Bill Text: NY S05236 | 2017-2018 | General Assembly | Introduced
Bill Title: Establishes a small business tax credit for the employment of persons sixty-five years of age and older.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05236 Detail]
Download: New_York-2017-S05236-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5236 2017-2018 Regular Sessions IN SENATE March 16, 2017 ___________ Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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 49 to read as follows: 3 49. 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 (xliii) to read as 20 follows: 21 (xliii) Small business tax credit; Costs under subdivision 22 persons sixty-five years of age or forty-nine of section 23 older under subsection (ccc) two hundred ten-B EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01689-01-7S. 5236 2 1 § 3. Section 606 of the tax law is amended by adding a new subsection 2 (ccc) to read as follows: 3 (ccc) 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, 2018.
