Establishes a five percent investment tax credit against the franchise tax imposed upon corporations for a portion of training or retraining expenses incurred by them in an eligible business facility, pursuant to rules and regulations of the department of taxation and finance promulgated in consultation with the department of labor.
STATE OF NEW YORK
________________________________________________________________________
5244
2019-2020 Regular Sessions
IN ASSEMBLY
February 7, 2019
___________
Introduced by M. of A. SCHIMMINGER -- Multi-Sponsored by -- M. of A.
GALEF, KOLB -- read once and referred to the Committee on Ways and
Means
AN ACT to amend the tax law, in relation to providing for a tax credit
for certain training or retraining expenses incurred by a taxpayer
subject to the provisions of article 9-A of such law
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 210-B of the tax law is amended by
2 adding a new paragraph (g) to read as follows:
3 (g) In addition to the credit allowed by paragraph (a) of this subdi-
4 vision, for taxable years beginning after December thirty-first, two
5 thousand twenty, there shall be allowed a credit in an amount equal to
6 five percent of the expenditures paid or incurred by a taxpayer for
7 training or retraining of employees if such training was given by a
8 taxpayer in an eligible business facility. The commissioner, in consul-
9 tation with the department of labor, shall promulgate rules and regu-
10 lations to determine and identify eligible training programs pursuant to
11 this paragraph.
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03682-02-9
