What's happening
This bill creates a small business tax credit for hiring employees aged sixty-five or older who work full-time for at least a year.
Why it matters
Encourages small businesses to hire older workers. , potentially addressing age discrimination and expanding employment opportunities for people over 65 who want or need to keep working.
Provides a sizable incentive ($5,000 per qualifying hire, up to $25,000 total). this could significantly offset labor costs for small businesses and make older workers more attractive hires compared to younger candidates.
Requires full-time, long-term employment (at least 35 hours/week for a year). , promoting stable, not just temporary or part-time, jobs for seniors and discouraging token short-term hiring solely to claim the tax credit.
Allows unused credits to be carried forward for up to five years. , which gives small businesses flexibility in their tax planning and rewards those who may not be able to immediately absorb the full benefit in a single year.
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Who cares
Headline styles
Tax Credit for Hiring Seniors
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 26
16 Co-sponsors
History
- Referred to ways and means
- Referred to ways and means
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.
Tax Credit for Hiring Seniors
In Senate Committee · Investigations And Government Operations · Sponsor Toby Ann Stavisky
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
863
2017-2018 Regular Sessions
IN ASSEMBLY
January 9, 2017
Introduced by M. of A. BRAUNSTEIN, SKARTADOS, BRINDISI, STECK, BARRETT, KIM, GUNTHER, KEARNS, COLTON, M. G. MILLER, SANTABARBARA, SIMOTAS, COOK, SEPULVEDA, MOYA, DiPIETRO, JOHNS, CAHILL, HOOPER, HARRIS -- Multi-Sponsored by -- M. of A. ABBATE, CROUCH, McDONOUGH, McLAUGHLIN, MOSLEY, PERRY, SALADINO, SIMANOWITZ -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a small business tax credit for the employment of persons sixty-five years of age or older
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 210-B of the tax law is amended by adding a new subdivision 49 to read as follows:
49. Small business tax credit; persons age sixty-five or older. (a) General. A taxpayer who has one hundred employees or less, shall be allowed a credit, to be computed as provided in this subdivision, against the tax imposed by this article for each person age sixty-five or older hired during a taxable year, provided that such person age sixty-five or older is employed for thirty-five hours or more per week and remains in the employ of such taxpayer for twelve months or more.
(b) Amount of credit. A credit authorized by this section shall equal five thousand dollars per hired person age sixty-five or older but shall not exceed twenty-five thousand dollars.
(c) Carryovers. The credit allowed under this subdivision may be claimed and if not fully used in the initial year for which the credit is claimed may be carried over, in order, to each of the five succeeding taxable years. The credit authorized by this subdivision may not be used to reduce the tax liability of the credit claimant below zero.
§ 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xliii) to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01689-01-7
A. 863 2
(xliii) Small business tax credit; Costs under subdivision persons sixty-five years of age or forty-nine of section older under subsection (ccc) two hundred ten-B
§ 3. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:
(ccc) Small business tax credit; persons age sixty-five or older. (a) General. A taxpayer who has one hundred employees or less, shall be allowed a credit, to be computed as provided in this subsection, against the tax imposed by this article for each person age sixty-five or older hired during a taxable year, provided that such person age sixty-five or older is employed for thirty-five hours or more per week and remains in the employ of such taxpayer for twelve months or more.
(b) Amount of credit. A credit authorized by this section shall equal five thousand dollars per hired person age sixty-five or older but shall not exceed twenty-five thousand dollars.
(c) Carryovers. The credit allowed in this subsection may be claimed and if not fully used in the initial year for which the credit is claimed may be carried over, in order, to each of the five succeeding taxable years. The credit authorized by this subsection may not be used to reduce the tax liability of the credit claimant below zero.
§ 4. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2018.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.