senate Bill S3739A

2013-2014 Legislative Session

Establishes a small business tax credit for the employment of unemployed college graduates

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Archive: Last Bill Status - In Committee


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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 31, 2014 print number 3739a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Feb 13, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S3739 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S4335A

S3739 - Bill Texts

view summary

Establishes a small business tax credit for the employment of unemployed college graduates.

view sponsor memo
BILL NUMBER:S3739

TITLE OF BILL: An act to amend the tax law, in relation to establishing
a small business tax credit for the employment of unemployed college
graduates

PURPOSE: Encourage small-business employers to hire well-educated
college graduates in various employable industries, and retain their
knowledge and potential in strengthening and furthering New York State's
economic goals.

SUMMARY OF PROVISIONS:

Section 1: Subdivision 46 is amended to section 210 of the Tax law, to
establish a small business tax credit in the range five thousand to
twenty-five thousand for each employer who hires an unemployed college
graduate for a period of twelve months or more, and a minimum of thir-
ty-five hours per week.

Section 2: Clause (xxxv) is added to section 606 of the Tax law, to
identify legislative intent of bill found within subdivision 43 of
section 210 of the Tax law.

Section 3: Subsection (vv) is amended to section 606 of the Tax law, to
establish a small business tax credit in the range five thousand to
twenty-five thousand for each employer who hires an unemployed college
graduate for a period of twelve months or more, and a minimum of thir-
ty-five hours per week.

JUSTIFICATION:

Recent February 2011 unemployment data found 9.5% of college graduates
were unemployed, besting an unemployment rate of 8.9% for New York
State. As college graduates are over burdened with tuition debt, lack of
competitive grants offered by the State, credit card debt, cost- of-liv-
ing concerns and uneasiness in adapting to a working society, these
graduates have to overcome many obstacles to earn their first paid posi-
tion out of school. Additionally, lack of prior work experience leads a
majority of college graduates to remain unemployed.

A yearly study performed by Project on student Debt determined by New
York State was ranked 11th in the country with college graduate debt for
public 4-year institutions and private non-profit 4-year institutions.
The average debt in 2010 was approximately $26,000/per college graduate.

To stimulate a job market for college graduates and to tap in to their
knowledge, it is our intent to offer to small businesses a tax credit
for the hiring and retention of college graduates at a minimum thirty-
five hour per week schedule, for a minimum employable period of one
year.

LEGISLATIVE HISTORY:

2012: S. 4335A - Referred to Investigations and Government Operations

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE:

Shall take effect immediately and shall apply to taxable years beginning
on or after January 1, 2014.

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

                                  3739

                       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

AN ACT to amend the tax law, in relation to establishing a  small  busi-
  ness tax credit for the employment of unemployed college graduates

  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 46 to read as follows:
  46.  SMALL  BUSINESS  TAX  CREDIT; UNEMPLOYED COLLEGE GRADUATES.   (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  UNEMPLOYED  COLLEGE
GRADUATE  HIRED  DURING  A  TAXABLE  YEAR, PROVIDED THAT SUCH UNEMPLOYED
COLLEGE GRADUATE 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 UNEMPLOYED COLLEGE  GRADUATE  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.
  (D) DEFINITIONS. AS USED IN THIS SUBDIVISION, THE TERM "COLLEGE" SHALL
MEAN  A  PUBLIC  OR INDEPENDENT COLLEGE; THE TERM "PUBLIC COLLEGE" SHALL
MEAN EACH COMPONENT OF THE STATE UNIVERSITY, AS DEFINED  IN  SUBDIVISION
THREE  OF  SECTION  THREE  HUNDRED FIFTY-TWO OF THE EDUCATION LAW AND IN
SUBDIVISION TWO OF SECTION SIXTY-THREE HUNDRED ONE OF THE EDUCATION  LAW
AND  EACH COMMUNITY COLLEGE AND SENIOR COLLEGE OF THE CITY UNIVERSITY OF
NEW YORK, AS DEFINED IN SUBDIVISIONS FOUR AND FIVE OF SECTION  SIXTY-TWO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08266-01-3

