Bill > S00637

This bill establishes the Work Opportunity Tax Credit (WOTC) for businesses with 50 or fewer employees that hire a long-term unemployed person. The credit provides up to $2,400 per eligible hire, with a statewide cap of $15 million per year. To qualify, the individual must have been a New York resident for at least 3 years, unemployed and receiving public assistance for at least 6 consecutive months prior to hiring, and retained for at least 1 year of full-time employment. The credit can be claimed against the business's state corporate income tax or bank tax liability, with any excess credit treated as an overpayment to be refunded. The bill also includes provisions for recapturing the credit if the employment criteria are not met.