Bill > S00635

This bill amends New York's tax law to modify the minimum wage reimbursement credit for employers who hire young workers. Currently, the credit applies to employers who hire employees aged 16-19 at the minimum wage rate, but starting in 2025, the credit will be available for employers who pay workers up to fifty cents above the minimum wage. The credit amount varies by year, with the most recent version set at $1.35 per hour for eligible employees' work hours. To qualify, an employee must be between 16-19 years old, a student, and employed in New York state. The bill also includes a provision that would automatically reduce the credit amount if the federal minimum wage increases to more than 85% of New York's minimum wage. This change aims to provide additional financial support to employers who hire and pay young workers slightly above the minimum wage, potentially encouraging youth employment. The bill will take effect immediately and apply to taxable years beginning on or after January 1, 2025.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S635