Establishes a first permanent payroll employee tax credit which allows a business to receive a tax credit for the three years following the employment of such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.
S T A T E O F N E W Y O R K
________________________________________________________________________
9049
I N A S S E M B L Y
January 10, 2020
___________
Introduced by M. of A. GOODELL -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a first perma-
nent payroll employee tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 210-B of the tax law is amended by adding a new
subdivision 54 to read as follows:
54. FIRST PERMANENT PAYROLL EMPLOYEE CREDIT. (A) GENERAL. A TAXPAYER
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVI-
SION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE FIRST FULL-TIME,
PERMANENT EMPLOYEE SUCH TAXPAYER EMPLOYS, PROVIDED THAT SUCH FULL-TIME,
PERMANENT EMPLOYEE IS ACCOUNTED FOR ON SUCH TAXPAYER'S EMPLOYER PAYROLL
RECORDS. SUCH CREDIT SHALL BE AVAILABLE FOR EACH OF THE THREE YEARS
SUCCEEDING THE DATE A TAXPAYER EMPLOYS THEIR FIRST FULL-TIME, PERMANENT
EMPLOYEE.
(B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SUBDIVISION SHALL BE
EQUAL TO:
(1) IN THE FIRST YEAR, TWENTY-FIVE PERCENT OF THE TOTAL COST TO EMPLOY
A FULL-TIME, PERMANENT EMPLOYEE, WHEN SUCH EMPLOYEE IS ACCOUNTED FOR ON
AN EMPLOYER'S PAYROLL RECORDS AND IS THE FIRST FULL-TIME, PERMANENT
EMPLOYEE SUCH TAXPAYER HAS HIRED;
(2) IN THE SECOND YEAR, TWENTY PERCENT OF THE TOTAL COST TO EMPLOY A
FULL-TIME, PERMANENT EMPLOYEE, WHEN SUCH EMPLOYEE IS ACCOUNTED FOR ON AN
EMPLOYER'S PAYROLL RECORDS AND IS THE FIRST FULL-TIME, PERMANENT EMPLOY-
EE SUCH TAXPAYER HAS HIRED; AND
(3) IN THE THIRD YEAR, TEN PERCENT OF THE TOTAL COST TO EMPLOY A FULL-
TIME, PERMANENT EMPLOYEE, WHEN SUCH EMPLOYEE IS ACCOUNTED FOR ON AN
EMPLOYER'S PAYROLL RECORDS AND IS THE FIRST FULL-TIME, PERMANENT EMPLOY-
EE SUCH TAXPAYER HAS HIRED.
(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 TWO SUCCEEDING
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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