BILL NUMBER: S209
SPONSOR: HELMING
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a Hire-Now tax
credit
 
PURPOSE:
To enact a Hire-Now tax credit and an additional incentive for hiring
the unemployed.
 
SUMMARY OF PROVISIONS:
"HIRE-NOW-NY" TAX INCENTIVE: Our Hire-Now-NY proposal includes direct
incentives for each new job employers create. A business would get a tax
credit of up to $5,000 per employee for a maximum of three years. The
credit will equal 6.85 percent of wages paid to the employee. The hires
must be new employees. In order to qualify for the Hire-Now credit the
employee must be hired by April 1, 2027, to encourage a quick boost in
jobs.
UNEMPLOYMENT BONUS CREDIT: The "HIRE-NOW-NY" tax incentive would
increase to up to $8,000 if the employer hires someone who is currently
unemployed. The new employee must be employed full-time for a full year
to qualify for the additional $3,000 credit.
 
JUSTIFICATION:
This bill will help create thousands of new private sector jobs by
offering direct incentives to employers for hiring new employees.
 
LEGISLATIVE HISTORY:
2023-2024: S.4552 referred to Investigations and Government Operations
2021-2022: S.5140 referred to Investigations and Government Operations
2019-2020: S.5068 referred to Investigations and Government Operations
2017-2018: S.3513-A referred to Investigations and Government Operations
2015-2016: S.867-A referred to Investigations and Government Operations
2013-2014: S.1861 referred to Investigations and Government Operations
2011-2012: S.7664 passed Senate/A.10668 referred to Ways & Means
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S209: 210-B tax law, 606 tax law, 606(i) tax law