|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Jan 09, 2013||referred to investigations and government operations|
senate Bill S528
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S528 - Details
S528 - Summary
Establishes a five percent investment tax credit against the franchise tax imposed upon corporations for a portion of training or retraining expenses incurred by them in an eligible business facility, pursuant to rules and regulations of the department of taxation and finance promulgated in consultation with the department of labor.
S528 - Sponsor Memo
BILL NUMBER:S528 TITLE OF BILL: An act to amend the tax law, in relation to providing for a tax credit for certain training or retraining expenses incurred by a taxpayer subject to the provisions of article 9-A of such law PURPOSE OF THE BILL: Provides for a corporate franchise tax credit for employee training expenses in an eligible business facility. SUMMARY OF SPECIFIC PROVISIONS: § 1- Amends subdivision 12 of § 210 of the tax law by adding a new paragraph (n) which allows for a tax credit in the amount equal to 5% of the expenditures paid or incurred by a taxpayer for training or retraining of employees, pursuant to Department of Labor review. § 2- Effective date. JUSTIFICATION: More so than ever, reports and newspaper articles are documenting the shortages in today's job market of skilled employees. A combination of high automation levels in the workplace and low employee language skills have resulted in a major schism between job demand and supply. Some corporations are claiming that fewer than 30% of employment
S528 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 528 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. KENNEDY -- 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 providing for a tax credit for certain training or retraining expenses incurred by a taxpayer subject to the provisions of article 9-A of such law THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 12 of section 210 of the tax law is amended by adding a new paragraph (n) to read as follows: (N) IN ADDITION TO THE CREDIT ALLOWED BY PARAGRAPH (A) OF THIS SUBDI- VISION, FOR TAXABLE YEARS BEGINNING AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND THIRTEEN THERE SHALL BE ALLOWED A CREDIT IN AN AMOUNT EQUAL TO FIVE PERCENT OF THE EXPENDITURES PAID OR INCURRED BY A TAXPAYER FOR TRAINING OR RETRAINING OF EMPLOYEES IF SUCH TRAINING WAS GIVEN BY A TAXPAYER IN AN ELIGIBLE BUSINESS FACILITY. THE COMMISSIONER, IN CONSUL- TATION WITH THE DEPARTMENT OF LABOR, SHALL PROMULGATE RULES AND REGU- LATIONS TO DETERMINE AND IDENTIFY ELIGIBLE TRAINING PROGRAMS PURSUANT TO THIS PARAGRAPH. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02430-01-3
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