S T A T E O F N E W Y O R K
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6767--A
2013-2014 Regular Sessions
I N A S S E M B L Y
April 18, 2013
___________
Introduced by M. of A. BRAUNSTEIN, SKARTADOS, BRINDISI, STECK, BARRETT,
KIM, GUNTHER, KEARNS, COLTON, ROSA, MILLER, MILLMAN, SANTABARBARA,
SIMOTAS, COOK, SCARBOROUGH, SEPULVEDA, MOYA, RAIA, DIPIETRO, JOHNS,
CORWIN, CAHILL, ROBINSON, HOOPER, ROBERTS -- Multi-Sponsored by -- M.
of A. ABBATE, CLARK, CROUCH, MARKEY, McDONOUGH, McLAUGHLIN, MOSLEY,
PERRY, SALADINO, SIMANOWITZ, SWEENEY, WEISENBERG -- read once and
referred to the Committee on Ways and Means -- recommitted to the
Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
-- 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 48 to read as follows:
48. 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08261-05-4
A. 6767--A 2
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 (xxxvii) to read as
follows:
(XXXVII) SMALL BUSINESS TAX CREDIT; COSTS UNDER SUBDIVISION
PERSONS FIFTY-FIVE YEARS OF AGE OR FORTY-EIGHT OF SECTION
OLDER UNDER SUBSECTION (XX) TWO HUNDRED TEN
S 3. Subsections (yy) and (zz) of section 606 of the tax law, as
relettered by section 5 of part H of chapter 1 of the laws of 2003, are
relettered subsections (yyy) and (zzz) and a new subsection (xx) is
added to read as follows:
(XX) 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, 2015.