Bill Text: NY A07126 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 7126 (Prior Session Legislation)

Introduced

Bill Title: Establishes a five percent investment tax credit against the franchise tax imposed upon corporations for a portion of training or retraining expenses incurred by them in an eligible business facility, pursuant to rules and regulations of the department of taxation and finance promulgated in consultation with the department of labor.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A07126 Detail]

Download: New_York-2017-A07126-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          7126
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     April 10, 2017
                                       ___________
        Introduced  by  M.  of  A. SCHIMMINGER -- Multi-Sponsored by -- M. of A.
          GALEF, KOLB, MAGEE -- read once and referred to the Committee on  Ways
          and Means
        AN  ACT  to amend the tax law, in relation to providing for a tax credit
          for certain training or retraining expenses  incurred  by  a  taxpayer
          subject to the provisions of article 9-A of such law
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 1 of section 210-B of the tax law is amended by
     2  adding a new paragraph (g) to read as follows:
     3    (g) In addition to the credit allowed by paragraph (a) of this  subdi-
     4  vision,  for  taxable  years  beginning after December thirty-first, two
     5  thousand eighteen, there shall be allowed a credit in an amount equal to
     6  five percent of the expenditures paid or  incurred  by  a  taxpayer  for
     7  training  or  retraining  of  employees  if such training was given by a
     8  taxpayer in an eligible business facility. The commissioner, in  consul-
     9  tation  with  the  department of labor, shall promulgate rules and regu-
    10  lations to determine and identify eligible training programs pursuant to
    11  this paragraph.
    12    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00631-01-7