NY State Senate Bill 2019-S4606

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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to budget and revenue
Mar 15, 2019	referred to budget and revenue

2019-S4606 (ACTIVE) - Details

Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S5584
2013-2014: S2703
2015-2016: S1237
2017-2018: S3420
2021-2022: S5078
2023-2024: S6378

2019-S4606 (ACTIVE) - Summary

Provides a 50% tax credit for new income tax revenue generated by a new employee; provides credit may be taken up to 10 years; provides that the Department of Economic Development must monitor and certify the additional employment for any business which applies for the credit; provides any company taking the credit must maintain employment in the state for twice the number of years as the term of the tax credit

2019-S4606 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4606

SPONSOR: PARKER
 
TITLE OF BILL:  An act to amend the tax law, in relation to job
creation tax credits

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill provides a tax credit for any business which creates new
employment in New York State. The credit will be 500 of the new income
tax revenue created as a result of the additional jobs created.

 
SUMMARY OF SPECIFIC PROVISIONS:

Establishes the Job Creation Tax Credit Act of 2019. The bill provides a
50% tax credit for new income tax revenue generated by a new employee.
The credit may be taken for up to 10 years. The State Department of
Economic Development must monitor and certify the additional employment
for any business which applies for the credit. Any company taking the
credit must maintain employment in the state for twice the number of
years as the term of the tax credit. The Tax Commissioner may recoup the

credit if the company fails to comply with the requirements for receiv-
ing the credit. The Department of Economic Development shall annually
report to the Governor and Legislative Leaders (Majority and Minority)
on the number and amounts of credits taken, as well as the number of
firms participating. The tax credit program will be fully evaluated five
years after enactment.

 
JUSTIFICATION:

The State of New York has experienced a severe economic recession with
significant job losses over the past few years. Every region of the
state has suffered as both large and small businesses reduced their
employment levels. This tax credit is designed to reward businesses
which add new employees. It tries to stimulate the state's economy
through a labor rather than a capital investment. The credit will not
cost the state in terms of lost tax receipts since it is based upon the
additional withholding taxes collected from the new employees.

 
PRIOR LEGISLATIVE HISTORY:

2017 -18: S. 3420 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
2015-2016: S.1237A - Amend and Recommit to Investigations and Gov't
Operations
2013-2014: S.2703A - Amended and Recommitted to Investigations and
Government Operations;
2011-2012: S.5584A/A.776A - Gov Ops/Ways & Means
2009-2010: A.2554
2007-2008: A.679

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S4606 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4606
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 15, 2019
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to job creation tax credits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  This  act  shall  be  known  and may be cited as the "job
 creation tax credit act of 2019".
   § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 53 to read as follows:
   53.  JOB  CREATION  TAX CREDIT.   (A) AS USED IN THIS SUBDIVISION, THE
 FOLLOWING TERMS SHALL HAVE  THE  FOLLOWING  MEANINGS:    (1)  "FULL-TIME
 EMPLOYEE"  MEANS  AN INDIVIDUAL WHO IS EMPLOYED FOR CONSIDERATION FOR AT
 LEAST THIRTY-FIVE HOURS A WEEK, OR WHO RENDERS  ANY  OTHER  STANDARD  OF
 SERVICE  GENERALLY  ACCEPTED BY CUSTOM OR SPECIFIED BY CONTRACT AS FULL-
 TIME EMPLOYMENT.
   (2) "NEW EMPLOYEE" MEANS A FULL-TIME  EMPLOYEE  FIRST  EMPLOYED  BY  A
 TAXPAYER IN THE PROJECT THAT IS THE SUBJECT OF THE TAX CREDIT AUTHORIZED
 UNDER  THIS  SUBDIVISION IN THE TAXABLE YEAR IN WHICH THE TAXPAYER SEEKS
 THE CREDIT. "NEW EMPLOYEE" ALSO  MAY  INCLUDE  AN  EMPLOYEE  REHIRED  OR
 CALLED  BACK  FROM LAY-OFF TO WORK IN A NEW FACILITY OR ON A NEW PRODUCT
 OR SERVICE ESTABLISHED OR PRODUCED BY THE TAXPAYER  DURING  THE  TAXABLE
 YEAR IN WHICH THE CREDIT IS SOUGHT. "NEW EMPLOYEE" SHALL NOT INCLUDE ANY
 EMPLOYEE  OF THE TAXPAYER WHO WAS PREVIOUSLY EMPLOYED IN THIS STATE BY A
 RELATED MEMBER OF THE TAXPAYER AND WHOSE EMPLOYMENT WAS SHIFTED  TO  THE
 TAXPAYER DURING THE TAXABLE YEAR IN WHICH THE CREDIT IS SOUGHT. IN ADDI-
 TION,  "NEW  EMPLOYEE" SHALL NOT INCLUDE A CHILD, GRANDCHILD, PARENT, OR
 SPOUSE, OTHER THAN A SPOUSE WHO IS LEGALLY SEPARATED FROM  THE  INDIVID-
 UAL,  OR ANY INDIVIDUAL WHO IS AN EMPLOYEE OF THE TAXPAYER AND WHO HAS A
 DIRECT OR INDIRECT OWNERSHIP INTEREST OF AT LEAST FIVE  PERCENT  IN  THE
 PROFITS,  CAPITAL, OR VALUE OF THE TAXPAYER. OWNERSHIP INTEREST SHALL BE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00303-01-9

