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Sponsors
Senator · Senate District 61
History
- Print number 1861a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Reported and committed to finance
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1861A
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, 2015 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
2011-2012 - S.7664/A.10668 - PASSED SENATE/Ways & Means 2013 - S.1861 FINANCE
Fiscal implications
This bill is estimated to save employers $50 million in SFY 2015-16.
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.