Bill > A08471

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 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 hired individual must have been a New York resident for 3 years, unemployed and receiving public assistance for at least 6 consecutive months prior to being hired, and retained in full-time employment for at least 1 year. The credit can be used to offset the taxpayer's tax liability, with any excess treated as an overpayment, though no interest will be paid on the overpayment. The bill also includes provisions for credit recapture.