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

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-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         3883--B
                               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
        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  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.
                                                                   LBD02681-04-9
        S. 3883--B                          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  (xliv)  to  read  as
     3  follows:
     4  (xliv) Small business tax credit;    Costs under subdivision
     5  persons sixty-five years of age or   fifty-three of section
     6  older under subsection (jjj)         two hundred ten-B
     7    § 3.  Section 606 of the tax law is amended by adding a new subsection
     8  (jjj) to read as follows:
     9    (jjj) 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.