Senate Bill S3883C

2019-2020 Legislative Session

Establishes a small business tax credit for the employment of persons sixty-five years of age and older

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Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to budget and revenue
Apr 18, 2019	print number 3883c
Apr 18, 2019	amend and recommit to budget and revenue
Mar 22, 2019	print number 3883b
Mar 22, 2019	amend and recommit to budget and revenue
Mar 07, 2019	print number 3883a
Mar 07, 2019	amend and recommit to budget and revenue
Feb 20, 2019	referred to budget and revenue

Bill Amendments

Original

C (Active)

co-Sponsors

2019-S3883 - Details

See Assembly Version of this Bill:: A419
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A6767
2015-2016: S3958, A1073
2017-2018: S5236, A863
2021-2022: S4220, A762

2019-S3883 - Summary

Establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars.

2019-S3883 - Sponsor Memo

                                
 
BILL NUMBER: S3883

SPONSOR: STAVISKY
 
TITLE OF BILL:  An act to amend the tax law, in relation to establish-
ing a small business tax credit for the employment of persons sixty-five
years of age or older

 
PURPOSE:

To stimulate employment of persons sixty-five or older who face
unprecedented challenges in reentering the workforce or continuing
employment.

 
SUMMARY OF PROVISIONS:

Section 1: Amendment to section 210-B of the tax law is amended by
adding a new subdivision 49.

Provides for a business tax credit for the employer in regard to employ-
ment of persons age sixty-five or older for the duration of twelve
months or more, and for thirty-five hours or more per week.  Tax credit

range will range between five thousand to twenty-five thousand dollars.

Section 2: Subparagraph (B) of paragraph 1 of subsection (i) of section
606 of the tax law is amended by adding a new clause (xliii).

Section 3: Section 606 of the tax law is amended Amendment to section
606 of the tax law, detailing the compo- nents of the business tax cred-
it for the employment of persons sixty-five or older in a company of one
hundred employees or less.

 
JUSTIFICATION:

Although the rate of unemployment among older workers is lower than that
for their younger counterparts, as explained by the Bureau of Labor
Statistics, older persons who do become unemployed spend more time
searching for work. A February 2010 study found older workers were unem-
ployed for an average of thirty-six weeks, compared to twenty-three
weeks for persons aged sixteen through twenty-four, and thirty weeks for
persons aged twenty-five through fifty-four. Older workers often
encounter challenges when trying to remain or reengage in the work
force. Many of these challenges stem from policies that were created
years ago when there was a labor surplus, before the recent shifts to a
knowledge-based economy and trends in population demographics.

As cost-of-living expenses increase, the financial needs and desires of
older workers is compromised, leaving older workers no other viable
option but to return to the workforce or continue employment.  Home
values, often a family's most important asset, have plummeted.  Addi-
tionally, an April 2010 Gallup poll found more than a third of people
plan to work beyond age sixty-five, compared to twelve percent in 1995.

Offering tax credit incentives to small businesses that employ persons
ages sixty-five or older will keep older residents from, leaving the
state, whereby further contributing to the economic upheaval of the
state and the sharing of wisdom from an older workforce to a younger
generation.

 
LEGISLATIVE HISTORY:
2018: S 5236 - referred to Investigations and Government Operations

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
Shall take effect immediately and apply to taxable years beginning on or
after January 1, 2020

2019-S3883 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3883
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2019
                                ___________
 
 Introduced by Sens. STAVISKY, SEPULVEDA -- read twice and ordered print-
   ed,  and  when  printed to be committed to the Committee on Budget and
   Revenue
 
 AN ACT to amend the tax law, in relation to establishing a  small  busi-
   ness  tax credit for the employment of persons sixty-five years of age
   or older

   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 53 to read as follows:
   53. SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.    (A)
 GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
 ALLOWED A CREDIT, TO  BE  COMPUTED  AS  PROVIDED  IN  THIS  SUBDIVISION,
 AGAINST  THE  TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE
 OR OLDER HIRED DURING A TAXABLE YEAR,  PROVIDED  THAT  SUCH  PERSON  AGE
 SIXTY-FIVE  OR OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK
 AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
 FIVE THOUSAND DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR OLDER BUT SHALL
 NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
   (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 FIVE SUCCEEDING
 TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
 follows:
 (XLIV) SMALL BUSINESS TAX CREDIT;    COSTS UNDER SUBDIVISION
 PERSONS SIXTY-FIVE YEARS OF AGE OR   FIFTY-THREE OF SECTION
 OLDER UNDER SUBSECTION (JJJ)         TWO HUNDRED TEN-B
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD02681-01-9

