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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to increasing the amount of the credit received through the empire zone wage tax credit
Purpose
To authorize all increase in the tax credit available through the empire zone wage tax credit. Qualified employees tax credit would increase to ten thousand dollars, and non-qualified employees tax credit would increase to three thousand dollars.
Summary of provisions
Amending section 210 of the Tax Law. specifically, increasing the tax credit for qualified employees of empire zone employers to ten thousand dollars. Additionally, increasing the tax credit to three thousand dollars for non-qualified employees.
Justification
By providing a tax credit for full-time qualified employees of empire zone employers, as well as their non-qualified employees, the law provides an incentive to expand existing empire zone businesses. Additionally, the increased credit provides incentive to first-time businesses that would not otherwise consider opening in an empire zone. Fully developed empire zones provide stability and economic growth to previously blighted areas.
Fiscal implications
To be determined.
Legislative history
None.
Effective date
The first of January next succeeding the date on which it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.