Bill > A04012

This bill creates a new Work Opportunity Tax Credit (WOTC) for businesses in New York State that can be applied across three different tax articles (9-A, 22, and 33), allowing taxpayers to claim a credit equal to 100% of the federal Work Opportunity Tax Credit for qualified wages paid to New York residents who are members of targeted employment groups, as certified by the state Department of Labor. The credit is limited to $500 per eligible employee per tax year, with a total lifetime cap of $90 million ($30 million per taxable year), and cannot be combined with other tax credits. Specifically, the bill enables businesses to receive tax credits for hiring individuals from certain disadvantaged or targeted groups, such as veterans, long-term unemployed individuals, or individuals from other specified categories. The tax credit will be available for wages paid to eligible employees hired between January 1, 2026, and December 31, 2028, providing a temporary incentive for businesses to hire from these targeted groups. If the credit amount exceeds a taxpayer's tax liability in a given year, the excess can be treated as an overpayment and potentially carried forward, though no interest will be paid on these credited amounts.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4012