 S. 3883                             2
 
   § 3.  Section 606 of the tax law is amended by adding a new subsection
 (jjj) to read as follows:
   (JJJ) SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
 GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
 THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE OR  OLDER
 HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-FIVE OR
 OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS IN
 THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
 FIVE THOUSAND DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR OLDER BUT SHALL
 NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
   (C)  CARRYOVERS.  THE CREDIT ALLOWED IN THIS SUBSECTION 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 FIVE SUCCEEDING
 TAXABLE YEARS.  THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2020.

co-Sponsors

2019-S3883A - Details

See Assembly Version of this Bill:: A419
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A6767
2015-2016: S3958, A1073
2017-2018: S5236, A863
2021-2022: S4220, A762

2019-S3883A - Summary

Establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars.

2019-S3883A - Sponsor Memo

                                
 
BILL NUMBER: S3883A

SPONSOR: STAVISKY
 
TITLE OF BILL:  An act to amend the tax law, in relation to establish-
ing a small business tax credit for the employment of persons sixty-five
years of age or older

 
PURPOSE:

To stimulate employment of persons sixty-five or older who face
unprecedented challenges in reentering the workforce or continuing
employment.

 
SUMMARY OF PROVISIONS:

Section 1: Amendment to section 210-B of the tax law is amended by
adding a new subdivision 49.

Provides for a business tax credit for the employer in regard to employ-
ment of persons age sixty-five or older for the duration of twelve
months or more, and for thirty-five hours or more per week.  Tax credit

range will range between five thousand to twenty-five thousand dollars.

Section 2: Subparagraph (B) of paragraph 1 of subsection (i) of section
606 of the tax law is amended by adding a new clause (xliii).

Section 3: Section 606 of the tax law is amended Amendment to section
606 of the tax law, detailing the compo- nents of the business tax cred-
it for the employment of persons sixty-five or older in a company of one
hundred employees or less.

 
JUSTIFICATION:

Although the rate of unemployment among older workers is lower than that
for their younger counterparts, as explained by the Bureau of Labor
Statistics, older persons who do become unemployed spend more time
searching for work. A February 2010 study found older workers were unem-
ployed for an average of thirty-six weeks, compared to twenty-three
weeks for persons aged sixteen through twenty-four, and thirty weeks for
persons aged twenty-five through fifty-four. Older workers often
encounter challenges when trying to remain or reengage in the work
force. Many of these challenges stem from policies that were created
years ago when there was a labor surplus, before the recent shifts to a
knowledge-based economy and trends in population demographics.

As cost-of-living expenses increase, the financial needs and desires of
older workers is compromised, leaving older workers no other viable
option but to return to the workforce or continue employment.  Home
values, often a family's most important asset, have plummeted.  Addi-
tionally, an April 2010 Gallup poll found more than a third of people
plan to work beyond age sixty-five, compared to twelve percent in 1995.

Offering tax credit incentives to small businesses that employ persons
ages sixty-five or older will keep older residents from, leaving the
state, whereby further contributing to the economic upheaval of the
state and the sharing of wisdom from an older workforce to a younger
generation.

 
LEGISLATIVE HISTORY:
2018: S 5236 - referred to Investigations and Government Operations

 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSIONS:

The amended version caps the total expenditure at $10M annually, reduces
the credit per employee to $2,500, and only allows employees 65 or older
earning less than $100k to be eligible for employers to receive the
credit.

 
FISCAL IMPLICATIONS:

$10M or less annually.

