Assembly Bill A1755

2023-2024 Legislative Session

Relates to establishing a first permanent payroll employee tax credit

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Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A1755 (ACTIVE) - Details

See Senate Version of this Bill:
S432
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9049, S7043
2021-2022: A4871, S1799

2023-A1755 (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.

2023-A1755 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1755
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2023
                                ___________
 
 Introduced  by M. of A. GOODELL -- read once and referred to the Commit-
   tee on Ways and Means
 
 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 59 to read as follows:
   59.  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.
                                                            LBD01984-01-3
 A. 1755                             2
              

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