Bill S6490-2013

Repeals provisions of law adding a minimum wage reimbursement credit

Repeals provisions of law adding a minimum wage reimbursement credit.

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  • Jan 29, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S6490

TITLE OF BILL: An act to repeal part EE of chapter 59 of the laws of 2013 amending the tax law relating to adding a minimum wage reimbursement credit

SUMMARY: This Bill repeals Part EE of chapter 59 of the laws of 2013 that added a minimum wage reimbursement credit.

JUSTIFICATION: The credit reimbursement was considered an interim step in assisting businesses that intended to hire youth between the ages of 16 to 19 at the prevailing minimum wage. With economic hrowth and hiring on solid footing and accelerating across the nation and the State, this bill would remove a credit that would, in effect, incentivize businesses to substitute adequately paid older individuals and non-students with students earning the legal minimum wage.

FISCAL IMPACT: Saves the State of New York $24 million in SFY 2015-16, $43 million in SFY 2016-17 and $45 million in SFYs 2017-18, 2018-19,2019-20.

LEGISLATIVE HISTORY: New Bill

EFFECTIVE DATE: Effective immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6490 IN SENATE January 29, 2014 ___________
Introduced by Sen. PERALTA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to repeal part EE of chapter 59 of the laws of 2013 amending the tax law relating to adding a minimum wage reimbursement credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Part EE of chapter 59 of the laws of 2013 amending the tax law relating to adding a minimum wage reimbursement credit is REPEALED. S 2. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after the same date part EE of chapter 59 of the laws of 2013 amending the tax law relating to adding a minimum wage reimbursement credit took effect.

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