Bill Text: NY A02838 | 2023-2024 | General Assembly | Introduced
Bill Title: Establishes a tax credit for companies that employ New York national guard and reserve members in an amount equal to fifteen hundred dollars for each national guard or reserve member employed by such employer and twenty-five hundred dollars for each national guard or reserve member employed by such employer who has completed or returned from a deployment or activation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-03 - referred to ways and means [A02838 Detail]
Download: New_York-2023-A02838-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2838 2023-2024 Regular Sessions IN ASSEMBLY January 27, 2023 ___________ Introduced by M. of A. SANTABARBARA -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to creating a wage tax credit for employers who employ New York national guard men and women and reservists 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. Employment of New York national guard and reserve members wage 4 tax credit. (a) Allowance of credit. A taxpayer shall be allowed a cred- 5 it, to be computed as provided in paragraph (b) of this subdivision, 6 against the tax imposed by this article, if it employs members of the 7 New York national guard and reserves. Provided, however, such taxpayer 8 shall comply with the Uniformed Services Employment and Reemployment 9 Rights Act, as found in section 4301 et seq. of title 18 of the United 10 States Code. 11 (b) Amount of credit. The credit allowed pursuant to paragraph (a) of 12 this subdivision shall be in an amount equal to fifteen hundred dollars 13 for each national guard or reserve member employed by such employer and 14 twenty-five hundred dollars for each national guard or reserve member 15 employed by such employer who has completed or returned from a deploy- 16 ment or activation. Provided, however, that no such credit allowed under 17 this subdivision shall exceed two thousand five hundred dollars for each 18 national guard or reserve member employed by such employer. 19 (c) Application of credit. The credit allowed under this subdivision 20 for any taxable year shall not reduce the tax due for such year to less 21 than the amount prescribed in paragraph (d) of subdivision one of 22 section two hundred ten of this article. If, however, the amount of 23 credits allowed under this subdivision for any taxable year reduces the 24 tax to such amount, any amount of credit thus not deductible in such EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06089-01-3A. 2838 2 1 taxable year shall be treated as an overpayment of tax to be credited or 2 refunded in accordance with the provisions of section one thousand 3 eighty-six of this chapter. Provided, however, the provisions of 4 subsection (c) of section one thousand eighty-eight of this chapter 5 notwithstanding, no interest shall be paid thereon. 6 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 7 of the tax law is amended by adding a new clause (1) to read as follows: 8 (1) Employment of New Amount of credit 9 York national guard and under subdivision 10 reserve members credit fifty-nine of section 11 under subsection (ooo) two hundred ten-B 12 § 3. Section 606 of the tax law is amended by adding a new subsection 13 (ooo) to read as follows: 14 (ooo) Employment of New York national guard and reserve members wage 15 tax credit. (1) Allowance of credit. A taxpayer shall be allowed a cred- 16 it, to be computed as provided in paragraph two of this subsection, 17 against the tax imposed by this article if they employ members of the 18 New York national guard and reserve. Provided, however, they shall 19 comply with the Uniformed Services Employment and Reemployment Rights 20 Act, as found in section 4301 et seq. of title 18 of the United States 21 Code. 22 (2) Amount of credit. The credit allowed pursuant to paragraph one of 23 this subsection shall be in an amount equal to one thousand five hundred 24 dollars for each national guard or reserve member employed by such 25 employer and two thousand five hundred dollars for each national guard 26 or reserve member employed by such employer who has completed or 27 returned from a deployment or activation. Provided, however, that no 28 such credit allowed under this subsection shall exceed two thousand five 29 hundred dollars for each national guard or reserve member employed by 30 such employer. 31 (3) Application of credit. If the amount of the credit allowed under 32 this subsection for any taxable year shall exceed the taxpayer's tax for 33 such year, the excess shall be treated as an overpayment of tax to be 34 credited or refunded in accordance with the provisions of section six 35 hundred eighty-six of this article, provided, however, that no interest 36 shall be paid thereon. 37 § 4. This act shall take effect immediately and apply to taxable years 38 beginning on and after January 1, 2026.
