Bill Text: NY S04335 | 2011-2012 | General Assembly | Introduced

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Bill Title: Establishes a small business tax credit for the employment of unemployed college graduates.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-09 - PRINT NUMBER 4335A [S04335 Detail]

Download: New_York-2011-S04335-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4335
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 29, 2011
                                      ___________
       Introduced  by  Sen. ADDABBO -- 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  small  busi-
         ness tax credit for the employment of unemployed college graduates
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 43 to read as follows:
    3    43.  SMALL  BUSINESS  TAX  CREDIT; UNEMPLOYED COLLEGE GRADUATES.   (A)
    4  GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
    5  ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION,
    6  AGAINST THE TAX IMPOSED BY THIS  ARTICLE  FOR  EACH  UNEMPLOYED  COLLEGE
    7  GRADUATE  HIRED  DURING  A  TAXABLE  YEAR, PROVIDED THAT SUCH UNEMPLOYED
    8  COLLEGE GRADUATE IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK  AND
    9  REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   10    (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
   11  FIVE THOUSAND DOLLARS PER HIRED UNEMPLOYED COLLEGE  GRADUATE  BUT  SHALL
   12  NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
   13    (C)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS SUBDIVISION MAY BE
   14  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   15  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   16  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
   17  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   18    (D) DEFINITIONS. AS USED IN THIS SUBDIVISION, THE TERM "COLLEGE" SHALL
   19  MEAN  A  PUBLIC  OR INDEPENDENT COLLEGE; THE TERM "PUBLIC COLLEGE" SHALL
   20  MEAN EACH COMPONENT OF THE STATE UNIVERSITY, AS DEFINED  IN  SUBDIVISION
   21  THREE  OF  SECTION  THREE  HUNDRED FIFTY-TWO OF THE EDUCATION LAW AND IN
   22  SUBDIVISION TWO OF SECTION SIXTY-THREE HUNDRED ONE OF THE EDUCATION  LAW
   23  AND  EACH COMMUNITY COLLEGE AND SENIOR COLLEGE OF THE CITY UNIVERSITY OF
   24  NEW YORK, AS DEFINED IN SUBDIVISIONS FOUR AND FIVE OF SECTION  SIXTY-TWO
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10514-01-1
       S. 4335                             2
    1  HUNDRED  TWO  OF  THE  EDUCATION LAW; AND THE TERM "INDEPENDENT COLLEGE"
    2  SHALL MEAN EACH INDEPENDENT NOT-FOR-PROFIT INSTITUTION OF HIGHER  EDUCA-
    3  TION, AS DEFINED IN SUBDIVISION TWO OF SECTION SIXTY-FOUR HUNDRED ONE OF
    4  THE EDUCATION LAW.
    5    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    6  of the tax law is amended by adding a new  clause  (xxxii)  to  read  as
    7  follows:
    8  (XXXII) SMALL BUSINESS TAX CREDIT;   COSTS UNDER SUBDIVISION
    9  UNEMPLOYED COLLEGE GRADUATES         FORTY-THREE OF SECTION
   10  UNDER SUBSECTION (SS)                TWO HUNDRED TEN
   11    S 3.  Section 606 of the tax law is amended by adding a new subsection
   12  (ss) to read as follows:
   13    (SS)  SMALL  BUSINESS  TAX  CREDIT; UNEMPLOYED COLLEGE GRADUATES.  (1)
   14  GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
   15  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
   16  THE  TAX  IMPOSED  BY  THIS ARTICLE FOR EACH UNEMPLOYED COLLEGE GRADUATE
   17  HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH UNEMPLOYED COLLEGE GRAD-
   18  UATE IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND  REMAINS  IN
   19  THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   20    (2)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
   21  FIVE THOUSAND DOLLARS PER HIRED UNEMPLOYED COLLEGE  GRADUATE  BUT  SHALL
   22  NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
   23    (3)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION MAY BE
   24  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   25  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   26  TAXABLE  YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
   27  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   28    (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE TERM "COLLEGE"  SHALL
   29  MEAN  A  PUBLIC  OR INDEPENDENT COLLEGE; THE TERM "PUBLIC COLLEGE" SHALL
   30  MEAN EACH COMPONENT OF THE STATE UNIVERSITY, AS DEFINED  IN  SUBDIVISION
   31  THREE  OF  SECTION  THREE  HUNDRED FIFTY-TWO OF THE EDUCATION LAW AND IN
   32  SUBDIVISION TWO OF SECTION SIXTY-THREE HUNDRED ONE OF THE EDUCATION  LAW
   33  AND  EACH COMMUNITY COLLEGE AND SENIOR COLLEGE OF THE CITY UNIVERSITY OF
   34  NEW YORK, AS DEFINED IN SUBDIVISIONS FOUR AND FIVE OF SECTION  SIXTY-TWO
   35  HUNDRED  TWO  OF  THE  EDUCATION LAW; AND THE TERM "INDEPENDENT COLLEGE"
   36  SHALL MEAN EACH INDEPENDENT NOT-FOR-PROFIT INSTITUTION OF HIGHER  EDUCA-
   37  TION, AS DEFINED IN SUBDIVISION TWO OF SECTION SIXTY-FOUR HUNDRED ONE OF
   38  THE EDUCATION LAW.
   39    S 4. This act shall take effect immediately and shall apply to taxable
   40  years beginning on or after January 1, 2012.