Bill > S04833

This bill creates a work opportunity tax credit in New York. The credit allows taxpayers subject to corporate franchise, personal income, or insurance taxes to claim a credit equal to 100% of the federal work opportunity tax credit for wages paid to New York residents who are members of a targeted group, as defined under federal law. The credit is capped at $500 per eligible employee per year and the total amount of credits issued over the lifetime of the program is limited to $30 million. The credit may not be used in combination with other tax credits and will be applied to reduce the taxpayer's state tax liability. The bill takes effect on April 1, 2025 and expires on December 31, 2027.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2023/S4833