New York S 1393: Relates to establishing a job creation tax credit

Bill Text

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S01393 Summary:

BILL NOS01393 

&nbsp

SAME ASNo Same As

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SPONSORCANZONERI-FITZPATRICK

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COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §50, amd §§210-B & 606, Tax L

&nbsp

Relates to establishing a job creation tax credit; provides that the amount of the credit shall be six percent of the total amount of wages paid to the qualified employee during the employee's first six months of employment and if the qualified employee was receiving unemployment insurance benefits at the time of hire for a minimum of thirteen weeks or is employed directly in the manufacturing process in an eligible industry, the amount of the credit shall be twelve percent of the total amount of wages paid to the qualified employee during the employee's first six months of employment; caps the credit at $750 for any qualified employee and $1500 for any qualified employee who was receiving unemployment insurance benefits at the time of hire for a minimum of thirteen weeks or who is employed directly in the manufacturing process in an eligible industry.

Go to top S01393 Actions:

BILL NOS01393 

&nbsp

01/09/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS01393 Committee&nbspVotes:

Go to topS01393 Floor&nbspVotes:

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

Go to topS01393 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1393

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sen. CANZONERI-FITZPATRICK -- read twice and ordered
 printed, and when printed to be committed to the Committee on Investi-
 gations and Government Operations

 AN ACT to amend the tax law, in relation to establishing a job creation
 tax credit

 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 50 to read
 2 as follows:
 3 § 50. Job creation tax credit. (a) Allowance of credit. For taxable
 4 years beginning on or after January first, two thousand twenty-six, a
 5 taxpayer subject to tax under article nine-A or twenty-two of this chap-
 6 ter shall be allowed a credit, to be computed as provided in this
 7 section, against the tax imposed by this article, for each net new job
 8 created, for each qualified employee within the state. The taxpayer may
 9 claim the credit in the year in which the qualified employee completes
 10 six months of employment. A taxpayer may only claim the credit once for
 11 each qualified employee and may only claim a tax credit for a maximum of
 12 thirty qualified employees in each taxable year. If the taxpayer claims
 13 the credit allowed under this section, the taxpayer may not use the
 14 hiring of a qualified employee that is the basis for this credit in the
 15 basis of any other credit allowed under this article.
 16 (b) Qualified employee. A qualified employee is an individual who
 17 commences employment by the qualified taxpayer on or after January
 18 first, two thousand twenty-six.
 19 (c) Net new job. "Net new job" means jobs created in this state that
 20 (1) are new to the state, (2) have not been transferred from employment
 21 with another business that is a related person, (3) are either full-time
 22 wage-paying jobs or equivalent to a full-time wage-paying job requiring
 23 at least thirty-five hours per week, and (4) are filled for more than
 24 six months.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00988-01-5

 S. 1393 2

 1 (d) Employer prohibition. An employer shall not discharge an employee
 2 and hire a qualifying employee solely for the purpose of qualifying for
 3 this credit.
 4 (e) Amount of credit. The amount of the credit shall be six percent of
 5 the total amount of wages paid to the qualified employee during the
 6 employee's first six months of employment. Provided, however, that, if
 7 the qualified employee was receiving unemployment insurance benefits at
 8 the time of hire for a minimum of thirteen weeks or is employed directly
 9 in the manufacturing process in an eligible industry, the amount of the
 10 credit shall be twelve percent of the total amount of wages pai