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Senate Bill S5673

2023-2024 Legislative Session

Provides a tax credit for small businesses employing a person previously convicted of a crime

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Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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2023-S5673 (ACTIVE) - Details

See Assembly Version of this Bill:
A4951
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A11367
2019-2020: A2757
2021-2022: A2252

2023-S5673 (ACTIVE) - Summary

Provides a tax credit for small businesses employing a person previously convicted of a crime; provides a tax credit of one thousand five hundred dollars for each person employed.

2023-S5673 (ACTIVE) - Sponsor Memo

2023-S5673 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5673
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 13, 2023
                                ___________
 
 Introduced by Sen. FERNANDEZ -- 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 providing a tax credit for
   small businesses employing a person previously convicted of a crime
 
   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. REHABILITATION OPPORTUNITY TAX CREDIT. A TAXPAYER SHALL BE ALLOWED
 A CREDIT, AGAINST THE TAX IMPOSED BY THIS ARTICLE, OF ONE THOUSAND  FIVE
 HUNDRED  DOLLARS  FOR  EACH PERSON PREVIOUSLY CONVICTED OF A CRIME HIRED
 DURING A TAXABLE YEAR AND RETAINED  FOR  FULL-TIME  EMPLOYMENT  BY  SUCH
 BUSINESS  FOR  AT  LEAST SIX MONTHS. SUCH TAX CREDIT SHALL BE APPLICABLE
 ONLY TO BUSINESSES EMPLOYING FIFTY OR FEWER EMPLOYEES.
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of the tax law is amended by adding a new clause (l) to read as follows:

 (L) REHABILITATION OPPORTUNITY       AMOUNT OF CREDIT UNDER SUBDIVISION
 TAX CREDIT UNDER SUBSECTION (OOO)    FIFTY-NINE OF SECTION TWO HUNDRED
                                      TEN-B
 
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (ooo) to read as follows:
   (OOO) REHABILITATION OPPORTUNITY  TAX  CREDIT.  A  TAXPAYER  SHALL  BE
 ALLOWED  A CREDIT, AGAINST THE TAX IMPOSED BY THIS ARTICLE, OF ONE THOU-
 SAND FIVE HUNDRED DOLLARS FOR EACH  PERSON  PREVIOUSLY  CONVICTED  OF  A
 CRIME  HIRED DURING A TAXABLE YEAR AND RETAINED FOR FULL-TIME EMPLOYMENT
 BY SUCH BUSINESS FOR AT LEAST SIX  MONTHS.  SUCH  TAX  CREDIT  SHALL  BE
 APPLICABLE ONLY TO BUSINESSES EMPLOYING FIFTY OR FEWER EMPLOYEES.
   § 4. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09672-01-3

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