Requires entities receiving a certain tax exemption to employ New York state residents during the course of a project

1 Co-sponsor

• David Carlucci

BILL NUMBER:S3009

Title of bill

An act to amend the real property tax law, in relation to the employment of New York state residents by entities receiving certain tax breaks

Purpose

The purpose of this bill is to exclude those business entities that are otherwise eligible to receive the business investment tax exemption, from receiving such exemption unless eighty-five percent of their employees reside in New York State. This exclusion may be waived in circumstances in which suitable employees are unavailable in New York State.

Summary of provisions

This bill amends Section 485-B, subdivision (13) of the Real Property Tax Law by adding a new subdivision (13), which would exclude certain business entities, which fail to maintain a staff of employees, eighty-five percent of whom are residents of New York State, from receiving a business investment tax exemption.

Justification

In order to promote the employment of workers who reside in New York State, business entities, which are eligible to receive the business investment tax exemption, should be required to retain a staff of which at least eighty-five percent are New York State residents.

Legislative history

New Bill.

Fiscal implications

None.

Effective date

This act shall take effect on the 90th day after becoming law.