New York S 2473: Establishes the fresh air jobs tax credit

Bill Text

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S02473 Summary:

BILL NOS02473 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Amd §§210-B & 606, Tax L

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Establishes the fresh air jobs tax credit for businesses participating in the development or production of clean wind energy buildout programs in this state.

Go to top S02473 Actions:

BILL NOS02473 

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01/21/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS02473 Committee&nbspVotes:

Go to topS02473 Floor&nbspVotes:

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

Go to topS02473 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2473

 2025-2026 Regular Sessions

 IN SENATE

 January 21, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to establishing the fresh air
 jobs tax credit

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "fresh air jobs act".
 3 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 4 sion 61 to read as follows:
 5 61. Fresh air jobs tax credit. (a) Allowance of credit. For taxable
 6 years beginning on or after January first, two thousand twenty-six, an
 7 eligible taxpayer shall be allowed a credit, to be computed as provided
 8 in this subdivision, against the tax imposed by this article, for hiring
 9 and employing, for not less than twenty-four months, a qualified employ-
 10 ee. The taxpayer may claim the credit in the year in which the qualified
 11 employee completes twenty-four months of employment by the taxpayer. If
 12 the taxpayer claims the credit allowed under this section, the taxpayer
 13 may not use the hiring of a qualified employee that is the basis for
 14 this credit in the basis of any other credit allowed under this article.
 15 (b) Definitions. (i) The term "qualified employee" shall mean an indi-
 16 vidual who is a resident of New York state.
 17 (ii) The term "eligible taxpayer" shall mean a business participating
 18 in the development or production of clean wind energy buildout programs
 19 in this state.
 20 (c) Employer prohibition. An employer shall not discharge an employee
 21 and hire a qualifying employee solely for the purpose of qualifying for
 22 this credit.
 23 (d) Amount of credit. The amount of credit shall be ten percent of the
 24 total amount of wages paid to the qualified employee during the employ-
 25 ee's second full year of employment. Provided, however, that, if the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06644-02-5

 S. 2473 2

 1 qualified employee was receiving unemployment insurance benefits at the
 2 time of hire for a minimum of thirteen weeks, the amount of the credit
 3 shall be fifteen percent of the total amount of wages paid to the quali-
 4 fied employee during the employee's second full year of employment. The
 5 credit allowed pursuant to this subdivision shall not exceed in any
 6 taxable year, five thousand dollars for any qualified employee and ten
 7 thousand dollars for any qualified employee who was receiving unemploy-
 8 ment insurance benefits at the time of hire for a minimum of thirteen
 9 weeks.
 10 (e) Carryovers. The credit allowed under this subdivision for any
 11 taxable year shall not reduce the tax due for such year to less than the
 12 amount prescribed in paragraph (d) of subdivision one of section two
 13 hundred ten of this article. However, if the amount of credit allowable
 14 under this subdivision for any taxable year reduces the tax to such
 15 amount or if the taxpayer otherwise pays tax based on the fixed dollar
 16 minimum amount, any amount of credit not deductible in such taxable year
 17 may be carried over to the following three years and may be deducted
 18 from the taxpayer's tax for such year or years.
 19 (f) If an eligible taxpayer provides continuing education or job
 20 training to a qualified employee under this subsection, such taxpayer
 21 shall be eligible to receive the tax credit provided under th