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

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

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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 - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S03883 Detail]

Download: New_York-2019-S03883-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3883
                               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
        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 53 to read as follows:
     3    53. 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  and remains in the employ of such taxpayer for twelve months or more.
    10    (b) Amount of credit. A credit authorized by this section shall  equal
    11  five thousand dollars per hired person age sixty-five or older but shall
    12  not exceed twenty-five thousand dollars.
    13    (c)  Carryovers.  The  credit  allowed  under  this subdivision may be
    14  claimed and if not fully used in the initial year for which  the  credit
    15  is claimed may be carried over, in order, to each of the five succeeding
    16  taxable years. The credit authorized by this subdivision may not be used
    17  to reduce the tax liability of the credit claimant below zero.
    18    §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    19  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
    20  follows:
    21  (xliv) Small business tax credit;    Costs under subdivision
    22  persons sixty-five years of age or   fifty-three of section
    23  older under subsection (jjj)         two hundred ten-B
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02681-01-9
        S. 3883                             2
     1    § 3.  Section 606 of the tax law is amended by adding a new subsection
     2  (jjj) to read as follows:
     3    (jjj) 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 subsection, against
     6  the tax imposed by this article for each person age sixty-five or  older
     7  hired during a taxable year, provided that such person age sixty-five or
     8  older  is employed for thirty-five hours or more per week and remains in
     9  the employ of such taxpayer for twelve months or more.
    10    (b) Amount of credit. A credit authorized by this section shall  equal
    11  five thousand dollars per hired person age sixty-five or older but shall
    12  not exceed twenty-five thousand dollars.
    13    (c)  Carryovers.  The credit allowed in this subsection may be claimed
    14  and if not fully used in the  initial  year  for  which  the  credit  is
    15  claimed  may  be  carried over, in order, to each of the five succeeding
    16  taxable years.  The credit authorized by this subsection may not be used
    17  to reduce the tax liability of the credit claimant below zero.
    18    § 4. This act shall take effect immediately and shall apply to taxable
    19  years beginning on or after January 1, 2020.