New York S 4863: Relates to establishing the COVID-19 recovery local employment tax credit program

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S04863 Summary:

BILL NOS04863 

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SAME ASNo Same As

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SPONSORBAILEY

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COSPNSRMYRIE

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MLTSPNSR

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Add §25-d, Lab L; amd §§210-B & 606, Tax L

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Establishes the COVID-19 recovery local employment tax credit program to provide tax incentives to employers for employing local employees in full-time or part-time positions in the two years following the conclusion of the state disaster emergency declared pursuant to executive order two hundred two.

Go to top S04863 Actions:

BILL NOS04863 

&nbsp

02/13/2025REFERRED TO LABOR

01/07/2026REFERRED TO LABOR

Go to topS04863 Committee&nbspVotes:

Go to topS04863 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04863 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4863

 2025-2026 Regular Sessions

 IN SENATE

 February 13, 2025
 ___________

 Introduced by Sens. BAILEY, MYRIE -- read twice and ordered printed, and
 when printed to be committed to the Committee on Labor

 AN ACT to amend the labor law and the tax law, in relation to establish-
 ing the COVID-19 recovery local employment tax credit program

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The labor law is amended by adding a new section 25-d to
 2 read as follows:
 3 § 25-d. Power to administer the COVID-19 recovery local employment tax
 4 credit program. (a) The commissioner is authorized to establish and
 5 administer the COVID-19 recovery local employment tax credit program to
 6 provide tax incentives to employers for employing local employees in
 7 full-time or part-time positions in the two years following the conclu-
 8 sion of the state disaster emergency declared pursuant to executive
 9 order two hundred two. The commissioner is authorized to allocate up to
 10 forty million dollars of tax credits under this program.
 11 (b) Definitions. (1) The term "qualified employer" means an employer
 12 that has been certified by the commissioner to participate in the
 13 COVID-19 recovery local employment tax credit program and that employs
 14 one or more qualified employees.
 15 (2) The term "qualified employee" means an individual:
 16 (i) resides within fifty miles from the qualified employer;
 17 (ii) who resides in a city with a population of eighty thousand or
 18 more or a town with a population of fifty-five thousand or more;
 19 (iii) who is low-income or at-risk, as such terms are defined by the
 20 commissioner;
 21 (iv) who is unemployed prior to being hired by the qualified employer
 22 as a result of the outbreak of novel coronavirus, COVID-19; and
 23 (v) who will be working for the qualified employer in a full-time or
 24 part-time position that pays wages that are equivalent to the wages paid
 25 for similar jobs, with appropriate adjustments for experience and train-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09060-01-5

 S. 4863 2

 1 ing, and for which no other employee has been terminated, or where the
 2 employer has not otherwise reduced its workforce by involuntary termi-
 3 nations with the intention of filling the vacancy by creating a new
 4 hire.
 5 (c) A qualified employer shall be entitled to a tax credit equal to
 6 (1) seven hundred fifty dollars per month for up to six months for each
 7 qualified employee the employer employs in a full-time job or three
 8 hundred seventy-five dollars per month for up to six months for each
 9 qualified employee the employer employs in a part-time job of at least
 10 twenty hours per week, (2) fifteen hundred dollars for each qualified
 11 employee who is employed for at least an additional six consecutive
 12 months by the qualified employer in a full-time job or seven hundred
 13 fifty dollars for each qualified employee who is employed for at least
 14 an additional six consecutive months by the qualified employer in a
 15 part-time job of at least twenty hours per week, and (3) an additional
 16 fifteen hundred dollars for each qualified employee who is employed for
 17 at least an additional year after the completion of the time periods and
 18 satisfaction of the conditions set forth in paragraphs one and two of