 S. 4606                             2
 
 DETERMINED IN ACCORDANCE WITH SECTION FIFTEEN HUNDRED SIXTY-THREE OF THE
 INTERNAL REVENUE CODE AND REGULATIONS PRESCRIBED THEREUNDER.
   (3)  "NEW  INCOME  TAX  REVENUE" MEANS THE TOTAL AMOUNT WITHHELD UNDER
 THIS CHAPTER BY THE TAXPAYER DURING THE TAXABLE YEAR  FROM  THE  COMPEN-
 SATION OF NEW EMPLOYEES FOR THE TAXES LEVIED UNDER THIS CHAPTER.
   (4) "RELATED MEMBER" HAS THE SAME MEANING AS PROVIDED IN THIS CHAPTER.
   (B)  THE  JOB  CREATION  TAX  CREDIT AUTHORIZED UNDER THIS SUBDIVISION
 SHALL BE FOR THE PURPOSE OF FOSTERING JOB CREATION IN THIS STATE. SUCH A
 GRANT SHALL TAKE THE FORM OF A REFUNDABLE CREDIT ALLOWED AGAINST THE TAX
 IMPOSED UNDER THIS CHAPTER. THE CREDIT SHALL BE CLAIMED AFTER THE ALLOW-
 ANCE OF ALL OTHER CREDITS PROVIDED BY THIS CHAPTER. THE  AMOUNT  OF  THE
 CREDIT  SHALL  EQUAL  THE  NEW  INCOME  TAX REVENUE FOR THE TAXABLE YEAR
 MULTIPLIED BY FIFTY PERCENT.
   (C) IN ORDER TO QUALIFY FOR THE CREDIT THE TAXPAYER MUST SUBMIT TO THE
 DEPARTMENT OF ECONOMIC DEVELOPMENT IN THE TAXABLE YEAR FOR WHICH  CREDIT
 IS  SOUGHT  A  FORM  PROVIDED  BY  SUCH DEPARTMENT IN WHICH THE TAXPAYER
 STATES THE FOLLOWING:
   (1) THE TAXPAYER'S PROJECT WILL CREATE NEW JOBS IN THIS STATE;
   (2) THE TAXPAYER'S PROJECT IS ECONOMICALLY SOUND AND WILL BENEFIT  THE
 PEOPLE  OF  THIS  STATE  BY  INCREASING OPPORTUNITIES FOR EMPLOYMENT AND
 STRENGTHENING THE ECONOMY OF THIS STATE;
   (3) RECEIVING THE TAX CREDIT IS A MAJOR FACTOR IN THE TAXPAYER'S DECI-
 SION TO GO FORWARD WITH THE PROJECT;
   (4) A DETAILED DESCRIPTION OF THE PROJECT THAT IS THE SUBJECT  OF  THE
 AGREEMENT;
   (5)  THE  TERM OF THE TAX CREDIT WHICH SHALL NOT EXCEED TEN YEARS, AND
 THE FIRST TAXABLE YEAR FOR WHICH THE CREDIT MAY BE CLAIMED;
   (6) THAT  THE  TAXPAYER  SHALL  MAINTAIN  OPERATIONS  AT  THE  PROJECT
