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Assembly Bill A6744

2019-2020 Legislative Session

Relates to the formula for calculating what a taxpayer can claim under the minimum wage reimbursement credit

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Archive: Last Bill Status - In Assembly Committee

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2019-A6744 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §38, Tax L

2019-A6744 (ACTIVE) - Summary

Details the maximum allowable credit that a taxpayer can claim on their tax return under the minimum wage reimbursement credit for taxable years January 1, 2019 through January 1, 2022.

2019-A6744 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6744
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 18, 2019
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to calculating the  credit  for
   the minimum wage reimbursement credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision (c) of section 38 of the tax law, as  added  by
 section  1  of  part EE of chapter 59 of the laws of 2013, is amended to
 read as follows:
   (c) For taxable years beginning on or after January first,  two  thou-
 sand fourteen and before January first, two thousand fifteen, the amount
 of  the  credit allowed under this section shall be equal to the product
 of the total number of hours worked during the taxable year by  eligible
 employees  for  which they were paid at the minimum wage rate as defined
 in article nineteen of the labor law and seventy five cents. For taxable
 years beginning on or after January  first,  two  thousand  fifteen  and
 before  January  first,  two  thousand sixteen, the amount of the credit
 allowed under this section shall be equal to the product  of  the  total
 number of hours during the taxable year worked by eligible employees for
 which  they were paid at such minimum wage rate and one dollar and thir-
 ty-one cents. For taxable years beginning on or after January first, two
 thousand sixteen and before January first, two  thousand  nineteen,  the
 amount  of  the  credit allowed under this section shall be equal to the
 product of the total number of hours during the taxable year  worked  by
 eligible  employees  for  which they were paid at such minimum wage rate
 and one dollar and thirty-five cents.  FOR TAXABLE YEARS BEGINNING ON OR
 AFTER JANUARY FIRST, TWO THOUSAND NINETEEN AND BEFORE JANUARY FIRST, TWO
 THOUSAND TWENTY-TWO, THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION
 SHALL BE EQUAL TO THE PRODUCT OF THE TOTAL NUMBER OF  HOURS  DURING  THE
 TAXABLE  YEAR  WORKED  BY ELIGIBLE EMPLOYEES FOR WHICH THEY WERE PAID AT
 SUCH MINIMUM WAGE RATE AND ONE DOLLAR AND  FIFTY-FIVE  CENTS.  Provided,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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