Bill Text: NY A00419 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars.
Spectrum: Moderate Partisan Bill (Democrat 13-4)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A00419 Detail]
Download: New_York-2019-A00419-Introduced.html
Bill Title: Establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars.
Spectrum: Moderate Partisan Bill (Democrat 13-4)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A00419 Detail]
Download: New_York-2019-A00419-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 419 2019-2020 Regular Sessions IN ASSEMBLY (Prefiled) January 9, 2019 ___________ Introduced by M. of A. BRAUNSTEIN, STECK, BARRETT, GUNTHER, COLTON, M. G. MILLER, SANTABARBARA, SIMOTAS, COOK, DiPIETRO, JOHNS, CAHILL -- Multi-Sponsored by -- M. of A. ABBATE, CROUCH, McDONOUGH, MOSLEY, PERRY -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit for the employment of persons sixty-five years of age or older 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 53 to read as follows: 3 53. Small business tax credit; persons age sixty-five or older. (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 person age sixty-five 7 or older hired during a taxable year, provided that such person age 8 sixty-five or older is employed for thirty-five hours or more per week 9 and 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 person age sixty-five or older 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 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 19 of the tax law is amended by adding a new clause (xliv) to read as 20 follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02681-01-9A. 419 2 1 (xliv) Small business tax credit; Costs under subdivision 2 persons sixty-five years of age or fifty-three of section 3 older under subsection (jjj) two hundred ten-B 4 § 3. Section 606 of the tax law is amended by adding a new subsection 5 (jjj) to read as follows: 6 (jjj) Small business tax credit; persons age sixty-five or older. (a) 7 General. A taxpayer who has one hundred employees or less, shall be 8 allowed a credit, to be computed as provided in this subsection, against 9 the tax imposed by this article for each person age sixty-five or older 10 hired during a taxable year, provided that such person age sixty-five or 11 older is employed for thirty-five hours or more per week and remains in 12 the employ of such taxpayer for twelve months or more. 13 (b) Amount of credit. A credit authorized by this section shall equal 14 five thousand dollars per hired person age sixty-five or older but shall 15 not exceed twenty-five thousand dollars. 16 (c) Carryovers. The credit allowed in this subsection may be claimed 17 and if not fully used in the initial year for which the credit is 18 claimed may be carried over, in order, to each of the five succeeding 19 taxable years. The credit authorized by this subsection may not be used 20 to reduce the tax liability of the credit claimant below zero. 21 § 4. This act shall take effect immediately and shall apply to taxable 22 years beginning on or after January 1, 2020.