Bill > S04660

This bill repeals several provisions related to the Empire State Jobs Retention Program Credit across different sections of New York state law. Specifically, the bill eliminates Section 36 of the tax law, Subdivision 3 of Section 425 of the economic development law, Subsection (tt) of Section 606 of the tax law (which was originally added in 2011), and Subsection (bb) of Section 1511 of the tax law. The Empire State Jobs Retention Program Credit was likely a tax incentive designed to encourage businesses to retain jobs within New York State, but this bill effectively removes all legal references to this program. The bill will take effect on the first day of January following its passage and will apply to taxable years beginning on or after that date. The bill also allows for the immediate preparation of any necessary rules or regulations to implement these changes, ensuring a smooth transition in removing the program's legal framework.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4660