Bill Text: NY A02963 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the amount of the credit of eligible training costs from fifty percent to seventy percent for the employee training incentive program.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-01-03 - referred to economic development [A02963 Detail]

Download: New_York-2023-A02963-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2963

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 1, 2023
                                       ___________

        Introduced  by  M. of A. GALLAHAN, BRABENEC -- read once and referred to
          the Committee on Economic Development

        AN ACT to amend the economic development law, in relation to the employ-
          ee training incentive program

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subdivision  3 of section 443 of the economic development
     2  law, as added by section 1 of part O of chapter 59 of the laws of  2015,
     3  is amended to read as follows:
     4    3.  The commissioner may approve an application from a business entity
     5  upon determining that such business entity meets the eligibility  crite-
     6  ria  established  in  section  four  hundred  forty-two of this article.
     7  Following approval by the commissioner of an application by  a  business
     8  entity  to  participate  in the employee training incentive program, the
     9  commissioner shall issue a certificate of tax  credit  to  the  business
    10  entity  upon  its  demonstrating  successful completion of such eligible
    11  training to the satisfaction of the commissioner. For eligible  training
    12  as defined by paragraph (a) of subdivision three of section four hundred
    13  forty-one  of  this  article  the amount of the credit shall be equal to
    14  [fifty] seventy percent of eligible training costs, up to  a  credit  of
    15  ten  thousand  dollars  per  employee  receiving  eligible training. For
    16  eligible training as defined by paragraph (b) of  subdivision  three  of
    17  section four hundred forty-one of this article, the amount of the credit
    18  shall  be equal to fifty percent of the stipend paid to an intern, up to
    19  a credit of three thousand dollars per intern. The tax credits shall  be
    20  claimed  by  the qualified employer as specified in subdivision fifty of
    21  section two hundred ten-B and subsection (ddd) of  section  six  hundred
    22  six of the tax law.
    23    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04923-01-3