S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    762
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of  A.  BRAUNSTEIN, STECK, BARRETT, GUNTHER, COLTON,
   SANTABARBARA, COOK, CAHILL, DiPIETRO -- Multi-Sponsored by -- M. of A.
   ABBATE, McDONOUGH, PERRY -- read once and referred to the Committee on
   Ways and Means

 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 55 to read as follows:
   55. 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.
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xlvi) to read as
 follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD03463-01-1

 A. 762                              2
 
 (XLVI) SMALL BUSINESS TAX CREDIT;    COSTS UNDER SUBDIVISION
 PERSONS SIXTY-FIVE YEARS OF AGE OR   FIFTY-FIVE 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, 2022.