Bill > A05239

This bill establishes the Work Opportunity Tax Credit (WOTC) for businesses with 50 or fewer employees who hire a long-term unemployed person. The credit is worth up to $2,400 per eligible individual, and the total statewide credit amount is capped at $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 in full-time employment for at least 1 year. The bill also provides details on the application and recapture of the credit.