE OR OLDER BUT SHALL
   22  NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
   23    (C)  CARRYOVERS.  THE CREDIT ALLOWED IN THIS SUBSECTION MAY BE CLAIMED
   24  AND IF NOT FULLY USED IN THE  INITIAL  YEAR  FOR  WHICH  THE  CREDIT  IS
   25  CLAIMED  MAY  BE  CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   26  TAXABLE YEARS.  THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
   27  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   28    S 4. This act shall take effect immediately and shall apply to taxable
   29  years beginning on or after January 1, 2015.