Bill > A05300

This bill establishes the work opportunity tax credit for businesses with fifty employees or less for hiring a long-term unemployed person. The credit allows up to $2,400 per eligible hire, and the total amount of credit provided statewide shall not exceed $15 million. A "long-term unemployed person" is defined as an individual who has been a New York resident for three years, has been unemployed and receiving public assistance for six consecutive months or more prior to being hired, and is retained for at least one year of full-time employment by the eligible business. The bill also specifies how the credit can be applied and recaptured, and indicates that it will take effect immediately and apply to taxable years beginning on or after January 1, 2022 for eligible hires made on or after the effective date.