Bill Text: NY S00645 | 2015-2016 | General Assembly | Amended

New York Senate Bill 645 (Prior Session Legislation)

Bill Title: Establishes a five percent investment tax credit against the franchise tax imposed upon corporations for a portion of training or retraining expenses incurred by them in an eligible business facility, pursuant to rules and regulations of the department of taxation and finance promulgated in consultation with the department of labor.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-02-02 - PRINT NUMBER 645A [S00645 Detail]

Download: New_York-2015-S00645-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         645--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 7, 2015
                                       ___________
        Introduced  by Sens. KENNEDY, ESPAILLAT -- read twice and ordered print-
          ed, and when printed to be committed  to  the  Committee  on  Investi-
          gations  and  Government Operations -- 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 providing for a  tax  credit
          for  certain  training  or  retraining expenses incurred by a taxpayer
          subject to the provisions of article 9-A of such law
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 1 of section 210-B of the tax law is amended by
     2  adding a new paragraph (g) to read as follows:
     3    (g)  In addition to the credit allowed by paragraph (a) of this subdi-
     4  vision, for taxable years beginning  after  December  thirty-first,  two
     5  thousand  sixteen  there shall be allowed a credit in an amount equal to
     6  five percent of the expenditures paid or  incurred  by  a  taxpayer  for
     7  training  or  retraining  of  employees  if such training was given by a
     8  taxpayer in an eligible business facility. The commissioner, in  consul-
     9  tation  with  the  department of labor, shall promulgate rules and regu-
    10  lations to determine and identify eligible training programs pursuant to
    11  this paragraph.
    12    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03226-02-6