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S 4660

Repeals the empire state jobs retention program credit

2025 Regular Session Introduced by James Skoufis

Bill S 4660 repeals the Empire State Jobs Retention Program Credit, risking job losses and economic instability for businesses and employees in New York State.

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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Bill Summary · S 4660

Summary of Bill S 4660: Repeal of the Empire State Jobs Retention Program Credit

Bill Overview

  • Bill Number: S 4660
  • Title: Repeals the Empire State Jobs Retention Program Credit
  • Status: Referred to Investigations and Government Operations
  • Introduced On: February 10, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill S 4660 is to repeal the Empire State Jobs Retention Program Credit. This program was designed to provide tax credits to businesses that retained jobs in New York State, thereby encouraging employment stability and economic growth. The repeal aims to eliminate this financial incentive, which may reflect a shift in policy priorities regarding job retention and economic support.

Key Provisions

  • Repeal of Tax Credit: The bill specifically targets the Empire State Jobs Retention Program Credit, effectively nullifying the tax benefits previously available to qualifying businesses.
  • Impact on Existing Credits: The bill does not specify a transition period for businesses currently benefiting from the program, which may lead to immediate changes in their financial planning and employment strategies.

Affected Parties

  • Businesses: Companies that have relied on the Empire State Jobs Retention Program Credit for financial support may be significantly impacted. This could lead to job losses or reduced hiring as businesses adjust to the loss of tax incentives.
  • Employees: Workers in sectors that benefited from the program may face job insecurity as businesses reassess their workforce needs without the financial cushion provided by the tax credit.
  • State Economy: The repeal could have broader implications for the New York State economy, potentially affecting overall employment rates and economic growth.

Procedural Aspects

  • Current Status: As of the introduction date, the bill has been referred to the Investigations and Government Operations Committee for further consideration.
  • Next Steps: The committee will review the bill and may hold hearings or discussions before deciding whether to advance it for a vote in the legislature.

Conclusion

Bill S 4660 represents a significant policy shift regarding job retention incentives in New York State. By repealing the Empire State Jobs Retention Program Credit, the bill could have far-reaching effects on businesses and employees alike. Stakeholders will need to monitor the bill's progress and prepare for potential changes in the economic landscape.

Compiled from official sources — confirm details with the bill’s official record.

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