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History
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6538
Title of bill
An act to amend the tax law, in relation to the employment of New York state residents by taxpayers eligible to receive certain tax credits
Purpose
To encourage the hiring of New York State residents by taxpayers eligible to receive certain tax credits.
Summary of specific provisions
Section 1(a) requires any taxpayer seeking certain tax, credits for the purpose of engaging in a development project, the cost of which exceeds one million dollars, to certify that 85% of the labor force hired to complete such development project consists of New York State residents.
Section 1(b) provides certain exemptions for a taxpayer subject to this subdivision.
Section 2 provides the effective date.
Justification
New York state residents have suffered high unemployment and significant financial hardship as a result of the recession. Large-scale development projects provide a critical opportunity for resident laborers across the state to provide their services. All too often, however, local labor resources are overlooked in favor of out-of-state laborers. New York offers generous tax credits to taxpayers to engage in multi-million dollar development projects, in an effort to promote economic development and jobs. Developers receiving this benefit have an obligation to "pay back" New York by hiring qualified and available state workers. This bill would therefore require hiring a labor force of at least 85% New York residents to complete a development project exceeding $1 million in order to receive tax credits from the State, subject to exemptions specified in the bill.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the ninetieth day after it shall have become a law and shall apply to any credit claimed on or after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.