Bill Text: NY A01991 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Creates a work opportunity tax credit.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced) 2024-01-10 - enacting clause stricken [A01991 Detail]

Download: New_York-2023-A01991-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1991

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 23, 2023
                                       ___________

        Introduced by M. of A. JOYNER -- read once and referred to the Committee
          on Labor

        AN  ACT to amend the tax law, in relation to creating a work opportunity
          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 48 to read
     2  as follows:
     3    § 48. Work opportunity tax credit. (a) General. A taxpayer subject  to
     4  tax  under  article  nine-A, twenty-two, or thirty-three of this chapter
     5  shall be allowed a credit against such tax in an  amount  equal  to  one
     6  hundred  percent  of  the  credit  that is allowed to the taxpayer under
     7  section 51 of the internal revenue code that is attributable  to  quali-
     8  fied  wages  paid  to  a New York resident who is a member of a targeted
     9  group and for whom a certificate to that effect has been issued  by  the
    10  department of labor.
    11    (b)  Definitions.  The  terms  "qualified  wages" and "targeted group"
    12  shall have the same meanings as in section 51 of  the  internal  revenue
    13  code.
    14    (c) Wages which are the basis of the credit under this section may not
    15  be used as the basis for any other credit allowed under this chapter.
    16    (d)  Cross-references.  For  application of the credit provided for in
    17  this section, see the following provisions of this chapter:
    18    (1) article 9-A: section 210-B, subdivision 59;
    19    (2) article 22: section 606, subsection (bbb);
    20    (3) article 33: section 1511, subdivision (ee).
    21    § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
    22  sion 59 to read as follows:
    23    59.  Work  opportunity tax credit. (a) Allowance of credit. A taxpayer
    24  shall be allowed a credit, to be computed as provided in section  forty-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06643-01-3
        A. 1991                             2

     1  eight  of  this  chapter, against the tax imposed by this article.  Such
     2  credit may not exceed one thousand dollars in any given tax year.
     3    (b)  Application  of credit. The credit allowed under this subdivision
     4  for any taxable year may not reduce the tax due for such  year  to  less
     5  than  the  amount  prescribed  in  paragraph  (d)  of subdivision one of
     6  section two hundred ten of this article. However, if the amount  of  the
     7  credit  allowed  under this subdivision for any taxable year reduces the
     8  tax to such amount or if the taxpayer otherwise pays tax  based  on  the
     9  fixed dollar minimum amount, any amount of credit thus not deductible in
    10  such taxable year will be treated as an overpayment of tax to be credit-
    11  ed  in accordance with the provisions of section one thousand eighty-six
    12  of this chapter. Provided, however, the provisions of subsection (c)  of
    13  section  one  thousand  eighty-eight of this chapter notwithstanding, no
    14  interest shall be paid thereon.
    15    § 3. Section 606 of the tax law is amended by adding a new  subsection
    16  (bbb) to read as follows:
    17    (bbb) Work opportunity tax credit. (1) Allowance of credit. A taxpayer
    18  shall  be allowed a credit, to be computed as provided in section forty-
    19  eight of this chapter, against the tax imposed by this  article.    Such
    20  credit may not exceed one thousand dollars in any given tax year.
    21    (2)  Application  of credit. If the amount of the credit allowed under
    22  this subsection for any taxable year shall exceed the taxpayer's tax for
    23  such year, the excess shall be treated as an overpayment of  tax  to  be
    24  credited  or  refunded  in accordance with the provisions of section six
    25  hundred eighty-six of this article, provided, however, that no  interest
    26  shall be paid thereon.
    27    §  4.  Section 1511 of the tax law is amended by adding a new subdivi-
    28  sion (ee) to read as follows:
    29    (ee) Work opportunity tax credit. (1) A taxpayer shall  be  allowed  a
    30  credit,  to be computed as provided in section forty-eight of this chap-
    31  ter, against the tax imposed by this  article.    Such  credit  may  not
    32  exceed one thousand dollars in any given tax year.
    33    (2)  Application  of credit. The credit allowed under this subdivision
    34  shall not reduce the tax due for such year to be less than  the  minimum
    35  fixed  by  paragraph  four of subdivision (a) of section fifteen hundred
    36  two or section fifteen hundred  two-a  of  this  article,  whichever  is
    37  applicable.  However,  if  the  amount  of the credit allowed under this
    38  subdivision for any taxable year reduces  the  taxpayer's  tax  to  such
    39  amount,  any  amount of credit thus not deductible will be treated as an
    40  overpayment of tax to be credited in accordance with the  provisions  of
    41  section  one thousand eighty-six of this chapter. Provided, however, the
    42  provisions of subsection (c) of section  one  thousand  eighty-eight  of
    43  this chapter notwithstanding, no interest shall be paid thereon.
    44    § 5. This act shall take effect April 1, 2024 and shall apply to taxa-
    45  ble  years  beginning  on  and  after January 1, 2024 and shall apply to
    46  wages paid to individuals hired on and after such effective date.