 LOCATION  FOR  AT LEAST TWICE THE NUMBER OF YEARS AS THE TERM OF THE TAX
 CREDIT;
   (7) THAT FIFTY PERCENT OF THE NEW INCOME TAX REVENUE WILL  BE  ALLOWED
 AS THE AMOUNT OF THE CREDIT FOR EACH TAXABLE YEAR;
   (8)  A  SPECIFIC  METHOD  FOR  DETERMINING  HOW MANY NEW EMPLOYEES ARE
 EMPLOYED DURING A TAXABLE YEAR;
   (9) THAT THE TAXPAYER ANNUALLY SHALL REPORT  TO  THE  COMMISSIONER  OF
 ECONOMIC  DEVELOPMENT  THE  NUMBER  OF NEW EMPLOYEES, THE NEW INCOME TAX
 REVENUE WITHHELD IN CONNECTION WITH THE  NEW  EMPLOYEES  AND  ANY  OTHER
 INFORMATION  THE  COMMISSIONER  OF ECONOMIC DEVELOPMENT NEEDS TO PERFORM
 HIS OR HER DUTIES UNDER THIS SUBDIVISION; AND
   (10) THAT THE COMMISSIONER  OF  ECONOMIC  DEVELOPMENT  SHALL  ANNUALLY
 VERIFY  THE AMOUNTS REPORTED PURSUANT TO SUBPARAGRAPH NINE OF THIS PARA-
 GRAPH, AND AFTER DOING SO SHALL ISSUE  A  CERTIFICATE  TO  THE  TAXPAYER
 STATING THAT THE AMOUNTS HAVE BEEN VERIFIED.
   (D)  A  TAXPAYER  CLAIMING A CREDIT UNDER THIS SECTION SHALL SUBMIT TO
 THE COMMISSIONER A COPY OF THE COMMISSIONER  OF  ECONOMIC  DEVELOPMENT'S
 CERTIFICATE  OF  VERIFICATION, AS PROVIDED IN SUBPARAGRAPH NINE OF PARA-
 GRAPH (C) OF THIS SUBDIVISION FOR THE TAXABLE YEAR.
   (E) THE COMMISSIONER OF ECONOMIC DEVELOPMENT, AFTER CONSULTATION  WITH
 THE COMMISSIONER SHALL ADOPT SUCH RULES AND REGULATIONS AS ARE NECESSARY
 TO IMPLEMENT THIS SUBDIVISION.
   (F)  FOR  THE  PURPOSES  OF  THIS SUBDIVISION A TAXPAYER MAY INCLUDE A
 PARTNERSHIP, A CORPORATION THAT HAS MADE AN ELECTION UNDER SUBCHAPTER  S
 OF  CHAPTER ONE OF SUBTITLE A OF THE INTERNAL REVENUE CODE, OR ANY OTHER
 BUSINESS ENTITY THROUGH WHICH INCOME FLOWS AS A  DISTRIBUTIVE  SHARE  TO
 ITS  OWNERS.  A CREDIT RECEIVED UNDER THIS SUBDIVISION BY A PARTNERSHIP,
 S-CORPORATION, OR OTHER SUCH BUSINESS ENTITY SHALL BE APPORTIONED  AMONG

