Bill > S03079

This bill amends the New York economic development law to increase the tax credit percentage for the employee training incentive program from 50% to 70% for certain types of eligible training costs. Specifically, the bill modifies the existing law to allow businesses to receive a tax credit equal to 70% (up from 50%) of their eligible training expenses, with a maximum credit of $10,000 per employee receiving training. The bill maintains the existing provision that allows a 50% tax credit for stipends paid to interns, up to $3,000 per intern. To qualify, businesses must first be approved by the commissioner of economic development and demonstrate successful completion of the training to the commissioner's satisfaction. The tax credits can be claimed by qualified employers as specified in existing sections of the New York tax law. The changes will take effect immediately upon enactment.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S3079