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. LBD02681-07-9S. 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.