NY State Senate Bill 2015-S6681

Senate Bill S6681

2015-2016 Legislative Session

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

download bill text pdf

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 04, 2016	referred to investigations and government operations

2015-S6681 (ACTIVE) - Details

See Assembly Version of this Bill:: A1073
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S4108
2013-2014: S3738, A6767
2017-2018: A863
2019-2020: A419
2021-2022: A762

2015-S6681 (ACTIVE) - Summary

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

2015-S6681 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6681

 TITLE OF BILL :

An act to amend the tax law, in relation to establishing a small
business tax credit for the employment of persons sixty-five years of
age or older

 PURPOSE :

To stimulate employment of persons sixty-five or older who face
unprecedented challenges in reentering the workforce or continuing
employment.

 SUMMARY OF PROVISIONS :

Section 1: Amendment to section 210-B, subdivision 51 of the tax law,
for the providence of a business tax credit for the employer in
regards to employment of persons age sixty-five or older for the
duration of twelve months or more, and for thirty-five hours or more
per week. Tax credit range will range between five thousand to
twenty-five thousand dollars.

Section 2: The adoption of a new clause (xliii) in section 606 of the
tax law, specifying preceded amendment.

Section 3: Amendment to section 606 of the tax law, detailing the
components of the business tax credit for the employment of persons
sixty-five or older in a company of one hundred employees or less.

 JUSTIFICATION :

Although the rate of unemployment among older workers is lower than
that for their younger counterparts, as explained by the Bureau of
Labor Statistics, older persons who do become unemployed spend more
time searching for work. A February 2010 study found older workers
were unemployed for an average of thirty-six weeks, compared to
twenty-three weeks for persons aged sixteen through twenty-four, and
thirty weeks for persons aged twenty-five through fifty-four. Older
workers often encounter challenges when trying to remain or reengage
in the work force. Many of these challenges stem from policies that
were created years ago when there was a labor surplus, before the
recent shifts to a knowledge-based economy and trends in population
demographics.

As cost-of-living expenses increase, the financial needs and desires
of older workers is compromised, leaving older workers no other viable
option but to return to the workforce or continue employment. Some
values, often a family's most important asset, have plummeted.
Additionally, an April 2010 Gallup poll found more than a third of
people plan to work beyond age sixty-five, compared to twelve percent
in 1995.

Offering tax credit incentives to small businesses that employ persons
ages sixty-five or older will keep older residents from leaving the
state, whereby further contributing to the economic upheaval of the
state and the sharing of wisdom from an older workforce to a younger
generation.

 LEGISLATIVE HISTORY :

This legislation was previously introduced.

 FISCAL IMPLICATIONS :

To be determined.
 EFFECTIVE DATE :
Shall take effect immediately and apply to taxable years beginning on
or after January 1, 2017.

2015-S6681 (ACTIVE) - Bill Text download pdf

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

                                  6681

                            I N  S E N A T E

                            February 4, 2016
                               ___________

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:

  Section  1.  Section  210-B  of the tax law is amended by adding a new
subdivision 51 to read as follows:
  51. SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-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 SIXTY-FIVE
OR OLDER HIRED DURING A TAXABLE YEAR,  PROVIDED  THAT  SUCH  PERSON  AGE
SIXTY-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 SIXTY-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  (xliii)  to  read  as
follows:
(XLIII) SMALL BUSINESS TAX CREDIT;   COSTS UNDER SUBDIVISION
PERSONS SIXTY-FIVE YEARS OF AGE OR   FIFTY-ONE OF SECTION
OLDER UNDER SUBSECTION (EEE)         TWO HUNDRED TEN-B
  S 3.  Section 606 of the tax law is amended by adding a new subsection
(eee) to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02322-04-6

S. 6681                             2

  (EEE) SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-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 SIXTY-FIVE OR  OLDER
HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-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 SIXTY-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, 2017.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.