Senate Bill S6724A

2019-2020 Legislative Session

Establishes the losses from payroll interruption credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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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Bill Amendments

2019-S6724 - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2019-S6724 - Summary

Provides that for taxable years beginning on or after January first, two thousand nineteen, a qualified taxpayer will be able to claim a refundable credit up to two hundred fifty dollars for eligible losses incurred from the interruption in the payment of their wages or salary due to an action by a payroll service company; defines terms; makes related provisions.

2019-S6724 - Sponsor Memo

2019-S6724 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6724
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                            September 18, 2019
                                ___________
 
 Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation  to  the  losses  from  payroll
   interruption credit
 
   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 (kkk) to read as follows:
   (KKK)  LOSSES  FROM PAYROLL INTERRUPTION CREDIT. (1) FOR TAXABLE YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND NINETEEN, A  QUALIFIED
 TAXPAYER  WILL  BE  ABLE  TO CLAIM A REFUNDABLE CREDIT UP TO TWO HUNDRED
 FIFTY DOLLARS FOR ELIGIBLE LOSSES INCURRED FROM THE INTERRUPTION IN  THE
 PAYMENT  OF  THEIR WAGES OR SALARY DUE TO AN ACTION BY A PAYROLL SERVICE
 COMPANY.
   (2) FOR PURPOSES OF THIS SUBSECTION, THE FOLLOWING  DEFINITIONS  SHALL
 APPLY:
   (I)  "QUALIFIED  TAXPAYER"  SHALL  MEAN  A RESIDENT OF NEW YORK WITH A
 FEDERAL ADJUSTED GROSS INCOME UP TO NINETY THOUSAND DOLLARS IF FILING AS
 A SINGLE, HEAD OF HOUSEHOLD, OR QUALIFIED WIDOW(ER) FILER OR ONE HUNDRED
 EIGHTY THOUSAND DOLLARS IF MARRIED FILING JOINTLY.
   (II) "ELIGIBLE LOSSES" SHALL MEAN ANY PENALTIES OR FEES  INCURRED  DUE
 TO HAVING A LOSS OF WAGES OR SALARY DUE TO THE DELAY, WITHDRAWAL OR LOSS
 OF  A  PAYCHECK  OR  PAYCHECKS  DUE TO THE ACTIONS OF A PAYROLL COMPANY,
 INCLUDING BUT NOT LIMITED TO FEES AND PENALTIES FOR  AN  OVERDRAWN  BANK
 ACCOUNT, LATE RENT PAYMENT, LATE LOAN PAYMENTS, OR OTHER LOSSES.
   (III)  "PAYROLL  SERVICE  COMPANY"  MEANS  A COMPANY CONTRACTED BY THE
 QUALIFIED TAXPAYER'S EMPLOYER TO HANDLE RESPONSIBILITIES  INCLUDING  BUT
 NOT  LIMITED  TO  SETTING  UP  AND  MAKING ADJUSTMENTS TO DIRECT DEPOSIT
 ACCOUNTS, CALCULATING PAYROLL TAXES AND ENSURING CORRECT DEDUCTIONS  ARE
 MADE,  PROVIDING  ELECTRONIC PAYROLL RECORDS TO EMPLOYEES AND EMPLOYERS,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13815-01-9
              

co-Sponsors

2019-S6724A (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2019-S6724A (ACTIVE) - Summary

Provides that for taxable years beginning on or after January first, two thousand nineteen, a qualified taxpayer will be able to claim a refundable credit up to two hundred fifty dollars for eligible losses incurred from the interruption in the payment of their wages or salary due to an action by a payroll service company; defines terms; makes related provisions.

2019-S6724A (ACTIVE) - Sponsor Memo

2019-S6724A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6724--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                            September 18, 2019
                                ___________
 
 Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules  --  recommitted  to
   the  Committee on Budget and Revenue in accordance with Senate Rule 6,
   sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
   amended and recommitted to said committee

 AN  ACT  to  amend  the  tax law, in relation to the losses from payroll
   interruption credit; and providing for the repeal of  such  provisions
   upon expiration thereof
 
   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 (kkk) to read as follows:
   (KKK)  LOSSES  FROM PAYROLL INTERRUPTION CREDIT. (1) FOR TAXABLE YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND NINETEEN, A  QUALIFIED
 TAXPAYER  WILL  BE  ABLE  TO CLAIM A REFUNDABLE CREDIT UP TO TWO HUNDRED
 FIFTY DOLLARS FOR ELIGIBLE LOSSES INCURRED FROM THE INTERRUPTION IN  THE
 PAYMENT  OF  THEIR WAGES OR SALARY DUE TO AN ACTION BY A PAYROLL SERVICE
 COMPANY OR AN AUTOMATED CLEARING HOUSE PROCESSOR.
   (2) FOR PURPOSES OF THIS SUBSECTION, THE FOLLOWING  DEFINITIONS  SHALL
 APPLY:
   (I)  "QUALIFIED  TAXPAYER"  SHALL  MEAN  A RESIDENT OF NEW YORK WITH A
 FEDERAL ADJUSTED GROSS INCOME UP TO NINETY THOUSAND DOLLARS IF FILING AS
 A SINGLE, HEAD OF HOUSEHOLD, OR QUALIFIED WIDOW(ER) FILER OR ONE HUNDRED
 EIGHTY THOUSAND DOLLARS IF MARRIED FILING JOINTLY.
   (II) "ELIGIBLE LOSSES" SHALL MEAN ANY PENALTIES OR FEES  INCURRED  DUE
 TO HAVING A LOSS OF WAGES OR SALARY DUE TO THE DELAY, WITHDRAWAL OR LOSS
 OF A PAYCHECK OR PAYCHECKS DUE TO THE ACTIONS OF A PAYROLL COMPANY OR AN
 AUTOMATED  CLEARING  HOUSE  PROCESSOR, INCLUDING BUT NOT LIMITED TO FEES
 AND PENALTIES FOR AN OVERDRAWN BANK ACCOUNT,  LATE  RENT  PAYMENT,  LATE
 LOAN PAYMENTS, OR OTHER LOSSES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13815-02-0
              

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