Bill Text: NY S05673 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides a tax credit for small businesses employing a person previously convicted of a crime; provides a tax credit of one thousand five hundred dollars for each person employed.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S05673 Detail]

Download: New_York-2023-S05673-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5673

                               2023-2024 Regular Sessions

                    IN SENATE

                                     March 13, 2023
                                       ___________

        Introduced by Sen. FERNANDEZ -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN  ACT  to amend the tax law, in relation to providing a tax credit for
          small businesses employing a person previously convicted of a crime

          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 59 to read as follows:
     3    59. Rehabilitation opportunity tax credit. A taxpayer shall be allowed
     4  a credit, against the tax imposed by this article, of one thousand  five
     5  hundred  dollars  for  each person previously convicted of a crime hired
     6  during a taxable year and retained  for  full-time  employment  by  such
     7  business  for  at  least six months. Such tax credit shall be applicable
     8  only to businesses employing fifty or fewer employees.
     9    § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    10  of the tax law is amended by adding a new clause (l) to read as follows:

    11  (l) Rehabilitation opportunity       Amount of credit under subdivision
    12  tax credit under subsection (ooo)    fifty-nine of section two hundred
    13                                       ten-B

    14    §  3. Section 606 of the tax law is amended by adding a new subsection
    15  (ooo) to read as follows:
    16    (ooo) Rehabilitation opportunity  tax  credit.  A  taxpayer  shall  be
    17  allowed  a credit, against the tax imposed by this article, of one thou-
    18  sand five hundred dollars for each  person  previously  convicted  of  a
    19  crime  hired during a taxable year and retained for full-time employment
    20  by such business for at least six  months.  Such  tax  credit  shall  be
    21  applicable only to businesses employing fifty or fewer employees.
    22    § 4. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09672-01-3