 
EFFECTIVE DATE:
Shall take effect immediately and apply to taxable years beginning on or
after January 1, 2020

2019-S3883A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3883--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2019
                                ___________
 
 Introduced by Sens. STAVISKY, SEPULVEDA -- read twice and ordered print-
   ed,  and  when  printed to be committed to the Committee on Budget and
   Revenue -- committee discharged, bill amended,  ordered  reprinted  as
   amended and recommitted to said committee
 
 AN  ACT  to amend the tax law, in relation to establishing a small busi-
   ness tax credit for the employment of persons sixty-five years of  age
   or older
 
   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 53 to read as follows:
   53.  SMALL  BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
 GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
 ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON  AGE  SIXTY-FIVE
 OR  OLDER  HIRED  DURING  A  TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE
 SIXTY-FIVE OR OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK,
 EARNS LESS THAN ONE HUNDRED THOUSAND DOLLARS ANNUALLY,  AND  REMAINS  IN
 THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
 TWO THOUSAND FIVE HUNDRED DOLLARS PER HIRED  PERSON  AGE  SIXTY-FIVE  OR
 OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY.
   (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 FIVE SUCCEEDING
 TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
 follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02681-02-9

 S. 3883--A                          2
 
 (XLIV) SMALL BUSINESS TAX CREDIT;    COSTS UNDER SUBDIVISION
 PERSONS SIXTY-FIVE YEARS OF AGE OR   FIFTY-THREE OF SECTION
 OLDER UNDER SUBSECTION (JJJ)         TWO HUNDRED TEN-B
   § 3.  Section 606 of the tax law is amended by adding a new subsection
 (jjj) to read as follows:
   (JJJ) SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
 GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
 THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE OR  OLDER
 HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-FIVE OR
 OLDER  IS  EMPLOYED  FOR  THIRTY-FIVE HOURS OR MORE PER WEEK, EARNS LESS
 THAN ONE HUNDRED THOUSAND DOLLARS ANNUALLY AND REMAINS IN THE EMPLOY  OF
 SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
 TWO THOUSAND FIVE HUNDRED DOLLARS PER HIRED  PERSON  AGE  SIXTY-FIVE  OR
 OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY.
   (C)  CARRYOVERS.  THE CREDIT ALLOWED IN THIS SUBSECTION 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 FIVE SUCCEEDING
 TAXABLE YEARS.  THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2020.

co-Sponsors

2019-S3883B - Details

See Assembly Version of this Bill:: A419
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A6767
2015-2016: S3958, A1073
2017-2018: S5236, A863
2021-2022: S4220, A762

2019-S3883B - Summary

Establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars.

2019-S3883B - Sponsor Memo

                                
 
BILL NUMBER: S3883B

SPONSOR: STAVISKY
 
TITLE OF BILL:  An act to amend the tax law, in relation to establish-
ing a small business tax credit for the employment of persons sixty-five
years of age or older

 
PURPOSE:  To stimulate employment of persons sixty-five or older who
face unprecedented challenges in reentering the workforce or continuing
employment.

 
SUMMARY OF PROVISIONS:

Section 1: Amendment to section 210-B of the tax law is amended by
adding a new subdivision 49.

Provides for a business tax credit for the employer in regard to employ-
ment of persons age sixty-five or older for the duration of twelve
months or more, and for thirty-five hours or more per week. Tax credit
range will range between five thousand to twenty-five thousand dollars.

Section 2: Subparagraph (B) of paragraph 1 of subsection (i) of section
606 of the tax law is amended by adding a new clause (xliii).

Section 3: Section 606 of the tax law is amended Amendment to section
606 of the tax law, detailing the components of the business tax credit
for the employment of persons sixty-five or older in a company of one
hundred employees or less.

 
JUSTIFICATION:

Although the rate of unemployment among older workers is lower than that
for their younger counterparts, as explained by the Bureau of Labor
Statistics, older persons who do become unemployed spend more time
searching for work. A February 2010 study found older workers were unem-
ployed for an average of thirty-six weeks, compared to twenty-three
weeks for persons aged sixteen through twenty-four, and thirty weeks for
persons aged twenty-five through fifty-four. Older workers often
encounter challenges when trying to remain or reengage in the work
force. Many of these challenges stem from policies that were created
years ago when there was a labor surplus, before the recent shifts to a
knowledge-based economy and trends in population demographics.

As cost-of-living expenses increase, the financial needs and desires of
older workers is compromised, leaving older workers no other viable
option but to return to the workforce or continue employment.  Home
values, often a family's most important asset, have plummeted.  Addi-
tionally, an April 2010 Gallup poll found more than a third of people
plan to work beyond age sixty-five, compared to twelve percent in 1995.

