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NY A01021
Bill
Status
1/9/2013
Primary Sponsor
David Gantt
Click for details
AI Summary
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Creates a refundable job creation tax credit equal to 50% of new income tax revenue withheld from compensation of newly hired full-time employees (35+ hours per week)
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Tax credit term limited to 10 years maximum, with taxpayers required to maintain operations at project location for at least twice the credit term length
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Taxpayers must submit application to Department of Economic Development certifying project will create jobs, stating tax credit is major factor in project decision, and providing detailed project description
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Department of Economic Development must annually verify reported new employees and new income tax revenue, issue certificates to qualifying taxpayers, and submit annual reports to Governor and Legislature on program participation and project status
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Credit applies to both income tax (Tax Law Section 210) and corporate franchise tax (Tax Law Section 606) for partnerships, S-corporations, and pass-through business entities; takes effect immediately for taxable years beginning April 1, 2013
Legislative Description
Provides a 50% tax credit for new income tax revenue generated by a new employee; provides credit may be taken up to 10 years; provides that the Department of Economic Development must monitor and certify the additional employment for any business which applies for the credit; provides any company taking the credit must maintain employment in the state for twice the number of years as the term of the tax credit; provides the Department of Economic Development shall annually report to the governor and the Legislature on the number and amounts of credits.
Last Action
held for consideration in ways and means
6/17/2014