Bill > S03694

This bill establishes a work opportunity tax credit for businesses with 50 employees or fewer, designed to incentivize hiring long-term unemployed individuals in New York. The credit allows businesses to claim $2,400 for each qualifying employee who meets specific criteria: the individual must have been a New York resident for three years, been unemployed and receiving public assistance for at least six consecutive months, and be retained for full-time employment for at least one year. The total statewide tax credit is capped at $15 million per taxable year, and the credit can be applied against various state taxes including corporate franchise tax, personal income tax, and unincorporated business tax. If the credit amount exceeds a taxpayer's tax liability, the excess can be treated as an overpayment and potentially refunded, though no interest will be paid on such refunds. The bill also includes provisions for potential credit recapture and specifies that the tax credit will take effect for taxable years beginning on or after January 1, 2026, applying to eligible individuals hired on or after that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3694