senate Bill S5140

2021-2022 Legislative Session

Establishes a Hire-Now tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations 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
Feb 25, 2021 referred to investigations and government operations

Co-Sponsors

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S5140 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S7664
2013-2014: S1861
2015-2016: S867
2017-2018: S3513
2019-2020: S5068

S5140 (ACTIVE) - Summary

Establishes a hire-now tax credit; provides for new job creation; also provides for additional credit where the person hired was receiving unemployment.

S5140 (ACTIVE) - Sponsor Memo

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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