senate Bill S1799

2021-2022 Legislative Session

Relates to establishing a first permanent payroll employee tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 15, 2021 referred to budget and revenue

Co-Sponsors

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S1799 (ACTIVE) - Details

See Assembly Version of this Bill:
A4871
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S7043, A9049

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

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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