Bill > S04268

This bill creates a jobs development incentive income tax credit for employers who hire individuals previously receiving unemployment benefits. The credit provides $2,400 for each "creditable employee" who meets specific criteria: they must be a new employee hired on or after the bill's effective date, have filed for unemployment in New York State, received unemployment benefits for at least two months, work at least 30 hours per week, and remain employed by the same employer for 24 consecutive months. To qualify, the new employee must either be currently receiving unemployment benefits, have completed a state-approved training program, or perform services in accordance with certain labor law provisions. The credit can only be claimed in the tax year when the employee completes 24 months of employment, and it cannot exceed the taxpayer's income tax liability. Any unused credit can be carried forward and applied to the next five years' tax liability. The base year for calculating employment levels is set as 2023, and for new businesses, the base employment starts at zero. The credit aims to incentivize employers to hire and retain individuals who have been receiving unemployment benefits, thereby supporting job creation and helping unemployed individuals return to the workforce.