Bill Text: NY S01237 | 2015-2016 | General Assembly | Amended

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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) 2016-01-14 - PRINT NUMBER 1237A [S01237 Detail]

Download: New_York-2015-S01237-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1237--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                     January 9, 2015
                                       ___________
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment 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 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 2016".
     3    §  2. Section 210-B of the tax law is amended by adding a new subdivi-
     4  sion 49 to read as follows:
     5    49. 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  full-
    10  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.
                                                                   LBD02833-02-6