Bill Text: NY A06744 | 2019-2020 | General Assembly | Introduced


Bill Title: Details the maximum allowable credit that a taxpayer can claim on their tax return under the minimum wage reimbursement credit for taxable years January 1, 2019 through January 1, 2022.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-03-18 - referred to ways and means [A06744 Detail]

Download: New_York-2019-A06744-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          6744
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     March 18, 2019
                                       ___________
        Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
          Committee on Ways and Means
        AN ACT to amend the tax law, in relation to calculating the  credit  for
          the minimum wage reimbursement credit
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision (c) of section 38 of the tax law, as  added  by
     2  section  1  of  part EE of chapter 59 of the laws of 2013, is amended to
     3  read as follows:
     4    (c) For taxable years beginning on or after January first,  two  thou-
     5  sand fourteen and before January first, two thousand fifteen, the amount
     6  of  the  credit allowed under this section shall be equal to the product
     7  of the total number of hours worked during the taxable year by  eligible
     8  employees  for  which they were paid at the minimum wage rate as defined
     9  in article nineteen of the labor law and seventy five cents. For taxable
    10  years beginning on or after January  first,  two  thousand  fifteen  and
    11  before  January  first,  two  thousand sixteen, the amount of the credit
    12  allowed under this section shall be equal to the product  of  the  total
    13  number of hours during the taxable year worked by eligible employees for
    14  which  they were paid at such minimum wage rate and one dollar and thir-
    15  ty-one cents. For taxable years beginning on or after January first, two
    16  thousand sixteen and before January first, two  thousand  nineteen,  the
    17  amount  of  the  credit allowed under this section shall be equal to the
    18  product of the total number of hours during the taxable year  worked  by
    19  eligible  employees  for  which they were paid at such minimum wage rate
    20  and one dollar and thirty-five cents.  For taxable years beginning on or
    21  after January first, two thousand nineteen and before January first, two
    22  thousand twenty-two, the amount of the credit allowed under this section
    23  shall be equal to the product of the total number of  hours  during  the
    24  taxable  year  worked  by eligible employees for which they were paid at
    25  such minimum wage rate and one dollar and  fifty-five  cents.  Provided,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10729-01-9

        A. 6744                             2
     1  however, if the federal minimum wage established by federal law pursuant
     2  to  29  U.S.C.  section 206 or its successors is increased above eighty-
     3  five percent of the minimum wage in article nineteen of the  labor  law,
     4  the  dollar  amounts in this subdivision shall be reduced to the differ-
     5  ence between the minimum wage in article nineteen of the labor  law  and
     6  the  federal minimum wage.  Such reduction would take effect on the date
     7  that employers are required to pay such federal minimum wage.
     8    § 2. This act shall take effect immediately, and shall  be  deemed  to
     9  have been in full force and effect on and after January 1, 2019.
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