 S. 4606                             3
 
 THE  PERSONS TO WHOM THE INCOME OR PROFIT OF THE PARTNERSHIP, S-CORPORA-
 TION, OR OTHER ENTITY IS DISTRIBUTED, IN THE SAME PROPORTIONS  AS  THOSE
 IN WHICH THE INCOME OR PROFIT IS DISTRIBUTED.
   (G)  IF  THE  COMMISSIONER  OF  ECONOMIC DEVELOPMENT DETERMINES THAT A
 TAXPAYER WHO HAS RECEIVED A CREDIT UNDER THIS SUBDIVISION IS NOT COMPLY-
 ING WITH THE REQUIREMENT OF SUBPARAGRAPH NINE OF PARAGRAPH (C)  OF  THIS
 SUBDIVISION,  HE  OR SHE SHALL NOTIFY THE COMMISSIONER OF THE NONCOMPLI-
 ANCE.  AFTER RECEIVING SUCH A NOTICE, AND AFTER GIVING THE  TAXPAYER  AN
 OPPORTUNITY  TO  EXPLAIN THE NONCOMPLIANCE, THE COMMISSIONER MAY MAKE AN
 ASSESSMENT AGAINST THE TAXPAYER UNDER THIS CHAPTER  FOR  AN  AMOUNT  NOT
 EXCEEDING  THE SUM OF ANY PREVIOUSLY ALLOWED CREDITS UNDER THIS SUBDIVI-
 SION.
   (H) ON OR BEFORE THE THIRTY-FIRST DAY  OF  MARCH  OF  EACH  YEAR,  THE
 COMMISSIONER OF ECONOMIC DEVELOPMENT SHALL SUBMIT A REPORT TO THE GOVER-
 NOR,  THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY
 AND THE MINORITY LEADERS OF THE SENATE AND ASSEMBLY ON  THE  TAX  CREDIT
 PROGRAM  PROVIDED  FOR  IN  THIS  SUBDIVISION.  THE REPORT SHALL INCLUDE
 INFORMATION ON THE NUMBER OF TAXPAYERS RECEIVING TAX CREDITS PURSUANT TO
 THIS SUBDIVISION DURING THE PRECEDING CALENDAR YEAR,  A  DESCRIPTION  OF
 THE  PROJECTS  THAT  ARE THE SUBJECT OF THE CREDIT, AND AN UPDATE ON THE
 STATUS OF PROJECTS FOR WHICH CREDITS WERE ALLOWED DURING  THE  PRECEDING
 CALENDAR YEAR.
   DURING  THE  FIRST YEAR OF THE TAX CREDIT PROGRAM, THE COMMISSIONER OF
 ECONOMIC DEVELOPMENT IN CONJUNCTION WITH THE DIRECTOR  OF  BUDGET  SHALL
 CONDUCT  AN  EVALUATION  OF  SUCH  PROGRAM. THE EVALUATION SHALL INCLUDE
 ASSESSMENTS OF THE EFFECTIVENESS OF THE PROGRAM IN CREATING  NEW JOBS IN
 THIS STATE AND OF THE REVENUE IMPACT OF THE  PROGRAM.  SUCH  REPORT  MAY
 ALSO  INCLUDE  A REVIEW OF THE PRACTICES AND EXPERIENCES OF OTHER STATES
