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Full text
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Sponsor's memo
BILL NUMBER:S7772
Title of bill
An act to amend the tax law, in relation to creating a telecommunication and cable industry New York jobs tax credit
Purpose of bill
The purpose of this bill is to incentivize companies to create and expand their call centers in New York State or to relocate their call centers into New York.
Summary of provisions
Section One amends the tax law to create a telecommunications and cable industry, defines "eligible tax payer", "call center assistance job", qualified wages", "new employee", "base year", "base employment", and "credit employment".
Sections Two and Three amend the tax law by adding the cross-referenced provisions relating to the corporation tax and franchise tax on business corporations.
Section Four is the effective date.
Justification
In an effort to combat unemployment in New York State, this bill offers a tax incentive to companies who invest in New York jobs. This measure gives companies throughout the state an incentive to support New York's workforce.
Over the past four years, the United States has lost at least 500,000 call center jobs as businesses have opted to relocate out of state. In addition to limiting employment opportunities for struggling families, the use of foreign call centers present a number of security concerns with respect to protecting New Yorkers' personal confidential information.
Fiscal implications
To be determined.
Prior legislative history
New Bill.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2012.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.