|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 25, 2021||referred to budget and revenue|
senate Bill S5141
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
S5141 (ACTIVE) - Details
S5141 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5141 SPONSOR: RATH TITLE OF BILL: An act to amend the tax law, in relation to a jobs development incentive income tax credit available to employers who employ individuals previ- ously receiving unemployment benefits PURPOSE: This bill would give incentives, through income tax credits, to busi- nesses who hire individuals currently receiving unemployment benefits. SUMMARY OF SPECIFIC PROVISIONS: Section 1- amends Tax Law Section 210-B relating to franchise taxes on business corporations, to add a new subdivision 53 granting an employ- ment incentive tax credit. The credit is in the amount of $2,400 for each creditable employee, as defined in the section.
S5141 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5141 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 Budget and Revenue AN ACT to amend the tax law, in relation to a jobs development incentive income tax credit available to employers who employ individuals previ- ously receiving unemployment benefits 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. JOBS DEVELOPMENT INCENTIVE TAX CREDIT. (A) A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE IN THE AMOUNT PRESCRIBED BY THIS SUBDIVISION WHERE SUCH TAXPAYER EMPLOYS ONE OR MORE CREDITABLE EMPLOYEE. (B) THE AMOUNT OF THE CREDIT SHALL BE TWO THOUSAND FOUR HUNDRED DOLLARS FOR EACH CREDITABLE EMPLOYEE. (C) FOR THE PURPOSES OF THIS SUBDIVISION, "CREDITABLE EMPLOYEE" SHALL MEAN A NEW EMPLOYEE OF AN EMPLOYER WHO: (I) IS EMPLOYED BY THE EMPLOYER FOR THE FIRST TIME ON OR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION; (II) HAS FILED A CLAIM FOR UNEMPLOYMENT COMPENSATION IN THIS STATE; (III) HAS RECEIVED UNEMPLOYMENT BENEFITS IN THIS STATE FOR AT LEAST TWO MONTHS; (IV) IS CURRENTLY RECEIVING UNEMPLOYMENT COMPENSATION BENEFITS AS OF THE DATE OF EMPLOYMENT; AND (V) SUCH BENEFITS ARE CHARGEABLE TO THE EXPERIENCE RATING ACCOUNT OF AN EMPLOYER UNDER THIS ARTICLE; OR (VI) HAS SUCCESSFULLY COMPLETED A TRAINING PROGRAM PURSUANT TO SECTION FIVE HUNDRED NINETY-NINE OF THE LABOR LAW; AND (VII) PERFORMS SERVICES IN ACCORDANCE WITH SUBDIVISION ONE, TWO OR FOUR OF SECTION FIVE HUNDRED ELEVEN OF THE LABOR LAW; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10033-01-1
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.