Bill > S02119

This bill establishes a work opportunity tax credit for businesses with 50 or fewer employees who hire a long-term unemployed person. The credit is worth up to $2,400 per eligible hire, and the total amount of credits provided statewide is capped at $15 million per taxable year. To qualify, the individual must have been a New York resident for at least 3 years, been unemployed and receiving public assistance for at least 6 consecutive months prior to hiring, and be retained for at least 1 year of full-time employment. The credit can be claimed on the business's state personal income tax or corporate franchise tax returns.