New York S 209: Establishes a Hire-Now tax credit

Bill Text

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S00209 Summary:

BILL NOS00209 

&nbsp

SAME ASNo Same As

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SPONSORHELMING

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COSPNSRGALLIVAN, OBERACKER, ORTT, TEDISCO

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MLTSPNSR

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Add §50, amd §§210-B & 606, Tax L

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Establishes a Hire-Now tax credit; provides for new job creation; provides for additional credit where the person hired was receiving unemployment.

Go to top S00209 Actions:

BILL NOS00209 

&nbsp

01/08/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS00209 Committee&nbspVotes:

Go to topS00209 Floor&nbspVotes:

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

Go to topS00209 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 209

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. HELMING, GALLIVAN, OBERACKER, ORTT, TEDISCO -- read
 twice and ordered printed, and when printed to be committed to the
 Committee on Investigations and Government Operations

 AN ACT to amend the tax law, in relation to establishing a Hire-Now 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. Hire-Now tax credit. (a) Allowance of credit. A taxpayer, which
 4 is subject to tax under article nine-A or twenty-two of this chapter and
 5 which creates a new job, shall be allowed a credit against such tax. The
 6 amount of the credit allowed under this section shall be equal to the
 7 product of 6.85 percent and the gross wages paid for each new employee.
 8 The credit shall not be more than five thousand dollars for any new
 9 employee for one full year of employment; if a new employee has been
 10 hired for less than a full tax year this amount shall be prorated and
 11 apportioned to each tax year but shall in no way decrease the full three
 12 consecutive years of credit eligibility. The taxpayer may claim this
 13 credit for each new employee for a period of three consecutive years of
 14 employment. The taxpayer may offset quarterly estimated tax returns
 15 with the amount of this credit earned in any previous quarter.
 16 (b) Unemployment enhancement. For calendar years two thousand twenty-
 17 seven and two thousand twenty-eight if a new employee was receiving
 18 unemployment insurance benefits at the time of hire, an additional three
 19 thousand dollar credit will be allowed for the first full year of
 20 employment.
 21 (c) Definitions. As used in this section, the following terms shall
 22 have the following meanings:
 23 (1) "New employee" shall mean any full time employee that is hired by
 24 the taxpayer after July first, two thousand twenty-six and before April
 25 first, two thousand twenty-seven, that causes the total number of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00705-01-5

 S. 209 2

 1 employees to increase above base employment or credit employment, which-
 2 ever is higher.
 3 (2) "Base year" shall mean calendar year two thousand twenty-five.
 4 (3) "Base employment" shall mean the average number of full time
 5 employees or full time equivalent employees during the base year. For a
 6 new business, base employment shall begin at zero.
 7 (4) "Credit employment" shall mean base employment plus the number of
 8 new employees for which a credit is earned for the prior tax years.
 9 (d) Replacement employees. If one or more new employees for which a
 10 credit was earned leaves the payroll during the same taxable year that
 11 an individual is hired by the taxpayer to work in this state, causing
 12 the taxpayer's total employment to equal an amount that is above base
 13 employment but at or below the computed credit employment for the taxa-
 14 ble year, the credit eligibility period for the individual hired during
 15 the taxable year shall be three years minus the amount of time (rounded
 16 to the next full month) that the taxpayer received the credit for the
 17 departing employee.
 18 (e) No credit shall be allowed under this section to a taxpayer for
 19 any new employee if the taxpayer claims any other credit under this
 2