What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Print number 1237a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to job creation tax credits
Purpose or general idea of bill
This bill provides a tax credit for any business which creates new employment in New York State. The credit will be 500 of the new income tax revenue created as a result of the additional jobs created.
Summary of specific provisions
Establishes the Job Creation Tax Credit Act of 2013. The bill provides a 50% tax credit for new income tax revenue generated by a new employee. The credit may be taken for up to 10 years. The State Department of Economic Development must monitor and certify the additional employment for any business which applies for the credit. Any company taking the credit must maintain employment in the state for twice the number of years as the term of the tax credit. The Tax Commissioner may recoup the credit if the company fails to comply with the requirements for receiving the credit. The Department of Economic Development shall annually report to the Governor and Legislative Leaders (Majority and Minority) on the number and amounts of credits taken, as well as the number of firms participating. The tax credit program will be fully evaluated five years after enactment.
Justification
The State of New York has experienced a severe economic recession with significant job losses over the past few years. Every region of the state has suffered as both large and small businesses reduced their employment levels. This tax credit is designed to reward businesses which add new employees. It tries to stimulate the state's economy through a labor rather than a capital investment. The credit will not cost the state in terms of lost tax receipts since it is based upon the additional withholding taxes collected from the new employees.
Prior legislative history
2013-2014: S.2703A Amended and Recommitted to Investigations and Government Operations; 2011-12: S.5584A/A.776A - Gov Ops/Ways & Means 2009-2010: A.2554 2007-2008: A.679
Fiscal implications
To be determined.
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.