senate Bill S3738A

Amended

Establishes a small business tax credit for the employment of persons fifty-five years of age and older

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 13 / Feb / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 26 / Apr / 2013
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 26 / Apr / 2013
    • PRINT NUMBER 3738A
  • 08 / Jan / 2014
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 12 / Feb / 2014
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 12 / Feb / 2014
    • PRINT NUMBER 3738B

Summary

Establishes a small business tax credit for the employment of persons fifty-five years of age and older.

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Bill Details

See Assembly Version of this Bill:
A6767
Versions:
S3738
S3738A
S3738B
Legislative Cycle:
2013-2014
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Cycle:
S4108A, S4108A
view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3738--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 13, 2013
                               ___________

Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  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 fifty-five years of  age
  or older

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

  Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
subdivision 47 to read as follows:
  47.  SMALL  BUSINESS TAX CREDIT; PERSONS AGE FIFTY-FIVE OR OLDER.  (A)
GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION,
AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON  AGE  FIFTY-FIVE
OR  OLDER  HIRED  DURING  A  TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE
FIFTY-FIVE OR OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER  WEEK
AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
FIVE THOUSAND DOLLARS PER HIRED PERSON AGE FIFTY-FIVE OR OLDER BUT SHALL
NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (C) CARRYOVERS. THE CREDIT  ALLOWED  UNDER  THIS  SUBDIVISION  MAY  BE
CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended by adding a new clause (xxxvi) to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08261-03-3

S. 3738--A                          2

(XXXVI) SMALL BUSINESS TAX CREDIT;   COSTS UNDER SUBDIVISION
PERSONS FIFTY-FIVE YEARS OF AGE OR   FORTY-SEVEN OF SECTION
OLDER SUBSECTION (WW)                TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(ww) to read as follows:
  (WW) SMALL BUSINESS TAX CREDIT; PERSONS AGE FIFTY-FIVE OR OLDER.   (A)
GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE FIFTY-FIVE OR  OLDER
HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE FIFTY-FIVE OR
OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS IN
THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
FIVE THOUSAND DOLLARS PER HIRED PERSON AGE FIFTY-FIVE OR OLDER BUT SHALL
NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (C)  CARRYOVERS.  THE CREDIT ALLOWED IN THIS SUBSECTION MAY BE CLAIMED
AND IF NOT FULLY USED IN THE  INITIAL  YEAR  FOR  WHICH  THE  CREDIT  IS
CLAIMED  MAY  BE  CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
TAXABLE YEARS.  THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.

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