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Assembly Bill A5362

2021-2022 Legislative Session

Relates to the employee training incentive program

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Archive: Last Bill Status - In Assembly Committee

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2021-A5362 (ACTIVE) - Details

See Senate Version of this Bill:
S2173
Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Amd §443, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2019-2020: S6841
2023-2024: A2963, S2526
2025-2026: A4448, S3079

2021-A5362 (ACTIVE) - Summary

Increases the amount of the credit of eligible training costs from fifty percent to seventy percent for the employee training incentive program.

2021-A5362 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5362
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2021
                                ___________
 
 Introduced by M. of A. GALLAHAN -- read once and referred to the Commit-
   tee on Economic Development
 
 AN ACT to amend the economic development law, in relation to the employ-
   ee training incentive program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 3 of section 443 of  the  economic  development
 law,  as added by section 1 of part O of chapter 59 of the laws of 2015,
 is amended to read as follows:
   3. The commissioner may approve an application from a business  entity
 upon  determining that such business entity meets the eligibility crite-
 ria established in section  four  hundred  forty-two  of  this  article.
 Following  approval  by the commissioner of an application by a business
 entity to participate in the employee training  incentive  program,  the
 commissioner  shall  issue  a  certificate of tax credit to the business
 entity upon its demonstrating successful  completion  of  such  eligible
 training  to the satisfaction of the commissioner. For eligible training
 as defined by paragraph (a) of subdivision three of section four hundred
 forty-one of this article the amount of the credit  shall  be  equal  to
 [fifty]  SEVENTY  percent  of eligible training costs, up to a credit of
 ten thousand dollars  per  employee  receiving  eligible  training.  For
 eligible  training  as  defined by paragraph (b) of subdivision three of
 section four hundred forty-one of this article, the amount of the credit
 shall be equal to fifty percent of the stipend paid to an intern, up  to
 a  credit of three thousand dollars per intern. The tax credits shall be
 claimed by the qualified employer as specified in subdivision  fifty  of
 section  two  hundred  ten-B and subsection (ddd) of section six hundred
 six of the tax law.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04688-01-1

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