Offering tax credit incentives to small businesses that employ persons
ages sixty-five or older will keep older residents from, leaving the
state, whereby further contributing to the economic upheaval of the
state and the sharing of wisdom from an older workforce to a younger
generation.

 
LEGISLATIVE HISTORY:

2018: S 5236 - referred to Investigations and Government Operations
 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSIONS:

The amended version caps the total expenditure at $10M annually, reduces
the credit per employee to $2,500, and only allows employees 65 or older
earning less than $75k to be eligible for employers to receive the cred-
it.

 
FISCAL IMPLICATIONS:

$10M or less annually.

 
EFFECTIVE DATE:
Shall take effect immediately and apply to taxable years beginning on or
after January 1, 2020

2019-S3883B - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3883--B
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2019
                                ___________
 
 Introduced by Sens. STAVISKY, SEPULVEDA -- read twice and ordered print-
   ed,  and  when  printed to be committed to the Committee on Budget and
   Revenue -- committee discharged, bill amended,  ordered  reprinted  as
   amended  and  recommitted  to  said committee -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee
 
 AN  ACT  to amend the tax law, in relation to establishing a small busi-
   ness tax credit for the employment of persons sixty-five years of  age
   or older
 
   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 53 to read as follows:
   53.  SMALL  BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
 GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
 ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON  AGE  SIXTY-FIVE
 OR  OLDER  HIRED  DURING  A  TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE
 SIXTY-FIVE OR OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK,
 EARNS LESS THAN SEVENTY-FIVE THOUSAND DOLLARS ANNUALLY, AND  REMAINS  IN
 THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
 TWO THOUSAND FIVE HUNDRED DOLLARS PER HIRED  PERSON  AGE  SIXTY-FIVE  OR
 OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY.
   (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 FIVE SUCCEEDING
 TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02681-04-9

 S. 3883--B                          2
 
   §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
 follows:
 (XLIV) SMALL BUSINESS TAX CREDIT;    COSTS UNDER SUBDIVISION
 PERSONS SIXTY-FIVE YEARS OF AGE OR   FIFTY-THREE OF SECTION
 OLDER UNDER SUBSECTION (JJJ)         TWO HUNDRED TEN-B
   § 3.  Section 606 of the tax law is amended by adding a new subsection
 (jjj) to read as follows:
   (JJJ) SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
 GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
 THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE OR  OLDER
 HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-FIVE OR
 OLDER  IS  EMPLOYED  FOR  THIRTY-FIVE HOURS OR MORE PER WEEK, EARNS LESS
 THAN SEVENTY-FIVE THOUSAND DOLLARS ANNUALLY AND REMAINS IN THE EMPLOY OF
 SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
 TWO  THOUSAND  FIVE  HUNDRED  DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR
 OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY.
   (C) CARRYOVERS. THE CREDIT ALLOWED IN THIS SUBSECTION 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  FIVE  SUCCEEDING
 TAXABLE YEARS.  THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2020.

co-Sponsors

2019-S3883C (ACTIVE) - Details

See Assembly Version of this Bill:: A419
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A6767
2015-2016: S3958, A1073
2017-2018: S5236, A863
2021-2022: S4220, A762

2019-S3883C (ACTIVE) - Summary

Establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars.

2019-S3883C (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S3883C

SPONSOR: STAVISKY
 
TITLE OF BILL:  An act to amend the tax law, in relation to establish-
ing a small business tax credit for the employment of persons sixty-five
years of age or older

 
PURPOSE:

To stimulate employment of persons sixty-five or older who face
unprecedented challenges in reentering the workforce or continuing
employment.

 
SUMMARY OF PROVISIONS:

Section 1: Amendment to section 210-B of the tax law is amended by
adding a new subdivision 49.

Provides for a business tax credit for the employer in regard to employ-
ment of persons age sixty-five or older for the duration of twelve
months or more, and for thirty-five hours or more per week.  Tax credit

range will range between five thousand to twenty-five thousand dollars.

Section 2: Subparagraph (B) of paragraph 1 of subsection (i) of section
606 of the tax law is amended by adding a new clause (xliii).

