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Who cares
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Sponsors
15 Co-sponsors
History
- Print number 10085b
- Amend (t) and recommit to labor
- Print number 10085a
- Amend (t) and recommit to labor
- Referred to labor
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Creates the New York jobs development credit and an employment incentive income tax credit available to employers who employ individuals previously receiving unemployment
In Senate Committee · Labor · Sponsor Michael H. Ranzenhofer
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10085B
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 previously receiving unemployment benefits
Purpose of the bill
This bill would give incentives, through income tax credits, to businesses who hire individuals currently receiving unemployment benefits.
Summary of specific provisions
Section 1- Amends Tax Law Section 210 relating to franchise taxes on business corporations, to add a new subdivision 41 granting an employment incentive tax credit. The credit is in the amount of 2,400 for each creditable employee, as defined in the section.
Section 2- Amends Tax Law Section 606, relating to personal income taxes, by adding a new subsection (qq) granting an employee incentive tax credit in the amount of $2,400 per creditable employee, as defined in the section.
Section 3- Amends subparagraph (B) of paragraph 1 of subsection ( ) of Section 606 of the Tax Law, relating to S corporations, by adding a new clause (xxxi) providing for an employment incentive tax credit under subsection (qq) in the amount of the credit under subdivision 41 of section 2010.
Section 4- Effective date.
Current law
There are many tax credits available to individuals and businesses to promote activities that benefit the state economy.
Justification
The economic meltdown that has engulfed the worlds economy has left businesses in New York struggling to survive and tens of thousands of workers on unemployment. The state needs to act to help employers and to return unemployed individuals to work. This bill accomplishes both of these purposes. The bill offers incentives to employers to rehire workers who have lost their jobs and are on unemployment.
This bill offers tax credits of up to $2,400 per employee are offered to employers, whether corporate, individual or an S corporation, for hiring unemployed persons who meet specified criteria. Both of these credits offer an additional incentive to employers to take the risk and increase their workforce.
This bill offers meaningful incentive to hire new employees from the ranks of the unemployed, and offers new employment opportunity to individuals.
Fiscal implications
To be determined.
Legislative history
2009- (S.5264) Labor 2010- (S.5264/A.10085) Labor
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.