senate Bill S1861A

2013-2014 Legislative Session

Establishes a hire-now tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 27, 2014 print number 1861a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
May 21, 2013 reported and committed to finance
Jan 09, 2013 referred to investigations and government operations

Co-Sponsors

S1861 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §41, amd §§210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S7664

S1861 - Summary

Establishes a hire-now tax credit; provides for new job creation; also provides for additional credit where the person hired was receiving unemployment.

S1861 - Sponsor Memo

S1861 - Bill Text download pdf

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

                                  1861

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sens. RANZENHOFER, DeFRANCISCO, GALLIVAN, MAZIARZ -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Investigations and Government Operations

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

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

Co-Sponsors

S1861A (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §41, amd §§210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S7664

S1861A (ACTIVE) - Summary

Establishes a hire-now tax credit; provides for new job creation; also provides for additional credit where the person hired was receiving unemployment.

S1861A (ACTIVE) - Sponsor Memo

S1861A (ACTIVE) - Bill Text download pdf

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

                                 1861--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced   by  Sens.  RANZENHOFER,  CARLUCCI,  DeFRANCISCO,  GALLIVAN,
  MAZIARZ -- read twice and ordered printed,  and  when  printed  to  be
  committed to the Committee on Investigations and Government Operations
  -- recommitted to the Committee on Investigations and Government Oper-
  ations  in  accordance  with  Senate  Rule  6,  sec.  8  --  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 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 41 to  read
as follows:
  S  41. 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  FIFTEEN
AND  TWO  THOUSAND  SIXTEEN 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.

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

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