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Sponsors
1 Co-sponsor
History
- Committee discharged and committed to rules
- Notice of committee consideration - requested
- Referred to investigations and government operations
- Referred to investigations and government operations
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.
Provides for a corporate franchise tax credit for employee training expenses in an eligible business facility
In Assembly Committee · Ways And Means · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5351
Title of bill
An act to amend the tax law, in relation to providing for a tax credit for certain training or retraining expenses incurred by a taxpayer subject to the provisions of article 9-A of such law
Purpose of the bill
Provides for a corporate franchise tax credit for employee training expenses in an eligible business facility.
Summary of specific provisions
§ 1- Amends subdivision 12 of § 210 of the tax law by adding a new paragraph (n) which allows for a tax credit in the amount equal to 5% of the expenditures paid or incurred by a taxpayer for training or retraining of employees, pursuant to Department of Labor review.
§ 2- Effective date.
Justification
More so than ever, reports and newspaper articles are documenting the shortages in today's job market of skilled employees. A combination of high automation levels in the workplace and low employee language skills have resulted in a major schism between job demand and supply. Some corporations are claiming that fewer than 30% of employment candidates met entry level skill and ability requirements. This legislation offers encouragement to employers to invest in the training of their employees. Patterned after the Investment Tax Credit, this legislation allows the same tax credit (5%) for the development of people as for the development of capital improvements.
Prior legislative history
2009-2010: A.2897/S.4106 2007-2008: A.2956/S.1913 2005-2006: A.3191/S.5022 2003-2004: A.3401 2001-2002: A.946/S.756 1999-2000: A.353/S.4473 1997-1998: A.971-A/S.6372 1995-1996: A.1055/S.5258 1993-1994: A.5857
Fiscal implications
Undetermined.
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.