|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 15, 2021||referred to budget and revenue|
senate Bill S1799
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1799 (ACTIVE) - Details
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.
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
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.
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