Bill Text: NY S02119 | 2019-2020 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes the work opportunity tax credit for businesses with fifty employees or less for hiring a long term unemployed person; a credit shall be allowed of up to $2,400; the total amount of credit provided statewide shall not exceed fifteen million dollars.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S02119 Detail]

Download: New_York-2019-S02119-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         2119--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                    January 22, 2019
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Budget  and  Revenue  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee

        AN ACT to amend the tax law, in relation to establishing the work oppor-
          tunity tax credit

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

     1    Section  1.  Section  210-B  of the tax law is amended by adding a new
     2  subdivision 54 to read as follows:
     3    54. Work opportunity tax credit. A taxpayer shall be allowed a credit,
     4  against the tax imposed by this article, of two  thousand  four  hundred
     5  dollars  for  each  long  term  unemployed person hired during a taxable
     6  year. Such tax credit shall be applicable only to  businesses  employing
     7  fifty  or fewer employees. For the purposes of this subdivision, a "long
     8  term unemployed person" shall be an individual who has been  a  resident
     9  of  New York for three years immediately preceding hiring and who, prior
    10  to being hired by the  business  eligible  for  the  credit  established
    11  pursuant  to  this subdivision, had been unemployed and receiving public
    12  assistance for six consecutive months or more, and is retained for full-
    13  time employment by such business for at least one year. The total amount
    14  of credit to be provided statewide  shall  not  exceed  fifteen  million
    15  dollars in a taxable year.
    16    §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    17  of the tax law is amended by adding  a  new  clause  (xlv)  to  read  as
    18  follows:

    19  (xlv) Work opportunity tax credit    Amount of credit under
    20  under subsection (kkk)               subdivision fifty-four of
    21                                       section two hundred ten-B

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05841-02-9
        S. 2119--A                          2

     1    §  3. Section 606 of the tax law is amended by adding a new subsection
     2  (kkk) to read as follows:
     3    (kkk) Work opportunity tax credit. A taxpayer shall be allowed a cred-
     4  it,  against  the  tax  imposed  by  this  article, of two thousand four
     5  hundred dollars for each long term  unemployed  person  hired  during  a
     6  taxable  year.  Such  tax  credit shall be applicable only to businesses
     7  employing fifty or fewer employees. For the purposes  of  this  subdivi-
     8  sion,  a  "long  term  unemployed person" shall be an individual who has
     9  been a resident of New York for three years immediately preceding hiring
    10  and who, prior to being hired by the business eligible  for  the  credit
    11  established pursuant to this subsection, had been unemployed and receiv-
    12  ing  public  assistance  for  six  consecutive  months  or  more, and is
    13  retained for full-time employment by such  business  for  at  least  one
    14  year.  The  total  amount  of  credit to be provided statewide shall not
    15  exceed fifteen million dollars in a taxable year.
    16    § 4. This act shall take effect immediately and shall apply to taxable
    17  years beginning on and after January 1, 2020.