Bill Text: NY S02653 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to a minimum wage reimbursement credit.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S02653 Detail]

Download: New_York-2021-S02653-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2653

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 22, 2021
                                       ___________

        Introduced  by Sens. GALLIVAN, AKSHAR, RITCHIE -- read twice and ordered
          printed, and when printed to be committed to the Committee on Investi-
          gations and Government Operations

        AN ACT to amend the tax law, in relation to minimum  wage  reimbursement
          credit

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

     1    Section 1. Section 38 of the tax law, as added by section 1 of part EE
     2  of chapter 59 of the laws of 2013, is renumbered section 45 and subdivi-
     3  sions (b) and (c) are amended to read as follows:
     4    (b) An eligible employer is a corporation  (including  a  New  York  S
     5  corporation),  a  sole  proprietorship, a limited liability company or a
     6  partnership. An eligible employee is an individual who is  (i)  employed
     7  by an eligible employer in New York state, (ii) paid at the minimum wage
     8  rate  as defined in article nineteen of the labor law during the taxable
     9  year by the eligible employer, (iii) between the  ages  of  sixteen  and
    10  nineteen  during  the  period in which he or she is paid at such minimum
    11  wage rate by the eligible employer, and (iv) a student during the period
    12  in which he or she is paid at such minimum wage rate  by  the  taxpayer.
    13  For  taxable  years  beginning  on and after January first, two thousand
    14  twenty-one, an eligible employee is an individual who is (i) employed by
    15  an eligible employer in New York state, (ii) paid at a  rate  that  does
    16  not  exceed  the minimum wage rate as defined in article nineteen of the
    17  labor law plus fifty cents during  the  taxable  year  by  the  eligible
    18  employer,  (iii)  between  the  ages  of sixteen and nineteen during the
    19  period in which he or she is paid at such rate that does not exceed such
    20  minimum wage rate plus fifty cents by the eligible employer, and (iv)  a
    21  student  during  the period in which he or she is paid at such rate that
    22  does not exceed such minimum wage rate plus fifty cents by the taxpayer.
    23    (c) For taxable years beginning on or after January first,  two  thou-
    24  sand fourteen and before January first, two thousand fifteen, the amount

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01755-01-1
        S. 2653                             2

     1  of  the  credit allowed under this section shall be equal to the product
     2  of the total number of hours worked during the taxable year by  eligible
     3  employees  for  which they were paid at the minimum wage rate as defined
     4  in  article  nineteen  of  the labor law and [seventy five] seventy-five
     5  cents. For taxable years beginning on or after January first, two  thou-
     6  sand  fifteen and before January first, two thousand sixteen, the amount
     7  of the credit allowed under this section shall be equal to  the  product
     8  of  the total number of hours during the taxable year worked by eligible
     9  employees for which they were paid at such minimum  wage  rate  and  one
    10  dollar  and  thirty-one  cents.  For taxable years beginning on or after
    11  January first, two thousand sixteen and before January first, two  thou-
    12  sand nineteen, the amount of the credit allowed under this section shall
    13  be  equal to the product of the total number of hours during the taxable
    14  year worked by eligible employees for which they were paid at such mini-
    15  mum wage rate and one dollar and thirty-five cents.  For  taxable  years
    16  beginning  on or after January first, two thousand twenty-one and before
    17  January first, two  thousand  twenty-four,  the  amount  of  the  credit
    18  allowed  under  this  section shall be equal to the product of the total
    19  number of hours during the taxable year worked by eligible employees for
    20  which they were paid at a rate that does not exceed  such  minimum  wage
    21  rate  plus  fifty  cents and one dollar and thirty-five cents. Provided,
    22  however, if the federal minimum wage established by federal law pursuant
    23  to 29 U.S.C. section 206 or its successors is  increased  above  eighty-
    24  five  percent  of the minimum wage in article nineteen of the labor law,
    25  the dollar amounts in this subdivision shall be reduced to  the  differ-
    26  ence  between  the minimum wage in article nineteen of the labor law and
    27  the federal minimum wage.  Such reduction would take effect on the  date
    28  that employers are required to pay such federal minimum wage.
    29    § 2. This act shall take effect immediately and shall apply to taxable
    30  years beginning on and after January 1, 2021.