STATE OF NEW YORK
________________________________________________________________________
4833--B
2023-2024 Regular Sessions
IN SENATE
February 15, 2023
___________
Introduced by Sens. SKOUFIS, CHU, GOUNARDES -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- recommitted to the Committee on Investigations and Government
Operations in accordance with Senate Rule 6, sec. 8 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law, in relation to creating a work opportunity
tax credit; and providing for the repeal of such provisions upon expi-
ration thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 49 to read
2 as follows:
3 § 49. Work opportunity tax credit. (a) General. A taxpayer subject to
4 tax under article nine-A, twenty-two, or thirty-three of this chapter
5 shall be allowed a credit against such tax in an amount equal to one
6 hundred percent of the credit that is allowed to the taxpayer under
7 section 51 of the internal revenue code that is attributable to quali-
8 fied wages paid to a New York resident who is a member of a targeted
9 group and for whom a certificate to that effect has been issued by the
10 department of labor.
11 (b) Definitions. The terms "qualified wages" and "targeted group"
12 shall have the same meanings as in section 51 of the internal revenue
13 code.
14 (c) Effect on other tax credits. Wages which are the basis of the
15 credit under this section may not be used as the basis for any other
16 credit allowed under this chapter.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06643-07-4
S. 4833--B 2
1 (d) Limit on tax credits issued. Over the lifetime of the tax credit,
2 the total amount of tax credits provided for under this section shall
3 not exceed thirty million dollars.
4 (e) Cross-references. For application of the credit provided for in
5 this section, see the following provisions of this chapter:
6 (1) article 9-A: section 210-B, subdivision 60;
7 (2) article 22: section 606, subsection (bbb);
8 (3) article 33: section 1511, subdivision (ff).
9 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
10 sion 60 to read as follows:
11 60. Work opportunity tax credit. (a) Allowance of credit. A taxpayer
12 shall be allowed a credit, to be computed as provided in section forty-
13 nine of this chapter, against the tax imposed by this article. Such
14 credit may not exceed five hundred dollars per eligible employee per
15 year in any given tax year.
16 (b) Application of credit. The credit allowed under this subdivision
17 for any taxable year may not reduce the tax due for such year to less
18 than the amount prescribed in paragraph (d) of subdivision one of
19 section two hundred ten of this article. However, if the amount of the
20 credit allowed under this subdivision for any taxable year reduces the
21 tax to such amount or if the taxpayer otherwise pays tax based on the
22 fixed dollar minimum amount, any amount of credit thus not deductible in
23 such taxable year will be treated as an overpayment of tax to be credit-
24 ed in accordance with the provisions of section one thousand eighty-six
25 of this chapter. Provided, however, the provisions of subsection (c) of
26 section one thousand eighty-eight of this chapter notwithstanding, no
27 interest shall be paid thereon.
28 § 3. Section 606 of the tax law is amended by adding a new subsection
29 (bbb) to read as follows:
30 (bbb) Work opportunity tax credit. (1) Allowance of credit. A taxpayer
31 shall be allowed a credit, to be computed as provided in section forty-
32 nine of this chapter, against the tax imposed by this article. Such
33 credit may not exceed five hundred dollars per eligible employee per
34 year in any given tax year.
35 (2) Application of credit. If the amount of the credit allowed under
36 this subsection for any taxable year shall exceed the taxpayer's tax for
37 such year, the excess shall be treated as an overpayment of tax to be
38 credited or refunded in accordance with the provisions of section six
39 hundred eighty-six of this article, provided, however, that no interest
40 shall be paid thereon.
41 § 4. Section 1511 of the tax law is amended by adding a new subdivi-
42 sion (ff) to read as follows:
43 (ff) Work opportunity tax credit. (1) Allowance of credit. A taxpayer
44 shall be allowed a credit, to be computed as provided in section forty-
45 nine of this chapter, against the tax imposed by this article. Such
46 credit may not exceed five hundred dollars per eligible employee per
47 year in any given tax year.
48 (2) Application of credit. The credit allowed under this subdivision
49 shall not reduce the tax due for such year to be less than the minimum
50 fixed by paragraph four of subdivision (a) of section fifteen hundred
51 two or section fifteen hundred two-a of this article, whichever is
52 applicable. However, if the amount of the credit allowed under this
53 subdivision for any taxable year reduces the taxpayer's tax to such
54 amount, any amount of credit thus not deductible will be treated as an
55 overpayment of tax to be credited in accordance with the provisions of
56 section one thousand eighty-six of this chapter. Provided, however, the
S. 4833--B 3
1 provisions of subsection (c) of section one thousand eighty-eight of
2 this chapter notwithstanding, no interest shall be paid thereon.
3 § 5. This act shall take effect April 1, 2025 and shall apply to taxa-
4 ble years beginning on and after January 1, 2025 and shall apply to
5 wages paid to individuals hired on and after such effective date and
6 shall expire and be deemed repealed December 31, 2027.
