|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 25, 2021||referred to investigations and government operations|
senate Bill S5140
Current Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5140 (ACTIVE) - Details
S5140 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5140 SPONSOR: RATH TITLE OF BILL: An act to amend the tax law, in relation to establishing a Hire-Now tax credit PURPOSE: To enact a Hire-Now tax credit and an additional incentive for hiring the unemployed. SUMMARY OF PROVISIONS: "HIRE-NOW-NY" TAX INCENTIVE: Our Hire-Now-NY proposal includes direct incentives for each new job employers create, a business would get a tax credit of up to $5,000 per employee for a maximum of three years. The credit will equal 6.85 percent of wages paid to the employee. The hires must be new employees. In order to qualify for the Hire-Now credit the employee must be hired by April 1, 2021 to encourage a quick boost in
S5140 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5140 2021-2022 Regular Sessions I N S E N A T E February 25, 2021 ___________ Introduced by Sen. RATH -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing a Hire-Now tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 45 to read as follows: § 45. HIRE-NOW TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER, WHICH IS SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER AND WHICH CREATES A NEW JOB, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SECTION SHALL BE EQUAL TO THE PRODUCT OF 6.85 PERCENT AND THE GROSS WAGES PAID FOR EACH NEW EMPLOYEE. THE CREDIT SHALL NOT BE MORE THAN FIVE THOUSAND DOLLARS FOR ANY NEW EMPLOYEE FOR ONE FULL YEAR OF EMPLOYMENT; IF A NEW EMPLOYEE HAS BEEN HIRED FOR LESS THAN A FULL TAX YEAR THIS AMOUNT SHALL BE PRORATED AND APPORTIONED TO EACH TAX YEAR BUT SHALL IN NO WAY DECREASE THE FULL THREE CONSECUTIVE YEARS OF CREDIT ELIGIBILITY. THE TAXPAYER MAY CLAIM THIS CREDIT FOR EACH NEW EMPLOYEE FOR A PERIOD OF THREE CONSECUTIVE YEARS OF EMPLOYMENT. THE TAXPAYER MAY OFFSET QUARTERLY ESTIMATED TAX RETURNS WITH THE AMOUNT OF THIS CREDIT EARNED IN ANY PREVIOUS QUARTER. (B) UNEMPLOYMENT ENHANCEMENT. FOR CALENDAR YEARS TWO THOUSAND TWENTY- THREE AND TWO THOUSAND TWENTY-FOUR IF A NEW EMPLOYEE WAS RECEIVING UNEM- PLOYMENT INSURANCE BENEFITS AT THE TIME OF HIRE, AN ADDITIONAL THREE THOUSAND DOLLAR CREDIT WILL BE ALLOWED FOR THE FIRST FULL YEAR OF EMPLOYMENT. (C) DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT IS HIRED BY THE TAXPAYER AFTER JULY FIRST, TWO THOUSAND TWENTY-TWO AND BEFORE APRIL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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