 WITH SIMILAR PROGRAMS. THE  DEPARTMENT  OF  ECONOMIC  DEVELOPMENT  SHALL
 SUBMIT  A REPORT ON THE EVALUATION TO THE GOVERNOR, THE TEMPORARY PRESI-
 DENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY AND THE MINORITY LEADERS
 OF THE SENATE AND ASSEMBLY ON OR  BEFORE  JANUARY  FIRST,  TWO  THOUSAND
 TWENTY-TWO.
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (jjj) to read as follows:
   (JJJ) JOB CREATION TAX CREDIT.  (1) AS USED IN  THIS  SUBSECTION,  THE
 FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "FULL-TIME  EMPLOYEE"  MEANS  AN  INDIVIDUAL  WHO IS EMPLOYED FOR
 CONSIDERATION FOR AT LEAST THIRTY-FIVE HOURS A WEEK, OR WHO RENDERS  ANY
 OTHER  STANDARD  OF SERVICE GENERALLY ACCEPTED BY CUSTOM OR SPECIFIED BY
 CONTRACT AS FULL-TIME EMPLOYMENT.
   (B) "NEW EMPLOYEE" MEANS A FULL-TIME  EMPLOYEE  FIRST  EMPLOYED  BY  A
 TAXPAYER IN THE PROJECT THAT IS THE SUBJECT OF THE TAX CREDIT AUTHORIZED
 UNDER  THIS  SUBSECTION  IN THE TAXABLE YEAR IN WHICH THE TAXPAYER SEEKS
 THE CREDIT. "NEW EMPLOYEE" ALSO  MAY  INCLUDE  AN  EMPLOYEE  REHIRED  OR
 CALLED  BACK  FROM LAY-OFF TO WORK IN A NEW FACILITY OR ON A NEW PRODUCT
 OR SERVICE ESTABLISHED OR PRODUCED BY THE TAXPAYER  DURING  THE  TAXABLE
 YEAR IN WHICH THE CREDIT IS SOUGHT. "NEW EMPLOYEE" SHALL NOT INCLUDE ANY
 EMPLOYEE  OF THE TAXPAYER WHO WAS PREVIOUSLY EMPLOYED IN THIS STATE BY A
 RELATED MEMBER OF THE TAXPAYER AND WHOSE EMPLOYMENT WAS SHIFTED  TO  THE
 TAXPAYER DURING THE TAXABLE YEAR IN WHICH THE CREDIT IS SOUGHT. IN ADDI-
 TION,  "NEW  EMPLOYEE" SHALL NOT INCLUDE A CHILD, GRANDCHILD, PARENT, OR
 SPOUSE, OTHER THAN A SPOUSE WHO IS LEGALLY SEPARATED FROM  THE  INDIVID-
 UAL,  OR ANY INDIVIDUAL WHO IS AN EMPLOYEE OF THE TAXPAYER AND WHO HAS A
 DIRECT OR INDIRECT OWNERSHIP INTEREST OF AT LEAST FIVE  PERCENT  IN  THE
 PROFITS,  CAPITAL, OR VALUE OF THE TAXPAYER. OWNERSHIP INTEREST SHALL BE

