Bill Text: NY S03883 | 2019-2020 | General Assembly | Amended


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: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2019-04-18 - PRINT NUMBER 3883C [S03883 Detail]

Download: New_York-2019-S03883-Amended.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                         3883--C
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 20, 2019
                                       ___________
        Introduced by Sens. STAVISKY, SEPULVEDA -- read twice and ordered print-
          ed,  and  when  printed to be committed to the Committee on Budget and
          Revenue -- committee discharged, bill amended,  ordered  reprinted  as
          amended  and  recommitted  to  said committee -- committee discharged,
          bill amended, ordered reprinted as amended  and  recommitted  to  said
          committee  -- committee discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee
        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 54 to read as follows:
     3    54. 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  earns  less  than seventy-five thousand dollars annually, and remains in
    10  the employ of such taxpayer for twelve months or more.
    11    (b) Amount of credit. A credit authorized by this section shall  equal
    12  two  thousand  five  hundred  dollars per hired person age sixty-five or
    13  older but shall not exceed ten million dollars annually.
    14    (c) Carryovers. The credit  allowed  under  this  subdivision  may  be
    15  claimed  and  if not fully used in the initial year for which the credit
    16  is claimed may be carried over, in order, to each of the five succeeding
    17  taxable years. The credit authorized by this subdivision may not be used
    18  to reduce the tax liability of the credit claimant below zero.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02681-07-9

        S. 3883--C                          2
     1    § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
     2  of  the  tax  law  is  amended  by  adding a new clause (xlv) to read as
     3  follows:
     4  (xlv) Small business tax credit;     Costs under subdivision
     5  persons sixty-five years of age or   fifty-four of section
     6  older under subsection (kkk)         two hundred ten-B
     7    §  3. Section 606 of the tax law is amended by adding a new subsection
     8  (kkk) to read as follows:
     9    (kkk) Small business tax credit; persons age sixty-five or older.  (a)
    10  General. A taxpayer who has one hundred  employees  or  less,  shall  be
    11  allowed a credit, to be computed as provided in this subsection, against
    12  the  tax imposed by this article for each person age sixty-five or older
    13  hired during a taxable year, provided that such person age sixty-five or
    14  older is employed for thirty-five hours or more  per  week,  earns  less
    15  than seventy-five thousand dollars annually and remains in the employ of
    16  such taxpayer for twelve months or more.
    17    (b)  Amount of credit. A credit authorized by this section shall equal
    18  two thousand five hundred dollars per hired  person  age  sixty-five  or
    19  older but shall not exceed ten million dollars annually.
    20    (c)  Carryovers.  The credit allowed in this subsection may be claimed
    21  and if not fully used in the  initial  year  for  which  the  credit  is
    22  claimed  may  be  carried over, in order, to each of the five succeeding
    23  taxable years.  The credit authorized by this subsection may not be used
    24  to reduce the tax liability of the credit claimant below zero.
    25    § 4. This act shall take effect immediately and shall apply to taxable
    26  years beginning on or after January 1, 2020.
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