S. 3739                             2

HUNDRED  TWO  OF  THE  EDUCATION LAW; AND THE TERM "INDEPENDENT COLLEGE"
SHALL MEAN EACH INDEPENDENT NOT-FOR-PROFIT INSTITUTION OF HIGHER  EDUCA-
TION, AS DEFINED IN SUBDIVISION TWO OF SECTION SIXTY-FOUR HUNDRED ONE OF
THE EDUCATION LAW.
  S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a  new  clause  (xxxv)  to  read  as
follows:
(XXXV) SMALL BUSINESS TAX CREDIT;    COSTS UNDER SUBDIVISION
UNEMPLOYED COLLEGE GRADUATES         FORTY-SIX OF SECTION
UNDER SUBSECTION (VV)                TWO HUNDRED TEN
  S 3.  Section 606 of the tax law is amended by adding a new subsection
(vv) to read as follows:
  (VV)  SMALL  BUSINESS  TAX  CREDIT; UNEMPLOYED COLLEGE GRADUATES.  (1)
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 UNEMPLOYED COLLEGE GRADUATE
HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH UNEMPLOYED COLLEGE GRAD-
UATE IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND  REMAINS  IN
THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (2)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
FIVE THOUSAND DOLLARS PER HIRED UNEMPLOYED COLLEGE  GRADUATE  BUT  SHALL
NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (3)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  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.
  (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE TERM "COLLEGE"  SHALL
MEAN  A  PUBLIC  OR INDEPENDENT COLLEGE; THE TERM "PUBLIC COLLEGE" SHALL
MEAN EACH COMPONENT OF THE STATE UNIVERSITY, AS DEFINED  IN  SUBDIVISION
THREE  OF  SECTION  THREE  HUNDRED FIFTY-TWO OF THE EDUCATION LAW AND IN
SUBDIVISION TWO OF SECTION SIXTY-THREE HUNDRED ONE OF THE EDUCATION  LAW
AND  EACH COMMUNITY COLLEGE AND SENIOR COLLEGE OF THE CITY UNIVERSITY OF
NEW YORK, AS DEFINED IN SUBDIVISIONS FOUR AND FIVE OF SECTION  SIXTY-TWO
HUNDRED  TWO  OF  THE  EDUCATION LAW; AND THE TERM "INDEPENDENT COLLEGE"
SHALL MEAN EACH INDEPENDENT NOT-FOR-PROFIT INSTITUTION OF HIGHER  EDUCA-
TION, AS DEFINED IN SUBDIVISION TWO OF SECTION SIXTY-FOUR HUNDRED ONE OF
THE EDUCATION LAW.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.

S3739A (ACTIVE) - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S4335A

S3739A (ACTIVE) - Bill Texts

view summary

Establishes a small business tax credit for the employment of unemployed college graduates.

view sponsor memo
BILL NUMBER:S3739A

TITLE OF BILL: An act to amend the tax law, in relation to
establishing a small business tax credit for the employment of
unemployed college graduates

PURPOSE: Encourage small-business employers to hire well-educated
college graduates in various employable industries, and retain their
knowledge and potential in strengthening and furthering New York
State's economic goals.

SUMMARY OF PROVISIONS:

Section 1: Subdivision 48 is amended to section 210 of the Tax law, to
establish a small business tax credit in the range five thousand to
twenty-five thousand for each employer who hires an unemployed college
graduate for a period of twelve months or more, and a minimum of
thirty-five hours per week.

Section 2: Clause (xxxiv) is added to section 606 of the Tax law, to
identify legislative intent of bill found within subdivision 43 of
section 210 of the Tax law.

Section 3: Subsection (yy) and (zz) is amended to section 606 of the
Tax law, to establish a small business tax credit in the range five
thousand to twenty-five thousand for each employer who hires an
unemployed college graduate for a period of twelve months or more, and
a minimum of thirty-five hours per week.

JUSTIFICATION: Recent February 2011 unemployment data found 9.5% of
college graduates were unemployed, besting an unemployment rate of
8.9% for New York State. As college graduates are over burdened with
tuition debt, lack of competitive grants offered by the State, credit
card debt, cost-of-living concerns and uneasiness in adapting to a
working society, these graduates have to overcome many obstacles to
earn their first paid position out of school. Additionally, lack of
prior work experience leads a majority of college graduates to remain
unemployed.

A yearly study performed by Project on student Debt determined by New
York State was ranked 11th in the country with college graduate debt
for public 4-year institutions and private non-profit 4-year
institutions. The average debt in 2010 was approximately $26,000/per
college graduate.

