What's happening
This bill creates a tax credit for small businesses in New York that hire and retain employees aged 65 or older.
Why it matters
Encourages workforce participation among older adults. By incentivizing small businesses to hire and retain employees aged 65 and over, the bill aims to help older New Yorkers stay active in the workforce, potentially improving financial security and quality of life for seniors.
Targets lower-earning, steady employment. The tax credit applies only if the employee works at least 35 hours per week, earns less than $75,000 annually, and stays with the business for at least a year—supporting stable, full-time jobs over short-term or high-wage positions.
Provides meaningful financial relief for small businesses. The $2,500 per eligible employee tax credit (with a $10 million annual cap) could help small businesses offset payroll costs and make hiring experienced older workers more attractive, especially in tight labor markets.
Potentially addresses age discrimination in hiring. By providing a direct financial benefit for employing seniors, the bill could counteract biases against older job seekers, fostering more age-diverse workplaces.
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
Tax Credit for Hiring Seniors
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 26
11 Co-sponsors
History
- Referred to ways and means
- Print number 419a
- Amend and recommit 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 · Budget And Revenue · Sponsor Toby Ann Stavisky
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
419--A
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
Introduced by M. of A. BRAUNSTEIN, STECK, BARRETT, GUNTHER, COLTON, M. G. MILLER, SANTABARBARA, SIMOTAS, COOK, DiPIETRO, JOHNS, CAHILL -- Multi-Sponsored by -- M. of A. ABBATE, CROUCH, McDONOUGH, MOSLEY, PERRY -- read once and referred to the Committee on Ways and Means -committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
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 54 to read as follows:
54. 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, earns less than seventy-five thousand dollars annually, 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 two thousand five hundred dollars per hired person age sixty-five or older but shall not exceed ten million dollars annually.
(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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02681-06-9
A. 419--A 2
§ 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xlv) to read as follows: (xlv) Small business tax credit; Costs under subdivision persons sixty-five years of age or fifty-four of section older under subsection (kkk) two hundred ten-B
§ 3. Section 606 of the tax law is amended by adding a new subsection (kkk) to read as follows:
(kkk) 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, earns less than seventy-five thousand dollars annually 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 two thousand five hundred dollars per hired person age sixty-five or older but shall not exceed ten million dollars annually.
(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, 2020.
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.