What's happening
This bill creates a five-year state income tax exemption of up to $50,000 per year for recent high-tech program graduates employed in high-tech jobs in New York.
Why it matters
Targets talent retention and attraction. By offering up to $50,000 per year in income tax exemption for five years, the bill creates a strong financial incentive for high-tech workers to stay in or move to New York, potentially helping the state compete with other tech hubs.
Empowers state agencies to shape eligibility. The definitions of "high-tech program" and "high-tech job" are delegated to the commissioner of education and commissioner of economic development, respectively, which gives these agencies significant influence over who benefits from the exemption and how broad or narrow the program could become.
Links education directly to workforce development. Only individuals who complete a recognized high-tech program and secure related employment within one year are eligible, aiming to ensure that educational investments translate quickly into high-tech industry growth and employment.
Potential fiscal impact on state revenue. By exempting a portion of high-tech workers’ income from state taxes, the bill could reduce tax revenue in the short term but is intended to be offset by economic growth, job creation, and a more competitive tech sector in New York.
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Who cares
Headline styles
Tax Breaks for Tech Workers
Plain English, a few words. Used as the page title.
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History
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Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
990
2019-2020 Regular Sessions
IN ASSEMBLY
January 14, 2019
Introduced by M. of A. KOLB, PALMESANO, RAIA, HAWLEY, BARCLAY, DiPIETRO, BRABENEC -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to creating high-tech worker-NY
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. This act shall be known and may be cited as "high-tech worker-NY".
§ 2. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 43 to read as follows:
(43) For taxable years beginning on and after January first, two thousand nineteen, the income of a taxpayer, that has completed a high-tech program and has been hired to work in a high-tech job within one year of completing a high-tech program, up to fifty thousand dollars per taxable year for five consecutive years. A "high-tech program" will be defined by the commissioner of education, which may include any college, vocational, or certification program. A "high-tech job" will be defined by the commissioner of economic development.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04211-01-9
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.