New York S 4248: Provides for a job creation tax credit

Bill Text

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 Speaker Carl E. Heastie

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S04248 Summary:

BILL NOS04248 

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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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Provides a 50% tax credit for new income tax revenue generated by a new employee; provides credit may be taken up to 10 years; provides that the Department of Economic Development must monitor and certify the additional employment for any business which applies for the credit; provides any company taking the credit must maintain employment in the state for twice the number of years as the term of the tax credit; provides the Department of Economic Development shall annually report to the governor and the Legislature on the number and amounts of credits.

Go to top S04248 Actions:

BILL NOS04248 

&nbsp

02/03/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04248 Committee&nbspVotes:

Go to topS04248 Floor&nbspVotes:

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

Go to topS04248 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4248

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 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 job creation tax credits

 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 "job creation tax credit 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. Job creation tax credit. (a) As used in this subdivision, the
 6 following terms shall have the following meanings: (1) "Full-time
 7 employee" means an individual who is employed for consideration for at
 8 least thirty-five hours a week, or who renders any other standard of
 9 service generally accepted by custom or specified by contract as full-
 10 time employment.
 11 (2) "New employee" means a full-time employee first employed by a
 12 taxpayer in the project that is the subject of the tax credit authorized
 13 under this subdivision in the taxable year in which the taxpayer seeks
 14 the credit. "New employee" also may include an employee rehired or
 15 called back from lay-off to work in a new facility or on a new product
 16 or service established or produced by the taxpayer during the taxable
 17 year in which the credit is sought. "New employee" shall not include any
 18 employee of the taxpayer who was previously employed in this state by a
 19 related member of the taxpayer and whose employment was shifted to the
 20 taxpayer during the taxable year in which the credit is sought. In addi-
 21 tion, "new employee" shall not include a child, grandchild, parent, or
 22 spouse, other than a spouse who is legally separated from the individ-
 23 ual, or any individual who is an employee of the taxpayer and who has a
 24 direct or indirect ownership interest of at least five percent in the
 25 profits, capital, or value of the taxpayer. Ownership interest shall be

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07941-01-5

 S. 4248 2

 1 determined in accordance with section fifteen hundred sixty-three of the
 2 Internal Revenue Code and regulations prescribed thereunder.
 3 (3) "New income tax revenue" means the total amount withheld under
 4 this chapter by the taxpayer during the taxable year from the compen-
 5 sation of new employees for the taxes levied under this chapter.
 6 (4) "Related member" has the same meaning as provided in this chapter.
 7 (b) The job creation tax credit authorized under this subdivision
 8 shall be for the purpose of fostering job creation in this state. Such a
 9 grant shall take the form of a refundable credit allowed against the tax
 10 imposed under this chapter. The credit shall be claimed after the allow-
 11 ance of all other credits provided by this chapter. The amount of the
 12 credit shall equal the new income tax revenue for the taxable year
 13 multiplied by fifty percent.
 14 (c) In order to qualify for the credit the taxpayer must submit to the
 15 department of ec