Bill Text: NY A09171 | 2021-2022 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Creates a work opportunity tax credit.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2022-05-24 - print number 9171a [A09171 Detail]
Download: New_York-2021-A09171-Introduced.html
Bill Title: Creates a work opportunity tax credit.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2022-05-24 - print number 9171a [A09171 Detail]
Download: New_York-2021-A09171-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9171 IN ASSEMBLY February 3, 2022 ___________ Introduced by M. of A. JOYNER -- read once and referred to the Committee on Labor AN ACT to amend the tax law, in relation to creating a work opportunity tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 47 to read 2 as follows: 3 § 47. Work opportunity tax credit. (a) General. A taxpayer subject to 4 tax under article nine-A, twenty-two, or thirty-three of this chapter 5 shall be allowed a credit against such tax in an amount equal to one 6 hundred percent of the credit that is allowed to the taxpayer under 7 section 51 of the internal revenue code that is attributable to quali- 8 fied wages paid to a New York resident who is a member of a targeted 9 group and for whom a certificate to that effect has been issued by the 10 department of labor. 11 (b) Definitions. The terms "qualified wages" and "targeted group" 12 shall have the same meanings as in section 51 of the internal revenue 13 code. 14 (c) Wages which are the basis of the credit under this section may not 15 be used as the basis for any other credit allowed under this chapter. 16 (d) Cross-references. For application of the credit provided for in 17 this section, see the following provisions of this chapter: 18 (1) article 9-A: section 210-B, subdivision 58; 19 (2) article 22: section 606, subsection (bbb); 20 (3) article 33: section 1511, subdivision (ee). 21 § 2. Section 210-B of the tax law is amended by adding a new subdivi- 22 sion 58 to read as follows: 23 58. Work opportunity tax credit. (a) Allowance of credit. A taxpayer 24 shall be allowed a credit, to be computed as provided in section forty- 25 seven of this chapter, against the tax imposed by this article. 26 (b) Application of credit. The credit allowed under this subdivision 27 for any taxable year may not reduce the tax due for such year to less 28 than the amount prescribed in paragraph (d) of subdivision one of EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14561-01-2A. 9171 2 1 section two hundred ten of this article. However, if the amount of the 2 credit allowed under this subdivision for any taxable year reduces the 3 tax to such amount or if the taxpayer otherwise pays tax based on the 4 fixed dollar minimum amount, any amount of credit thus not deductible in 5 such taxable year will be treated as an overpayment of tax to be credit- 6 ed or refunded in accordance with the provisions of section one thousand 7 eighty-six of this chapter. Provided, however, the provisions of 8 subsection (c) of section one thousand eighty-eight of this chapter 9 notwithstanding, no interest shall be paid thereon. 10 § 3. Section 606 of the tax law is amended by adding a new subsection 11 (bbb) to read as follows: 12 (bbb) Work opportunity tax credit. (1) Allowance of credit. A taxpayer 13 shall be allowed a credit, to be computed as provided in section forty- 14 seven of this chapter, against the tax imposed by this article. 15 (2) Application of credit. If the amount of the credit allowed under 16 this subsection for any taxable year shall exceed the taxpayer's tax for 17 such year, the excess shall be treated as an overpayment of tax to be 18 credited or refunded in accordance with the provisions of section six 19 hundred eighty-six of this article, provided, however, that no interest 20 shall be paid thereon. 21 § 4. Section 1511 of the tax law is amended by adding a new subdivi- 22 sion (ee) to read as follows: 23 (ee) Work opportunity tax credit. (1) A taxpayer shall be allowed a 24 credit, to be computed as provided in section forty-seven of this chap- 25 ter, against the tax imposed by this article. 26 (2) Application of credit. The credit allowed under this subdivision 27 shall not reduce the tax due for such year to be less than the minimum 28 fixed by paragraph four of subdivision (a) of section fifteen hundred 29 two or section fifteen hundred two-a of this article, whichever is 30 applicable. However, if the amount of the credit allowed under this 31 subdivision for any taxable year reduces the taxpayer's tax to such 32 amount, any amount of credit thus not deductible will be treated as an 33 overpayment of tax to be credited or refunded in accordance with the 34 provisions of section one thousand eighty-six of this chapter. Provided, 35 however, the provisions of subsection (c) of section one thousand eight- 36 y-eight of this chapter notwithstanding, no interest shall be paid ther- 37 eon. 38 § 5. This act shall take effect immediately and shall apply to taxable 39 years beginning on and after January 1, 2022 and shall apply to wages 40 paid to individuals hired on and after such effective date.
