NY State Senate Bill 2015-S3958

Senate Bill S3958

2015-2016 Legislative Session

Establishes a small business tax credit for the employment of persons sixty-five years of age and older

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Archive: Last Bill Status - Stricken

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 11, 2016	recommit, enacting clause stricken
Jan 06, 2016	referred to investigations and government operations
Feb 24, 2015	referred to investigations and government operations

co-Sponsors

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2015-S3958 (ACTIVE) - Details

See Assembly Version of this Bill:: A1073
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: A6767
2017-2018: S5236, A863
2019-2020: S3883, A419
2021-2022: S4220, A762

2015-S3958 (ACTIVE) - Summary

Establishes a small business tax credit for the employment of persons sixty-five years of age and older.

2015-S3958 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3958

TITLE OF BILL:

An act to amend the tax law, in relation to establishing a small
business tax credit for the employment of persons sixty-five years of
age or older

PURPOSE:

To stimulate employment of persons sixty-five or older who face
unprecedented challenges in reentering the workforce or continuing
employment.

SUMMARY OF PROVISIONS:

Section 1: Amendment to section 210-B, subdivision 49 of the tax law,
for the providence of a business tax credit for the employer in
regards to employment of persons age sixty-five or older for the
duration of twelve months or more, and for thirty-five hours or more
per week. Tax credit range will range between five thousand to
twenty-five thousand dollars.

Section 2: The adoption of a new clause (xli) in section 606 of the
tax law, specifying preceded amendment.

Section 3: Amendment to section 606 of the tax law, detailing the
components of the business tax credit for the employment of persons
sixty-five or older in a company of one hundred employees or less.

JUSTIFICATION:

Although the rate of unemployment among older workers is lower than
that for their younger counterparts, as explained by the Bureau of
Labor Statistics, older persons who do become unemployed spend more
time searching for work. A February 2010 study found older workers
were unemployed for an average of thirty-six weeks, compared to
twenty-three weeks for persons aged sixteen through twenty-four, and
thirty weeks for persons aged twenty-five through fifty-four.  Older
workers often encounter challenges when trying to remain or reengage
in the work force. Many of these challenges stem from policies that
were created years ago when there was a labor surplus, before the
recent shifts to a knowledge-based economy and trends in population
demographics.

As cost-of-living expenses increase, the financial needs and desires
of older workers is compromised, leaving older workers no other viable
option but to return to the workforce or continue employment.  Some
values, often a family's most important asset, have plummeted.
Additionally, an April 2010 Gallup poll found more than a third of
people plan to work beyond age sixty-five, compared to twelve percent
in 1995.

Offering tax credit incentives to small businesses that employ persons
ages sixty-five or older will keep older residents from leaving the
state, whereby further contributing to the economic upheaval of the


state and the sharing of wisdom from an older workforce to a younger
generation.

LEGISLATIVE HISTORY:

2014: S. 3738 - Referred to Senate Investigations, Taxation and
Governmental Operations Committee.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

Shall take effect immediately and apply to taxable years beginning on
or after January 1, 2016.

2015-S3958 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3958

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 24, 2015
                               ___________

Introduced  by Sens. ADDABBO, SANDERS -- 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 small busi-
  ness tax credit for the employment of persons sixty-five years of  age
  or older

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 210-B of the tax law is amended  by  adding  a  new
subdivision 49 to read as follows:
  49.  SMALL  BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
GENERAL. A TAXPAYER WHO HAS ONE HUNDRED  EMPLOYEES  OR  LESS,  SHALL  BE
ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION,
AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON  AGE  SIXTY-FIVE
OR  OLDER  HIRED  DURING  A  TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE
SIXTY-FIVE OR OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER  WEEK
AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
FIVE THOUSAND DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR OLDER BUT SHALL
NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (C) CARRYOVERS. THE CREDIT  ALLOWED  UNDER  THIS  SUBDIVISION  MAY  BE
CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended  by  adding a new clause (xli) to read as
follows:
(XLI) SMALL BUSINESS TAX CREDIT;     COSTS UNDER SUBDIVISION
PERSONS SIXTY-FIVE YEARS OF AGE OR   FORTY-NINE OF SECTION
OLDER UNDER SUBSECTION (CCC)         TWO HUNDRED TEN-B

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02322-03-5

S. 3958                             2

  S 3.  Section 606 of the tax law is amended by adding a new subsection
(ccc) to read as follows:
  (CCC) SMALL BUSINESS TAX CREDIT; PERSONS AGE SIXTY-FIVE OR OLDER.  (A)
GENERAL.  A  TAXPAYER  WHO  HAS  ONE HUNDRED EMPLOYEES OR LESS, SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
THE TAX IMPOSED BY THIS ARTICLE FOR EACH PERSON AGE SIXTY-FIVE OR  OLDER
HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH PERSON AGE SIXTY-FIVE OR
OLDER  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS IN
THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
FIVE THOUSAND DOLLARS PER HIRED PERSON AGE SIXTY-FIVE OR OLDER BUT SHALL
NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (C)  CARRYOVERS.  THE CREDIT ALLOWED IN THIS SUBSECTION MAY BE CLAIMED
AND IF NOT FULLY USED IN THE  INITIAL  YEAR  FOR  WHICH  THE  CREDIT  IS
CLAIMED  MAY  BE  CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
TAXABLE YEARS.  THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2016.

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Senate Bill S3958

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Sponsored By

Joseph P. Addabbo Jr.

Archive: Last Bill Status - Stricken

co-Sponsors

Leroy Comrie

Martin Malavé Dilan

Adriano Espaillat

Kevin S. Parker

2015-S3958 (ACTIVE) - Details

2015-S3958 (ACTIVE) - Summary

2015-S3958 (ACTIVE) - Sponsor Memo

2015-S3958 (ACTIVE) - Bill Text download pdf

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