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Sponsors
Senator · Senate District 61
2 Co-sponsors
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 56–0
- Ordered to third reading cal.1296
- Referred to rules
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.
Establishes a hire-now tax credit
In Assembly Committee · Ways And Means · Sponsor Naomi Rivera
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7664
Title of bill
An act to amend the tax law, in relation to establishing a hire-now tax credit
Purpose
To enact a Hire-Now tax credit and an additional incentive for hiring the unemployed.
Summary of provisions
"HIRE-NOW-NY" TAX INCENTIVE: Our Hire-Now-NY proposal includes direct incentives for each new job employers create, a business would get a tax credit of up to $5,000 per employee for a maximum of three years. The credit will equal 6.85 percent of wages paid to the employee. The hires must be new employees. In order to qualify for the Hire-Now credit the employee must be hired by April 1, 2013 to encourage a quick boost in jobs.
Unemployment bonus credit
The "HIRE-NOW-NY" tax incentive would increase to up to $8,000 if the employer hires someone who is currently unemployed. The new employee must be employed full time for a full year to qualify for the additional $3,000 credit.
Justification
This bill will help create thousands of new private sector jobs by offering direct incentives to employers for hiring new employees.
Legislative history
This is a new bill.
Fiscal implications
This will save employers $50 million in SFY 2013-14.
Effective date
Effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.