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S867Senate2015-2016 Session

Establishes a hire-now tax credit

Sponsor Michael H. RanzenhoferSD-61+3 co-sponsorsAffects Legal
Status
In Senate Committee
Investigations And Government Operations
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Investigations And Government Operations

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Who cares

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Sponsors

Primary sponsor
Michael H. Ranzenhofer

Senator · Senate District 61

Chair, Corporations, Authorities And Commissions

History

  1. Print number 867a
  2. Amend and recommit to investigations and government operations
  3. Referred to investigations and government operations
  4. 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 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, 2017 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 2013/14 - S.1861 - INVESTIGATIONS 2015 - S.867 - INVESTIGATIONS

Fiscal implications

This bill is estimated to save employers $50 million in SFY 2016-17.

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.