Assembly Bill A2963

2023-2024 Legislative Session

Relates to the employee training incentive program

download bill text pdf

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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-A2963 (ACTIVE) - Details

See Senate Version of this Bill:
S2526
Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Amd §443, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2019-2020: S6841
2021-2022: A5362, S2173

2023-A2963 (ACTIVE) - Summary

Increases the amount of the credit of eligible training costs from fifty percent to seventy percent for the employee training incentive program.

2023-A2963 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2963
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2023
                                ___________
 
 Introduced  by  M. of A. GALLAHAN, BRABENEC -- read once and referred to
   the Committee on Economic Development
 
 AN ACT to amend the economic development law, in relation to the employ-
   ee training incentive program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subdivision  3 of section 443 of the economic development
 law, as added by section 1 of part O of chapter 59 of the laws of  2015,
 is amended to read as follows:
   3.  The commissioner may approve an application from a business entity
 upon determining that such business entity meets the eligibility  crite-
 ria  established  in  section  four  hundred  forty-two of this article.
 Following approval by the commissioner of an application by  a  business
 entity  to  participate  in the employee training incentive program, the
 commissioner shall issue a certificate of tax  credit  to  the  business
 entity  upon  its  demonstrating  successful completion of such eligible
 training to the satisfaction of the commissioner. For eligible  training
 as defined by paragraph (a) of subdivision three of section four hundred
 forty-one  of  this  article  the amount of the credit shall be equal to
 [fifty] SEVENTY percent of eligible training costs, up to  a  credit  of
 ten  thousand  dollars  per  employee  receiving  eligible training. For
 eligible training as defined by paragraph (b) of  subdivision  three  of
 section four hundred forty-one of this article, the amount of the credit
 shall  be equal to fifty percent of the stipend paid to an intern, up to
 a credit of three thousand dollars per intern. The tax credits shall  be
 claimed  by  the qualified employer as specified in subdivision fifty of
 section two hundred ten-B and subsection (ddd) of  section  six  hundred
 six of the tax law.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04923-01-3

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