 S. 4606                             4

 DETERMINED IN ACCORDANCE WITH SECTION FIFTEEN HUNDRED SIXTY-THREE OF THE
 INTERNAL REVENUE CODE AND REGULATIONS PRESCRIBED THEREUNDER.
   (C)  "NEW  INCOME  TAX  REVENUE" MEANS THE TOTAL AMOUNT WITHHELD UNDER
 THIS CHAPTER BY THE TAXPAYER DURING THE TAXABLE YEAR  FROM  THE  COMPEN-
 SATION OF NEW EMPLOYEES FOR THE TAX LEVIES UNDER THIS CHAPTER.
   (D) "RELATED MEMBER" HAS THE SAME MEANING AS PROVIDED IN THIS CHAPTER.
   (2) THE JOB CREATION TAX CREDIT AUTHORIZED UNDER THIS SUBSECTION SHALL
 BE  FOR  THE  PURPOSE  OF  FOSTERING JOB CREATION IN THIS STATE.  SUCH A
 GRANT SHALL TAKE THE FORM OF A REFUNDABLE CREDIT ALLOWED AGAINST THE TAX
 IMPOSED UNDER THIS CHAPTER. THE CREDIT SHALL BE CLAIMED AFTER THE ALLOW-
 ANCE OF ALL OTHER CREDITS PROVIDED BY THIS CHAPTER. THE  AMOUNT  OF  THE
 CREDIT  SHALL  EQUAL  THE  NEW  INCOME  TAX REVENUE FOR THE TAXABLE YEAR
 MULTIPLIED BY FIFTY PERCENT.
   (3) IN ORDER TO QUALIFY FOR THE CREDIT THE TAXPAYER MUST SUBMIT TO THE
 DEPARTMENT OF ECONOMIC DEVELOPMENT IN THE TAXABLE YEAR FOR WHICH  CREDIT
 IS  SOUGHT  A  FORM  PROVIDED  BY  SUCH DEPARTMENT IN WHICH THE TAXPAYER
 STATES THE FOLLOWING:
   (A) THE TAXPAYER'S PROJECT WILL CREATE NEW JOBS IN THIS STATE;
   (B) THE TAXPAYER'S PROJECT IS ECONOMICALLY SOUND AND WILL BENEFIT  THE
 PEOPLE  OF  THIS  STATE  BY  INCREASING OPPORTUNITIES FOR EMPLOYMENT AND
 STRENGTHENING THE ECONOMY OF THIS STATE;
   (C) RECEIVING THE TAX CREDIT IS A MAJOR FACTOR IN THE TAXPAYER'S DECI-
 SION TO GO FORWARD WITH THE PROJECT;
   (D) A DETAILED DESCRIPTION OF THE PROJECT THAT IS THE SUBJECT  OF  THE
 AGREEMENT;
   (E)  THE  TERM OF THE TAX CREDIT WHICH SHALL NOT EXCEED TEN YEARS, AND
 THE FIRST TAXABLE YEAR FOR WHICH THE CREDIT MAY BE CLAIMED;
   (F) THAT  THE  TAXPAYER  SHALL  MAINTAIN  OPERATIONS  AT  THE  PROJECT
 LOCATION  FOR  AT LEAST TWICE THE NUMBER OF YEARS AS THE TERM OF THE TAX
 CREDIT;
   (G) THAT FIFTY PERCENT OF THE NEW INCOME TAX REVENUE WILL  BE  ALLOWED
 AS THE AMOUNT OF THE CREDIT FOR EACH TAXABLE YEAR;
   (H)  A  SPECIFIC  METHOD  FOR  DETERMINING  HOW MANY NEW EMPLOYEES ARE
 EMPLOYED DURING A TAXABLE YEAR;
   (I) THAT THE TAXPAYER ANNUALLY SHALL REPORT  TO  THE  COMMISSIONER  OF
 ECONOMIC  DEVELOPMENT  THE  NUMBER  OF NEW EMPLOYEES, THE NEW INCOME TAX
 REVENUE WITHHELD IN CONNECTION WITH THE  NEW  EMPLOYEES  AND  ANY  OTHER
 INFORMATION  THE  COMMISSIONER  OF ECONOMIC DEVELOPMENT NEEDS TO PERFORM
 HIS OR HER DUTIES UNDER THIS SUBSECTION; AND
   (J) THAT THE COMMISSIONER OF ECONOMIC DEVELOPMENT SHALL ANNUALLY VERI-
 FY THE AMOUNTS REPORTED PURSUANT TO SUBPARAGRAPH (I) OF THIS  PARAGRAPH,
 AND  AFTER  DOING  SO  SHALL ISSUE A CERTIFICATE TO THE TAXPAYER STATING
 THAT THE AMOUNTS HAVE BEEN VERIFIED.
   (4) A TAXPAYER CLAIMING A CREDIT UNDER THIS SUBSECTION SHALL SUBMIT TO
 THE COMMISSIONER A COPY OF THE COMMISSIONER  OF  ECONOMIC  DEVELOPMENT'S
 CERTIFICATE OF VERIFICATION AS PROVIDED IN SUBPARAGRAPH (I) OF PARAGRAPH
 THREE OF THIS SUBSECTION FOR THE TAXABLE YEAR.
   (5)  THE COMMISSIONER OF ECONOMIC DEVELOPMENT, AFTER CONSULTATION WITH
 THE COMMISSIONER SHALL ADOPT SUCH RULES AND REGULATIONS AS ARE NECESSARY
 TO IMPLEMENT THIS SUBSECTION.
   (6) FOR THE PURPOSES OF THIS SUBSECTION A TAXPAYER MAY INCLUDE A PART-
 NERSHIP, A CORPORATION THAT HAS MADE AN ELECTION UNDER SUBCHAPTER  S  OF
 CHAPTER  ONE  OF  SUBTITLE  A OF THE INTERNAL REVENUE CODE, OR ANY OTHER
 BUSINESS ENTITY THROUGH WHICH INCOME FLOWS AS A  DISTRIBUTIVE  SHARE  TO
 ITS  OWNERS.  A  CREDIT RECEIVED UNDER THIS SUBSECTION BY A PARTNERSHIP,
 S-CORPORATION, OR OTHER SUCH BUSINESS ENTITY SHALL BE APPORTIONED  AMONG

