senate Bill S7664

2011-2012 Legislative Session

Establishes a hire-now tax credit

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Archive: Last Bill Status - Passed Senate


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1296
Jun 12, 2012 referred to rules

Votes

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S7664 - Details

See Assembly Version of this Bill:
A10668
Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §37, amd §§210 & 606, Tax L

S7664 - Summary

Establishes a hire-now tax credit.

S7664 - Sponsor Memo

S7664 - Bill Text download pdf

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

                                  7664

                            I N  S E N A T E

                              June 12, 2012
                               ___________

Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

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 37 to  read
as follows:
  S  37. 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 THIRTEEN
AND TWO THOUSAND FOURTEEN 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  TWELVE  AND  BEFORE  APRIL
FIRST,  TWO THOUSAND THIRTEEN, THAT CAUSES THE TOTAL NUMBER OF EMPLOYEES
TO INCREASE ABOVE BASE EMPLOYMENT OR  CREDIT  EMPLOYMENT,  WHICHEVER  IS
HIGHER.
  (2) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND TWELVE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14994-08-2

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