Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to budget and revenue
|May 04, 2021||
reported and committed to finance
|Mar 10, 2021||
notice of committee consideration - requested
|Jan 15, 2021||
referred to budget and revenue
Senate Bill S1799
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S1799 (ACTIVE) - Details
2021-S1799 (ACTIVE) - Summary
Establishes a first permanent payroll employee tax credit which allows a business to receive a tax credit for the three years following the employment of such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.
2021-S1799 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1799 SPONSOR: BORRELLO TITLE OF BILL: An act to amend the tax law, in relation to establishing a first perma- nent payroll employee tax credit PURPOSE: The purpose of this bill is to establish a first permanent payroll employee tax credit. SUMMARY OF PROVISIONS: Section 1 of the bill amends Section 210-a of the Tax Law by adding a new subdivision 55. This allows for a business tax credit to be avail- able for each of the three years succeeding the date a taxpayer employs their first full time permanent employee. The amount for the credit in the first year is 25 percent of the total cost to' employ a full-time, permanent employee; second year, 20 percent and the third year, 10
2021-S1799 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1799 2021-2022 Regular Sessions I N S E N A T E January 15, 2021 ___________ Introduced by Sens. BORRELLO, AKSHAR, GALLIVAN, JORDAN, O'MARA, ORTT, RITCHIE, TEDISCO -- 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 establishing a first perma- nent payroll employee tax credit 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. FIRST PERMANENT PAYROLL EMPLOYEE CREDIT. (A) GENERAL. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVI- SION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE FIRST FULL-TIME, PERMANENT EMPLOYEE SUCH TAXPAYER EMPLOYS, PROVIDED THAT SUCH FULL-TIME, PERMANENT EMPLOYEE IS ACCOUNTED FOR ON SUCH TAXPAYER'S EMPLOYER PAYROLL RECORDS. SUCH CREDIT SHALL BE AVAILABLE FOR EACH OF THE THREE YEARS SUCCEEDING THE DATE A TAXPAYER EMPLOYS THEIR FIRST FULL-TIME, PERMANENT EMPLOYEE. (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SUBDIVISION SHALL BE EQUAL TO: (1) IN THE FIRST YEAR, TWENTY-FIVE PERCENT OF THE TOTAL COST TO EMPLOY A FULL-TIME, PERMANENT EMPLOYEE, WHEN SUCH EMPLOYEE IS ACCOUNTED FOR ON AN EMPLOYER'S PAYROLL RECORDS AND IS THE FIRST FULL-TIME, PERMANENT EMPLOYEE SUCH TAXPAYER HAS HIRED; (2) IN THE SECOND YEAR, TWENTY PERCENT OF THE TOTAL COST TO EMPLOY A FULL-TIME, PERMANENT EMPLOYEE, WHEN SUCH EMPLOYEE IS ACCOUNTED FOR ON AN EMPLOYER'S PAYROLL RECORDS AND IS THE FIRST FULL-TIME, PERMANENT EMPLOY- EE SUCH TAXPAYER HAS HIRED; AND (3) IN THE THIRD YEAR, TEN PERCENT OF THE TOTAL COST TO EMPLOY A FULL- TIME, PERMANENT EMPLOYEE, WHEN SUCH EMPLOYEE IS ACCOUNTED FOR ON AN EMPLOYER'S PAYROLL RECORDS AND IS THE FIRST FULL-TIME, PERMANENT EMPLOY- EE SUCH TAXPAYER HAS HIRED. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.