Bill Text: NY S04090 | 2017-2018 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relates to establishing a job creation tax credit; provides that the amount of the credit shall be six percent of the total amount of wages paid to the qualified employee during the employee's first six months of employment and if the qualified employee was receiving unemployment insurance benefits at the time of hire for a minimum of thirteen weeks or is employed directly in the manufacturing process in an eligible industry, the amount of the credit shall be twelve percent of the total amount of wages paid to the qualified employee during the employee's first six months of employment; caps the credit at $750 for any qualified employee and $1500 for any qualified employee who was receiving unemployment insurance benefits at the time of hire for a minimum of thirteen weeks or who is employed directly in the manufacturing process in an eligible industry.
Spectrum: Partisan Bill (Republican 9-0)
Status: (Engrossed - Dead) 2018-05-15 - REPORTED AND COMMITTED TO FINANCE [S04090 Detail]
Download: New_York-2017-S04090-Introduced.html
Bill Title: Relates to establishing a job creation tax credit; provides that the amount of the credit shall be six percent of the total amount of wages paid to the qualified employee during the employee's first six months of employment and if the qualified employee was receiving unemployment insurance benefits at the time of hire for a minimum of thirteen weeks or is employed directly in the manufacturing process in an eligible industry, the amount of the credit shall be twelve percent of the total amount of wages paid to the qualified employee during the employee's first six months of employment; caps the credit at $750 for any qualified employee and $1500 for any qualified employee who was receiving unemployment insurance benefits at the time of hire for a minimum of thirteen weeks or who is employed directly in the manufacturing process in an eligible industry.
Spectrum: Partisan Bill (Republican 9-0)
Status: (Engrossed - Dead) 2018-05-15 - REPORTED AND COMMITTED TO FINANCE [S04090 Detail]
Download: New_York-2017-S04090-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4090 2017-2018 Regular Sessions IN SENATE February 3, 2017 ___________ Introduced by Sen. AKSHAR -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing a job creation 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 43 to read 2 as follows: 3 § 43. Job creation tax credit. (a) Allowance of credit. A taxpayer, 4 which is subject to tax under article nine-A or twenty-two of this chap- 5 ter and which creates a new full time position, shall be allowed a cred- 6 it against such tax. The amount of the credit allowed under this section 7 shall be seven hundred fifty dollars for each new full time position 8 filled for at least six months during the tax year. The credit shall not 9 be for more than thirty new full time positions per tax year. 10 (b) Agricultural commodities enhancement. If the new full time posi- 11 tion is created in a business which adds value to agricultural commod- 12 ities through manufacturing or processing, an additional seven hundred 13 fifty dollar credit per new full time position will be allowed. 14 (c) Manufacturing enhancement. If the new full time position is 15 created in a manufacturing business, an additional seven hundred fifty 16 dollar credit per new full time position will be allowed. For the 17 purposes of this subdivision, "manufacturing business" shall mean a 18 business principally engaged in the production of goods by manufactur- 19 ing, processing, assembling, refining, mining, extracting, farming, 20 agriculture, horticulture, floriculture, viticulture or commercial fish- 21 ing. 22 (d) Unemployment enhancement. If a new employee was receiving unem- 23 ployment insurance benefits at the time of hire, the credit allowed 24 under this section shall be increased to one thousand dollars. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06532-03-7S. 4090 2 1 (e) Definitions. As used in this section, the following terms shall 2 have the following meanings: 3 (1) "new employee" shall mean any full time employee that causes the 4 total number of employees to increase above base employment or credit 5 employment, whichever is higher. 6 (2) "base year" shall mean calendar year two thousand seventeen. 7 (3) "base employment" shall mean the average number of full time 8 employees or full time equivalent employees during the base year. For a 9 new business, base employment shall begin at zero. 10 (4) "credit employment" shall mean base employment plus the number of 11 new employees for which a credit is earned for the prior tax years. 12 § 2. Section 210-B of the tax law is amended by adding a new subdivi- 13 sion 49 to read as follows: 14 49. Job creation tax credit. (a) Allowance of credit. A taxpayer will 15 be allowed a credit, to be computed as provided in section forty-three 16 of this chapter, against the tax imposed by this article. 17 (b) Application of credit. The credit allowed under this subdivision 18 for any taxable year may not reduce the tax due for such year to less 19 than the higher of the amounts prescribed in paragraph (d) of subdivi- 20 sion one of section two hundred ten of this article. However, if the 21 amount of credit allowed under this subdivision for any taxable year 22 reduces the tax to such amount, any amount of credit thus not deductible 23 in such taxable year will be treated as an overpayment of tax to be 24 credited or refunded in accordance with the provisions of section one 25 thousand eighty-six of this chapter. Provided, however, the provisions 26 of subsection (c) of section one thousand eighty-eight of this chapter 27 notwithstanding, no interest will be paid thereon. 28 § 3. Section 606 of the tax law is amended by adding a new subsection 29 (ccc) to read as follows: 30 (ccc) Job creation tax credit. (1) A taxpayer will be allowed a cred- 31 it, to the extent allowed under section forty-three of this chapter, 32 against the tax imposed by this article. 33 (2) If the amount of the credit allowed under this subsection for any 34 taxable year exceeds the taxpayer's tax for such year, the excess will 35 be treated as an overpayment of tax to be credited or refunded in 36 accordance with the provisions of section six hundred eighty-six of this 37 article, provided, however, that no interest will be paid thereon. 38 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 39 of the tax law is amended by adding a new clause (xliii) to read as 40 follows: 41 (xliii) Job creation tax credit Amount of credit under 42 under subsection (ccc) subdivision forty-nine of section 43 two hundred ten-B of this chapter 44 § 5. This act shall take effect immediately and shall apply to taxable 45 years beginning on or after January 1, 2017.
