A 4448: Increases the amount of the credit of eligible training costs from fifty percent to seventy percent for the employee training incentive program.

  
  STATE OF NEW YORK ________________________________________________________________________ 4448 2025-2026 Regular Sessions  IN ASSEMBLY February 4, 2025 ___________ Introduced by M. of A. GALLAHAN -- read once and referred to the Commit- tee on Economic Development AN ACT to amend the economic development law, in relation to the employ- ee training incentive program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 3 of section 443 of the economic development 2 law, as added by section 1 of part O of chapter 59 of the laws of 2015, 3 is amended to read as follows: 4 3. The commissioner may approve an application from a business entity 5 upon determining that such business entity meets the eligibility crite- 6 ria established in section four hundred forty-two of this article. 7 Following approval by the commissioner of an application by a business 8 entity to participate in the employee training incentive program, the 9 commissioner shall issue a certificate of tax credit to the business 10 entity upon its demonstrating successful completion of such eligible 11 training to the satisfaction of the commissioner. For eligible training 12 as defined by paragraph (a) of subdivision three of section four hundred 13 forty-one of this article the amount of the credit shall be equal to 14 [fifty] seventy percent of eligible training costs, up to a credit of 15 ten thousand dollars per employee receiving eligible training. For 16 eligible training as defined by paragraph (b) of subdivision three of 17 section four hundred forty-one of this article, the amount of the credit 18 shall be equal to fifty percent of the stipend paid to an intern, up to 19 a credit of three thousand dollars per intern. The tax credits shall be 20 claimed by the qualified employer as specified in subdivision fifty of 21 section two hundred ten-B and subsection (ddd) of section six hundred 22 six of the tax law. 23 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05963-01-5