 S. 4606                             5
 
 THE  PERSONS TO WHOM THE INCOME OR PROFIT OF THE PARTNERSHIP, S-CORPORA-
 TION, OR OTHER ENTITY IS DISTRIBUTED, IN THE SAME PROPORTIONS  AS  THOSE
 IN WHICH THE INCOME OR PROFIT IS DISTRIBUTED.
   (7)  IF  THE  COMMISSIONER  OF  ECONOMIC DEVELOPMENT DETERMINES THAT A
 TAXPAYER WHO HAS RECEIVED A CREDIT UNDER THIS SUBSECTION IS NOT  COMPLY-
 ING  WITH THE REQUIREMENT OF SUBPARAGRAPH (I) OF PARAGRAPH THREE OF THIS
 SUBSECTION, HE OR SHE SHALL NOTIFY THE COMMISSIONER  OF  THE  NONCOMPLI-
 ANCE.    AFTER RECEIVING SUCH A NOTICE, AND AFTER GIVING THE TAXPAYER AN
 OPPORTUNITY TO EXPLAIN THE NONCOMPLIANCE, THE COMMISSIONER MAY  MAKE  AN
 ASSESSMENT  AGAINST  THE  TAXPAYER  UNDER THIS CHAPTER FOR AN AMOUNT NOT
 EXCEEDING  THE  SUM  OF  ANY  PREVIOUSLY  ALLOWED  CREDITS  UNDER   THIS
 SUBSECTION.
   (8)  ON  OR  BEFORE  THE  THIRTY-FIRST  DAY OF MARCH OF EACH YEAR, THE
 COMMISSIONER OF ECONOMIC DEVELOPMENT SHALL SUBMIT A REPORT TO THE GOVER-
 NOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE  ASSEMBLY
 AND  THE  MINORITY  LEADERS OF THE SENATE AND ASSEMBLY ON THE TAX CREDIT
 PROGRAM PROVIDED FOR IN THIS SUBSECTION. THE REPORT SHALL INCLUDE INFOR-
 MATION ON THE NUMBER OF TAXPAYERS RECEIVING TAX CREDITS PURSUANT TO THIS
 SUBSECTION DURING THE PRECEDING CALENDAR  YEAR,  A  DESCRIPTION  OF  THE
 PROJECTS THAT ARE THE SUBJECT OF THE CREDIT, AND AN UPDATE ON THE STATUS
 OF PROJECTS FOR WHICH CREDITS WERE ALLOWED DURING THE PRECEDING CALENDAR
 YEAR.
   DURING  THE  FIRST YEAR OF THE TAX CREDIT PROGRAM, THE COMMISSIONER OF
 ECONOMIC DEVELOPMENT IN CONJUNCTION WITH THE DIRECTOR  OF  BUDGET  SHALL
 CONDUCT  AN  EVALUATION  OF  SUCH  PROGRAM. THE EVALUATION SHALL INCLUDE
 ASSESSMENTS OF THE EFFECTIVENESS OF THE PROGRAM IN CREATING NEW JOBS  IN
 THIS  STATE  AND  OF  THE REVENUE IMPACT OF THE PROGRAM. SUCH REPORT MAY
 ALSO INCLUDE A REVIEW OF THE PRACTICES AND EXPERIENCES OF  OTHER  STATES
 WITH  SIMILAR  PROGRAMS.  THE  DEPARTMENT  OF ECONOMIC DEVELOPMENT SHALL
 SUBMIT A REPORT ON THE EVALUATION TO THE GOVERNOR, THE TEMPORARY  PRESI-
 DENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY AND THE MINORITY LEADERS
 OF  THE  SENATE  AND  ASSEMBLY  ON OR BEFORE JANUARY FIRST, TWO THOUSAND
 TWENTY-TWO.
   § 4. This act shall take effect immediately and shall apply to taxable
 years commencing on and after April 1, 2019.

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Senate Bill S4606

Sponsored By

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

2019-S4606 (ACTIVE) - Details

2019-S4606 (ACTIVE) - Summary

2019-S4606 (ACTIVE) - Sponsor Memo

2019-S4606 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4606

Share this bill

Sponsored By

Kevin S. Parker

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

2019-S4606 (ACTIVE) - Details

2019-S4606 (ACTIVE) - Summary

2019-S4606 (ACTIVE) - Sponsor Memo

2019-S4606 (ACTIVE) - Bill Text download pdf

Comments