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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Establishes a tax credit for training expenses for emerging technology employees
In Assembly Committee · Ways And Means · Sponsor Joseph Morelle
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 establishing a tax credit for training expenses for emerging technology employees
Purpose or general idea of bill
The purpose of this bill is to provide for an employee training tax credit for high-tech companies.
Summary of specific provisions
This bill would provide a tax credit for training expenses for emerging technology employees. Such tax credit shall equal 25 percent of total qualified training expenses incurred during the taxable year and training undertaken must be to maintain or improve a skill required by the employee in his or her employment or the training is required to retain salary status or employment.
Eligible training expenses include the development, modification, or improvement of equipment and systems that involve advanced computer software and hardware, visualization technologies, human interface technologies, as well as products or services with interactive media content involving electronic distribution or electronic commerce.
Justification
This bill seeks to encourage high-tech companies to train employees through a 25 percent tax credit. Many high-tech, emerging technology companies are small businesses that do not have the resources to cover all training expenses for all of their employees. This bill seeks to provide some relief to New York State's emerging technology companies while helping to train and retain existing workers.
Prior legislative history
2001-02: A.9231 2003-04: A.1449 2005-06: A.3088 2007-08: A.2728
Fiscal implications
Undetermined.
Effective date
Immediately and applicable to taxable years beginning on or after January 1, 2009.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.