senate Bill S1373
(D, WF) 30th Senate District
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Provides a tax credit of $1,000 against special additional mortgage tax and article 9-A (franchise tax on business corporations) for each employee employed in excess of one year at minimum wage for thirty hours per week who was a public assistance recipient for at least two years immediately preceding the commencement of such employment.
TITLE OF BILL:
to amend the tax law, in relation to providing a tax credit for
employers who employ workers who were receiving public assistance
Provides a tax credit as an incentive for private employers to hire
workers who were previously on public assistance.
SUMMARY OF PROVISIONS:
Adds a new § 200 to the tax law, to provide a $1,000 per-employee
credit to any employer who employs, for at least one year at over 30
hours per week, a worker who was a public assistance recipient for
the two years preceding such employment.
Public assistance recipients often lack adequate education, skills,
and experience that most jobs require, so employers are reluctant to
hire them. They often do not have access to or are unaware of the
resources that can provide them with the basic necessities for
success in private industry. This bill will motivate employers of the
private industry to seek out, train and employ these workers, so the
State's volume of productive, competent individuals will increase.
Financial independence will also be encouraged by this legislation,
so reliance on public assistance will be reduced and New York State's
economic status will continue to improve.
The legislation would result in a reduction in State tax revenue of
approximately $34 million for SFY 2010-11.
*Provided by State of New York Department of Taxation and Finance,
Office of Tax Policy Analysis.
2009-10: S.1131 - Referred to Investigations & Government Operations
2007-08: S.2918 - Referred to Investigations, Taxation & Government
2005-06: S.961 - Referred to Investigations, Taxation &
2003-04: S.2247 - Referred to Investigations,
Taxation & Government Operations
2001-02: S.1650/A.2638 - Referred to
Investigations, Taxation & Government Operations
Effective immediately upon enactment into law.
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