To stimulate a job market for college graduates and to tap in to their
knowledge, it is our intent to offer to small businesses a tax credit
for the hiring and retention of college graduates at a minimum
thirty-five hour per week schedule, for a minimum employable period of
one year.

LEGISLATIVE HISTORY: 2013: S. 3739 - Referred to Investigations and
Government Operations

FISCAL IMPLICATIONS: To be determined.


EFFECTIVE DATE: Shall take effect immediately and shall apply to
taxable years beginning on or after January 1, 2015.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3739--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 -- recommitted to the Committee on Investigations  and
  Government  Operations  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 small busi-
  ness tax credit for the employment of unemployed college graduates

  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;  UNEMPLOYED  COLLEGE  GRADUATES.    (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 UNEMPLOYED COLLEGE
GRADUATE HIRED DURING A TAXABLE  YEAR,  PROVIDED  THAT  SUCH  UNEMPLOYED
COLLEGE  GRADUATE 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 UNEMPLOYED COLLEGE GRADUATE 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.
  (D) DEFINITIONS. AS USED IN THIS SUBDIVISION, THE TERM "COLLEGE" SHALL
MEAN A PUBLIC OR INDEPENDENT COLLEGE; THE TERM  "PUBLIC  COLLEGE"  SHALL
MEAN  EACH  COMPONENT OF THE STATE UNIVERSITY, AS DEFINED IN SUBDIVISION
THREE OF SECTION THREE HUNDRED FIFTY-TWO OF THE  EDUCATION  LAW  AND  IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08266-02-4

S. 3739--A                          2

SUBDIVISION  TWO OF SECTION SIXTY-THREE HUNDRED ONE OF THE EDUCATION LAW
AND EACH COMMUNITY COLLEGE AND SENIOR COLLEGE OF THE CITY UNIVERSITY  OF
NEW  YORK, AS DEFINED IN SUBDIVISIONS FOUR AND FIVE OF SECTION SIXTY-TWO
HUNDRED  TWO  OF  THE  EDUCATION LAW; AND THE TERM "INDEPENDENT COLLEGE"
SHALL MEAN EACH INDEPENDENT NOT-FOR-PROFIT INSTITUTION OF HIGHER  EDUCA-
TION, AS DEFINED IN SUBDIVISION TWO OF SECTION SIXTY-FOUR HUNDRED ONE OF
THE EDUCATION LAW.
  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
UNEMPLOYED COLLEGE GRADUATES         FORTY-EIGHT OF SECTION
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; UNEMPLOYED  COLLEGE  GRADUATES.    (1)
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  UNEMPLOYED  COLLEGE  GRADUATE
HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH UNEMPLOYED COLLEGE GRAD-
UATE  IS  EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS IN
THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (2) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
FIVE  THOUSAND  DOLLARS  PER HIRED UNEMPLOYED COLLEGE GRADUATE BUT SHALL
NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (3) CARRYOVERS. THE  CREDIT  ALLOWED  UNDER  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.
  (4)  DEFINITIONS. AS USED IN THIS SUBSECTION, THE TERM "COLLEGE" SHALL
MEAN A PUBLIC OR INDEPENDENT COLLEGE; THE TERM  "PUBLIC  COLLEGE"  SHALL
MEAN  EACH  COMPONENT OF THE STATE UNIVERSITY, AS DEFINED IN SUBDIVISION
THREE OF SECTION THREE HUNDRED FIFTY-TWO OF THE  EDUCATION  LAW  AND  IN
SUBDIVISION  TWO OF SECTION SIXTY-THREE HUNDRED ONE OF THE EDUCATION LAW
AND EACH COMMUNITY COLLEGE AND SENIOR COLLEGE OF THE CITY UNIVERSITY  OF
NEW  YORK, AS DEFINED IN SUBDIVISIONS FOUR AND FIVE OF SECTION SIXTY-TWO
HUNDRED TWO OF THE EDUCATION LAW; AND  THE  TERM  "INDEPENDENT  COLLEGE"
SHALL  MEAN EACH INDEPENDENT NOT-FOR-PROFIT INSTITUTION OF HIGHER EDUCA-
TION, AS DEFINED IN SUBDIVISION TWO OF SECTION SIXTY-FOUR HUNDRED ONE OF
THE EDUCATION LAW.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2015.

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