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