Section 3: Section 606 of the tax law is amended Amendment to section
606 of the tax law, detailing the compo- nents of the business tax cred-
it for the employment of persons sixty-five or older in a company of one
hundred employees or less.

 
JUSTIFICATION:

Although the rate of unemployment among older workers is lower than that
for their younger counterparts, as explained by the Bureau of Labor
Statistics, older persons who do become unemployed spend more time
searching for work. A February 2010 study found older workers were unem-
ployed for an average of thirty-six weeks, compared to twenty-three
weeks for persons aged sixteen through twenty-four, and thirty weeks for
persons aged twenty-five through fifty-four. Older workers often
encounter challenges when trying to remain or reengage in the work
force. Many of these challenges stem from policies that were created
years ago when there was a labor surplus, before the recent shifts to a
knowledge-based economy and trends in population demographics.

As cost-of-living expenses increase, the financial needs and desires of
older workers is compromised, leaving older workers no other viable
option but to return to the workforce or continue employment.  Home
values, often a family's most important asset, have plummeted.  Addi-
tionally, an April 2010 Gallup poll found more than a third of people
plan to work beyond age sixty-five, compared to twelve percent in 1995.

Offering tax credit incentives to small businesses that employ persons
ages sixty-five or older will keep older residents from, leaving the
state, whereby further contributing to the economic upheaval of the
state and the sharing of wisdom from an older workforce to a younger
generation.

 
LEGISLATIVE HISTORY:
2018: S 5236 - referred to Investigations and Government Operations

 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSIONS:

The amended version caps the total expenditure at $10M annually, reduces
the credit per employee to $2,500, and only allows employees 65 or older
earning less than $75k to be eligible for employers to receive the cred-
it.

 
FISCAL IMPLICATIONS:

$10M or less annually.

 
EFFECTIVE DATE:
Shall take effect immediately and apply to taxable years beginning on or
after January 1, 2020

2019-S3883C (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3883--C
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2019
                                ___________
 
 Introduced by Sens. STAVISKY, SEPULVEDA -- read twice and ordered print-
   ed,  and  when  printed to be committed to the Committee on Budget and
   Revenue -- committee discharged, bill amended,  ordered  reprinted  as
   amended  and  recommitted  to  said committee -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the tax law, in relation to establishing a  small  busi-
   ness  tax credit for the employment of persons sixty-five years of age
   or older
 
   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. SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.    (A)
 GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
 ALLOWED A CREDIT, TO  BE  COMPUTED  AS  PROVIDED  IN  THIS  SUBDIVISION,
 AGAINST  THE  TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE
 OR OLDER HIRED DURING A TAXABLE YEAR,  PROVIDED  THAT  SUCH  PERSON  AGE
 SIXTY-FIVE OR OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK,
 EARNS  LESS  THAN SEVENTY-FIVE THOUSAND DOLLARS ANNUALLY, AND REMAINS IN
 THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
 TWO  THOUSAND  FIVE  HUNDRED  DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR
 OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY.
   (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 FIVE SUCCEEDING
 TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02681-07-9

 S. 3883--C                          2
 
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by  adding a new clause (xlv) to read as
 follows:
 (XLV) SMALL BUSINESS TAX CREDIT;     COSTS UNDER SUBDIVISION
 PERSONS SIXTY-FIVE YEARS OF AGE OR   FIFTY-FOUR OF SECTION
 OLDER UNDER SUBSECTION (KKK)         TWO HUNDRED TEN-B
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (kkk) to read as follows:
   (KKK) SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
 GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
 THE  TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE OR OLDER
 HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-FIVE OR
 OLDER IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE  PER  WEEK,  EARNS  LESS
 THAN SEVENTY-FIVE THOUSAND DOLLARS ANNUALLY AND REMAINS IN THE EMPLOY OF
 SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
 TWO THOUSAND FIVE HUNDRED DOLLARS PER HIRED  PERSON  AGE  SIXTY-FIVE  OR
 OLDER BUT SHALL NOT EXCEED TEN MILLION DOLLARS ANNUALLY.
   (C)  CARRYOVERS.  THE CREDIT ALLOWED IN THIS SUBSECTION 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 FIVE SUCCEEDING
 TAXABLE YEARS.  THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2020.

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Toby Ann Stavisky

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