Bill > A08905

This bill creates a work opportunity tax credit in New York state. The tax credit, worth 100% of the federal work opportunity tax credit, can be claimed by taxpayers subject to the state's corporate franchise tax, personal income tax, or insurance corporation tax. The credit is available for wages paid to New York residents who are members of a "targeted group" and have received a certificate from the state's Department of Labor. The total amount of tax credits issued over the lifetime of the program is capped at $30 million. The tax credit takes effect on April 1, 2025 and applies to wages paid to eligible individuals hired on or after that date, expiring on December 31, 2027.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/A8905