Assembly Bill A4995

2017-2018 Legislative Session

Provides a tax credit for certain newly hired SUNY college faculty members and administrators

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A4995 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8036
2019-2020: A5284

2017-A4995 (ACTIVE) - Summary

Provides a tax credit for newly hired SUNY college faculty members and administrators who are minorities and who have relocated to New York to work at a SUNY campus.

2017-A4995 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4995
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by  M.  of  A.  CRESPO,  ARROYO, RAMOS, PICHARDO, SEPULVEDA,
   RODRIGUEZ, DAVILA, DILAN,  RIVERA,  MOSLEY,  MOYA  --  read  once  and
   referred to the Committee on Ways and Means
 
 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 NINETEEN,
 A RESIDENT TAXPAYER WHO IS A NEWLY HIRED FACULTY MEMBER  OR  ADMINISTRA-
 TOR, 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, WESTCHESTER
 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.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07376-01-7

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