Establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars.
STATE OF NEW YORK
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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 busi-
ness 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 Assem-bly, do enact as follows:
1 Section 1. Section 210-B of the tax law is amended by adding a new
2 subdivision 54 to read as follows:
3 54. Small business tax credit; persons age sixty-five or older. (a)
4 General. A taxpayer who has one hundred employees or less, shall be
5 allowed a credit, to be computed as provided in this subdivision,
6 against the tax imposed by this article for each person age sixty-five
7 or older hired during a taxable year, provided that such person age
8 sixty-five or older is employed for thirty-five hours or more per week,
9 earns less than seventy-five thousand dollars annually, and remains in
10 the employ of such taxpayer for twelve months or more.
11 (b) Amount of credit. A credit authorized by this section shall equal
12 two thousand five hundred dollars per hired person age sixty-five or
13 older but shall not exceed ten million dollars annually.
14 (c) Carryovers. The credit allowed under this subdivision may be
15 claimed and if not fully used in the initial year for which the credit
16 is claimed may be carried over, in order, to each of the five succeeding
17 taxable years. The credit authorized by this subdivision may not be used
18 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
1 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
2 of the tax law is amended by adding a new clause (xlv) to read as
3 follows:
4 (xlv) Small business tax credit;Costs under subdivision
5 persons sixty-five years of age orfifty-four of section
6 older under subsection (kkk)two hundred ten-B
7 § 3. Section 606 of the tax law is amended by adding a new subsection
8 (kkk) to read as follows:
9 (kkk) Small business tax credit; persons age sixty-five or older. (a)
10 General. A taxpayer who has one hundred employees or less, shall be
11 allowed a credit, to be computed as provided in this subsection, against
12 the tax imposed by this article for each person age sixty-five or older
13 hired during a taxable year, provided that such person age sixty-five or
14 older is employed for thirty-five hours or more per week, earns less
15 than seventy-five thousand dollars annually and remains in the employ of
16 such taxpayer for twelve months or more.
17 (b) Amount of credit. A credit authorized by this section shall equal
18 two thousand five hundred dollars per hired person age sixty-five or
19 older but shall not exceed ten million dollars annually.
20 (c) Carryovers. The credit allowed in this subsection may be claimed
21 and if not fully used in the initial year for which the credit is
22 claimed may be carried over, in order, to each of the five succeeding
23 taxable years. The credit authorized by this subsection may not be used
24 to reduce the tax liability of the credit claimant below zero.
25 § 4. This act shall take effect immediately and shall apply to taxable
26 years beginning on or after January 1, 2020.