S T A T E O F N E W Y O R K
________________________________________________________________________
7144
I N S E N A T E
March 31, 2016
___________
Introduced by Sen. DIAZ -- 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 a tax credit for
certain newly hired SUNY college faculty members and administrators
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 606 of the tax law is amended by adding a new
subsection (ccc) to read as follows:
(CCC) EMPLOYEE RELOCATION; STATE UNIVERSITY OF NEW YORK CAMPUS CREDIT.
(1) FOR TAXABLE YEARS BEGINNING ON JANUARY FIRST, TWO THOUSAND SEVEN-
TEEN, A RESIDENT TAXPAYER WHO IS A NEWLY HIRED FACULTY MEMBER OR ADMIN-
ISTRATOR, WHO RELOCATED TO NEW YORK TO WORK AT A STATE UNIVERSITY OF NEW
YORK CAMPUS, AND WHO IS A MINORITY, SHALL BE ALLOWED A CREDIT AGAINST
THE TAX IMPOSED BY THIS ARTICLE EQUAL TO THIRTY PERCENT OF HIS OR HER
GROSS INCOME. SUCH QUALIFIED PERSONS SHALL HAVE BEEN HIRED TO WORK AT
ANY STATE UNIVERSITY CAMPUS EXCLUDING THOSE CAMPUSES IN NASSAU, WEST-
CHESTER AND PUTNAM COUNTIES. FOR PURPOSES OF THIS SECTION, THE TERM
"NEWLY HIRED" SHALL MEAN FACULTY MEMBERS AND ADMINISTRATORS WHO ARE NOT
CURRENTLY EMPLOYED BY THE STATE UNIVERSITY OF NEW YORK.
(2) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS
SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11472-01-5