Bill > S05846

This bill establishes a work opportunity tax credit for businesses with 50 employees or less that hire a long-term unemployed person. The credit is worth up to $2,400 per eligible hire, and the total amount of credit provided statewide cannot exceed $15 million. To qualify, the individual must have been a New York resident for at least 3 years, been unemployed and receiving public assistance for at least 6 consecutive months prior to hiring, and must be retained for at least 1 year of full-time employment. The credit can be claimed against the state's personal income tax and corporate franchise tax, and any excess credit can be treated as an overpayment to be refunded. The bill takes effect immediately and applies to eligible hires starting January 1, 2024.