Assembly Bill A2376

2013-2014 Legislative Session

Establishes a hire-now tax credit

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A2376 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §38, amd §§210 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10668
2015-2016: A6589
2017-2018: A6685
2019-2020: A6437

2013-A2376 (ACTIVE) - Summary

Establishes a hire-now tax credit.

2013-A2376 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2376

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 14, 2013
                               ___________

Introduced by M. of A. CRESPO, RODRIGUEZ, MOYA, ESPINAL, CASTRO, RIVERA,
  ARROYO,  RAMOS  -- read once and referred to the Committee on Ways and
  Means

AN ACT to amend the tax law, in relation to establishing a hire-now  tax
  credit

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  The tax law is amended by adding a new section 38 to  read
as follows:
  S  38. HIRE-NOW TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER, WHICH
IS SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER AND
WHICH CREATES A NEW JOB, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX. THE
AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION SHALL BE  EQUAL  TO  THE
PRODUCT  OF 6.85 PERCENT AND THE GROSS WAGES PAID FOR EACH NEW EMPLOYEE.
THE CREDIT SHALL NOT BE MORE THAN FIVE  THOUSAND  DOLLARS  FOR  ANY  NEW
EMPLOYEE  FOR  ONE  FULL  YEAR OF EMPLOYMENT; IF A NEW EMPLOYEE HAS BEEN
HIRED FOR LESS THAN A FULL TAX YEAR THIS AMOUNT SHALL  BE  PRORATED  AND
APPORTIONED TO EACH TAX YEAR BUT SHALL IN NO WAY DECREASE THE FULL THREE
CONSECUTIVE  YEARS  OF  CREDIT  ELIGIBILITY. THE TAXPAYER MAY CLAIM THIS
CREDIT FOR EACH NEW EMPLOYEE FOR A PERIOD OF THREE CONSECUTIVE YEARS  OF
EMPLOYMENT.    THE  TAXPAYER  MAY OFFSET QUARTERLY ESTIMATED TAX RETURNS
WITH THE AMOUNT OF THIS CREDIT EARNED IN ANY PREVIOUS QUARTER.
  (B) UNEMPLOYMENT ENHANCEMENT. FOR CALENDAR YEARS TWO THOUSAND FOURTEEN
AND TWO THOUSAND FIFTEEN IF A NEW EMPLOYEE  WAS  RECEIVING  UNEMPLOYMENT
INSURANCE  BENEFITS  AT  THE  TIME OF HIRE, AN ADDITIONAL THREE THOUSAND
DOLLAR CREDIT WILL BE ALLOWED FOR THE FIRST FULL YEAR OF EMPLOYMENT.
  (C) DEFINITIONS. AS USED IN THIS SECTION, THE  FOLLOWING  TERMS  SHALL
HAVE THE FOLLOWING MEANINGS:
  (1)  "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT IS HIRED BY
THE TAXPAYER AFTER JULY FIRST, TWO THOUSAND THIRTEEN  AND  BEFORE  APRIL
FIRST,  TWO THOUSAND FOURTEEN, THAT CAUSES THE TOTAL NUMBER OF EMPLOYEES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02565-01-3
              

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