New York A 4583: Relates to providing a re-entry employment incentive tax credit

Bill Text

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A04583 Summary:

BILL NOA04583 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORCunningham

&nbsp

COSPNSRJackson, Alvarez

&nbsp

MLTSPNSR

&nbsp

Amd §§210-B & 606, Tax L

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Relates to providing a re-entry employment incentive tax credit for taxpayers who hire individuals convicted of a felony in the last five years and who have been released from a correctional facility or are serving a period of post-release supervision in the last five years.

Go to top A04583 Actions:

BILL NOA04583 

&nbsp

02/04/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04583 Committee&nbspVotes:

Go to topA04583 Floor&nbspVotes:

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

Go to topA04583 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4583

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. CUNNINGHAM, JACKSON, ALVAREZ -- read once and
 referred to the Committee on Ways and Means

 AN ACT to amend the tax law, in relation to providing a re-entry employ-
 ment incentive tax credit

 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 61 to read as follows:
 3 61. Re-entry employment incentive tax credit. (a) A taxpayer shall be
 4 allowed a credit, to be computed as hereinafter provided, against the
 5 tax imposed by this article in the amount prescribed by this subdivision
 6 where such taxpayer employs one or more qualifying individuals desig-
 7 nated pursuant to paragraph (c) of this subdivision.
 8 (b) The amount of the credit shall be as follows for each qualifying
 9 individual employed by the taxpayer:
 10 (i) fifty percent of the qualified wages in the first year of employ-
 11 ment;
 12 (ii) forty percent of qualified wages in the second year of employ-
 13 ment; and
 14 (iii) thirty percent of qualified wages in the third year of employ-
 15 ment.
 16 (c) For the purposes of this subdivision, "qualifying individual"
 17 shall mean an individual hired by a taxpayer on or after January first,
 18 two thousand twenty-five who:
 19 (i) has been convicted of a felony in this state in the last five
 20 years, has been released from a correctional facility as defined in
 21 subdivision four of section two of the correction law in the last five
 22 years or is serving a period of post-release supervision, parole or
 23 probation for the conviction of a felony, provided that an individual
 24 shall be considered a qualified individual for each of the first four

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07988-01-5

 A. 4583 2

 1 years of employment if hired by the taxpayer within the time period
 2 specified in this subparagraph;
 3 (ii) resides in this state; and
 4 (iii) receives qualified wages for at least three continuous months
 5 from the taxpayer during the taxable year.
 6 (d) For the purposes of this subdivision, "qualified wages" shall mean
 7 wages paid or incurred by the taxpayer during the taxable year to the
 8 qualified individual, provided that the amount of qualified wages which
 9 may be taken into account when calculating the credit pursuant to this
 10 subdivision shall not exceed fifteen thousand dollars per year.
 11 (e) Notwithstanding any provision of law to the contrary, the credit
 12 and carryover of such credit allowed under this subdivision for any
 13 taxable years shall not, in the aggregate, reduce the tax due for such
 14 year to less than the higher of the amounts prescribed in paragraphs (c)
 15 and (d) of subdivision one of this section, any amount of credit or
 16 carryover of such credit thus not deductible in such taxable year may be
 17 carried over to the following year or years and may be deducted from the
 18 tax for such year or years. In addition, the amount of such credit, and
 19 carryovers of such credit to the taxable year, deducted from the tax
 20 otherwise due may not, in the aggregate, exceed fifty percent of the tax
 21 imposed under section two hundred nine of this article computed without
 22 regard to any credit provided by this section.
 23 § 2. Section 606 of the tax